Market Dynamics
Favorable reimbursement policies, rising health expenditures, and increasing research and development expenditures are expected to boost the market. As per the GI Endoscopy Coding and Reimbursement Guide published by Cook in 2017, procedures such as endoscopic retrograde cholangiopancreatography (ERCP) are covered by CPT code 43261 with an average facility payment of approximately USD 1.134.02.
However, it is projected that factors such as the high cost of surgery and related side effects would hinder the market growth.
Segmentation
The global ligation devices market has been segmented based on the product, procedure, application, end-user, and region.
Based on product, the global market for ligation devices has been segmented into handheld instruments and accessories.
Based on the procedure, the global market for ligation devices has been segmented into minimally invasive surgery and open surgery.
Based on application, the global market for ligation devices has been segmented into gastrointestinal and abdominal applications, cardiovascular applications, gynecological applications, urological applications, and others.
Based on the end-user, the global market for ligation devices has been segmented into hospitals & clinics, ambulatory surgical centers, and others.
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Regional Analysis
Regionally, the global ligation devices market has been segmented into the Americas, Asia Pacific, Europe, the Middle East & Africa.
Because of rising health-care costs and the increasing prevalence of chronic diseases, the Americas held the largest market share for ligation devices. According to the Centers for Disease Control and Prevention, coronary heart disease (CHD) is the most common type of heart disease in the United States, causing 370,000 heart attacks per year.
Europe held the second position in the global market for ligation devices in 2018. It can be due to growing awareness, government funding, the production of technologically advanced medical devices, and the rising number of surgeries. However, stringent regulation is expected to hinder the growth of the global market for ligation devices over the forecast period.
In 2018, Asia Pacific was the fastest-growing region on the global ligation device market. The market for ligation devices in Asia Pacific has enormous potential. Increasing healthcare infrastructure, developing healthcare industries, an increase in the number of surgeries, and rising medical tourism are driving market growth in the region. According to Monash University, the burden of bariatric surgery in Australia was increasing in 2015, with approximately 15,000 surgical procedures performed in the region that year. Furthermore, the rise of emerging economies such as India and China is boosting the market.
The Middle East and Africa have had the least market share in the global market for ligation devices. Factors such as the existence of poor economies and low per capita income, particularly in the African region, make the market lag within the region. It is projected that the Middle East holds most of the regional market due to increased government funding in the healthcare sector and the presence of developed economies such as the United Arab Emirates, Saudi Arabia, and others.
Key Players
Some of the significant participants in the global ligation devices market are Medtronic, Johnson & Johnson, Conmed Corporation, Teleflex Incorporated, B. Braun Melsungen AG, Olympus Corporation, Applied Medical Resources Corporation, The Cooper Companies, Inc., Grena Think Medical, Genicon, Inc., and others.
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