Endoluminal Suturing Devices Market Worth $139 Million by 2027- Global Trends, Growth, Share Analysis, Leading Players, Business Opportunities

In 2022, Ovesco Endoscopy AG received ANVISA approval for the OTSC System in Brazil


Northbrook, IL 60062 -- (SBWIRE) -- 12/06/2022 -- Endoluminal Suturing Devices Market is projected to reach USD 139 million by 2027 from USD 78 million in 2022, at a CAGR of 12.0%. Growth in the market is mainly driven by the increasing number of surgical procedures worldwide and the rising prevalence of gastrointestinal cancers, inflammatory bowel disease, and other digestive diseases. However, the increased preference for alternative wound care management products is expected to restrain the growth of this market.

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Key Market Player

The endoluminal suturing devices market is competitive at the top with a large number of leading market players based in developed countries. The prominent players operating in this market include Apollo Endosurgery, Inc. (US), Johnson & Johnson (US), Medtronic Plc (Ireland), Cook Group Incorporated (US), USGI Medical (US), Ovesco Endoscopy AG (Germany), Endo Tools Therapeutics S.A. (Belgium), ErgoSuture (US), and Sutrue Ltd. (UK). The market players are increasingly focusing on strengthening their market presence by acquiring product approvals.

Apollo Endosurgery is one of the leading global manufacturers of endoluminal suturing devices. The company's widely recognized product portfolio is its key strength. The company offers its products under the OverStitch brand. With its strong geographic presence, wide distribution network, and brand recognition, the company has established itself as a leader in the global market. The company's OverStitch endoscopic suturing systems contributed more than 50% to overall sales in 2021, and over 75,000 units have been sold for procedures across the world, since its market introduction in 2008.

Johnson & Johnson (Ethicon) accounted for the second-largest share of the endoluminal suturing devices market in 2021. The company offers endoluminal suturing devices through its subsidiary Ethicon. It has a strong presence across the globe and operates its businesses across major as well as high-growth markets, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The company's product portfolio includes LAPRA-TY Suture Clips for anchoring and suturing soft tissues. Johnson & Johnson has a strong brand value and R&D capabilities. The company is constantly increasing its investments in R&D to accelerate innovative product development activities. In FY 2021, the company invested USD 14.7 billion in R&D, of which USD 2.4 billion was invested in its Medical Devices business segment (an increase of 21% compared to FY 2020). These investments are aimed at discovering, testing, and developing new products and improving existing products.

Medtronic is a prominent manufacturer of endoluminal suturing devices. The company distributes surgical instruments in 350 locations across more than 150 countries. Medtronic has its key manufacturing facilities in 76 locations across the world. The company offers endoluminal suturing devices under the brand Endo, which caters to various endoscopic and laparoscopic procedures. Medtronic strategically invests in R&D to strengthen its position in the market. It invested USD 2,746 million, USD 2,493 million, and USD 2,331 million in R&D in 2022, 2021, and 2020, respectively. The company's strong investments in developing innovative products have helped it become a reputed player in the endoluminal suturing devices market.

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The Asia Pacific region is expected to witness the highest growth during the forecast period

Asia Pacific is expected to witness the highest growth during the forecast period due to presence of high-growth markets such as India, China, and Japan, the rising cases of gastrointestinal cancer is the major factors that is expected to drive the growth of the endoluminal suturing devices market in the Asia Pacific region.

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