The growth of this market is primarily driven by the
increasing incidence of target diseases and the subsequent growth in the number
of surgical procedures, growing demand for minimally invasive surgeries, and
technological advancements. However, the high cost of devices and the extensive
clinical data requirements for launching new products are expected to restrain
the growth of this market during the forecast period.
Market Size -
The
global anastomosis
devices market is projected to reach USD 2.9 billion by 2024
from an estimated USD 2.1 billion in 2019 at a CAGR of 7.2%.
The
anastomosis devices market is well established
owing to the dominance by prominent market players. In 2018, Johnson &
Johnson (US), Medtronic plc (Ireland), and B. Braun Melsungen AG (Germany) were
the key players operating in this market. Other prominent players in the market
include Smith & Nephew Inc (UK), EndoEvolution LLC (US), CryoLife, Inc.
(US), Becton, Dickinson and Company (US), CONMED Corporation (US), Intuitive
Surgical, Inc. (US), Boston Scientific Corporation (US), Baxter International,
Inc. (US), Péters Surgical (France), Biosintex (Romania), and Meril Life
Sciences (India).
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Johnson & Johnson dominated the anastomosis devices market in 2018. The company
offers a robust and broad portfolio of surgical sutures, staplers, and sealants
& adhesives, which serves as an important factor for its large market share.
Research and development is a major focus area
for the company. J&J invested 6.5% of its Medical Devices segment’s revenue
for the development of novel medical devices. In 2017, the company launched its
PROXISURE suturing device to improve precision in minimally invasive surgery. J&J has a wide global footprint and strong distribution channels. It
also has a prominent presence in the US, where it registered 41.8% of its
overall sales in 2018.
Medtronic is another major player
in the anastomosis devices market. The company offers a
wide range of anastomosis devices, including surgical sutures, surgical
staplers, and surgical sealants & adhesives. The company has a strong
presence in the US market and is focusing on expanding its reach in emerging
markets. The company opened its regional headquarters in Singapore to improve
its market presence in the Asia Pacific market. The company’s specialized
product portfolio, strong geographic presence, and market penetration are some
of the factors expected to enhance its presence in the anastomosis devices
market in the coming years.
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