Market Size of Global Surgical Clips Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Surgical Clips Market Analysis
The surgical clips market is expected to register a CAGR of 5.2% over the forecast period.
COVID-19 had a profound impact on the studied market owing to the cancellations of surgical procedures worldwide. For instance, according to a research article published in the JAMA Network, in December 2021, there were 458,469 surgical procedures performed during the first shutdown period in 2020 compared to 905,444 surgical during the equivalent period in pre-pandemic. All surgical specialists limited their surgical practices and prioritized the necessary surgeries. However, the market recovered in the later phase of the pandemic as the restrictions were lifted and surgical procedures gained pace. The market is expected to show stable growth over the next 4-5 years due to the rising surgical interventions.
In addition, the increase in the number of surgical procedures worldwide, the surge in the global geriatric population, and the surge in healthcare expenditure worldwide are actively affecting the growth of the studied market.
According to the Organization for Economic Co-operation and Development (OECD) data updated in August 2022, the number of surgeries, including cardiovascular surgeries performed in some European countries such as Portugal, Denmark, Ireland, and Norway in 2021 includes 94.87, 49.33, 32.84, 21.5 (in thousand). Such a huge number of surgeries in developed European countries will lead to increased adoption of the surgical clips market over the forecast period.
Also, the high incidence of surgical procedures is expected to propel the market growth. For instance, according to a study published in November 2021, laparoscopic cholecystectomy is the most common abdominal surgical treatment in the United States, with over 750,000 performed annually. Surgical clips are most commonly used as an alternative to suturing for ligation in patients undergoing several surgical procedures, especially cholecystectomies. Hence, the high burden of surgical procedures is expected to propel the market growth.
Moreover, the growing burden of cardiovascular diseases and other chronic conditions (where surgery is being suggested as mandatory) and the increasing elderly population is expected to drive the studied market's growth. For instance, according to the American Cancer Society Cancer Statistics 2022, 1,918,030 new cancer cases and 609,360 cancer deaths are predicted to occur in the United States in 2022. Also, according to the world population prospect 2022 report, the world's population is projected to reach 8 billion in 2022. The high burden of cancer and the rising geriatric population require surgical procedures for treating cancer and other chronic diseases, which is estimated to propel the utility of surgical clips, thereby augmenting the market growth.
Therefore, owing to the factors such as the rising prevalence of chronic diseases and the geriatric population, the studied market is anticipated to witness growth over the analysis period. However, the poor demand in underdeveloped countries and complications associated with surgical clips will likely impede the market growth.
