Market Size of Vessel Sealing Devices Industry
|Study Period||2018 - 2028|
|Market Size (2023)||USD 6.14 Billion|
|Market Size (2028)||USD 7.24 Billion|
|CAGR (2023 - 2028)||3.37 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Vessel Sealing Devices Market Analysis
The Vessel Sealing Devices Market size is expected to grow from USD 6.14 billion in 2023 to USD 7.24 billion by 2028, at a CAGR of 3.37% during the forecast period (2023-2028).
The market was impacted by the COVID-19 pandemic at a moderate growth rate. In the business world, the COVID-19 pandemic has created unprecedented economic uncertainty. While some businesses are relatively insulated due to low exposure, many others have been unable to avoid the pandemic's effects and are experiencing financial hardship. However, the number of surgeries declined during the pandemic, which hampered the market growth. According to a British Journal of Surgery report 2020, approximately 28 million surgeries have been canceled or postponed during COVID-19, substantially impacting the market.
The major factor driving the market is the increasing number of surgical processes. According to a research article by Prashant Bhandarkar et al., published in the World Journal of September 2020, estimated that about 5,000 surgeries are required to meet the surgical burden of diseases of 100,000 people in low- and middle-income countries (LMICs). Additionally, the reported rates of surgery vary from 295 in low- and middle-income countries (LMICs) to 23,000 in high-income countries (HIC) per 100,000 people. Thus, the increasing number of surgical procedures are expected to boost the market.
Additionally, technological advancements in medical devices are boosting the demand for reliable and efficient technologies during surgeries to decrease blood loss and infection rates and reduce operative time, which is the major reason for market growth. For instance, in December 2020, Bolder Surgical, a provider of surgical devices and instruments, introduced the CoolSeal Vessel Sealing platform, which performs minimally invasive surgery in pediatric patients safely and effectively. Rising investments in surgical instruments by hospitals and government initiatives are boosting the market.
However, the high cost of instruments involved and the complications arising after using the devices are the major drawbacks of the market.