The global endoscopic clips market is anticipated to expand at a healthy 7.3% CAGR during the forecast period between 2020 and 2026. As per the Fact.MR study, the rising number of coronavirus cases are reducing the demand for endoscopic clips as elective healthcare procedures are being postponed. In addition, restrictions on transport and logistics are hurting manufacturing operations.
“In emerging economies, investments towards the modernization of health care infrastructure is set to increase the demand for endoscopic treatment. Also, favorable government policies, and growing preference for minimally invasive surgeries are also contributing to the growth of the endoscopic clips market. These trends will support steady market recovery post pandemic,” says the FACT.MR report.
Endoscopic Clips Market- Key Takeaways
- Endoscopic marking applications are key to endoscopic clips market revenue, owing to widespread use in multiple surgical procedures.
- Hospitals remain the largest end user for endoscopic clips, supported by preference for minimally invasive surgeries.
- North America is a prominent endoscopic clip market, owing to rise in GI surgeries and incidences of arterial bleeding.
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Endoscopic Clips Market- Driving Factors
- Prevalence of gastrointestinal bleeding ailments including pancreatic and colorectal cancers are major growth factors.
- Expansion of the geriatric population demographic and associated ailments will support adoption of endoscopic clips.
- Benefits of faster patient recovery, shorter hospital stays, and lower healthcare burden bolsters market growth.
Endoscopic Clips Market- Major Restraints
- Safety risks and side effects of using endoscopic clips reduces adoption rates.
- Lack of standardization in reimbursement policies for endoscopic procedure hurts market growth.
COVID-19 Impact on Endoscopic Clips Market
Endoscopy procedures are more likely to perpetuate the spread of respiratory diseases, through endoscope use in multiple patients. Consequently, healthcare facilities are encouraging the postponement of elective endoscopy procedures. This will hurt the demand for endoscopy clips in the short term. However, widespread requirement of endoscopy procedures for multiple health conditions will aid a fast recovery of the market post the end of the pandemic.
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Endoscopic clips market players are pushing to widen the scope of application, in addition to investing in product launches. For instance, Olympus Corp has unveiled over-the-scope endoscopic clips for better control of upper GI rebleeding.
Cook Medical, Boston Scientific Corporation, and Olympus Corporation are some of the top endoscopic clip manufacturers in the global market.
About the Report
This study offers readers a comprehensive market forecast of the endoscopic clips market. Global, regional and country-level analysis of the top industry trends impacting the endoscopic clips market is covered in this FACT.MR study. The report offers insights on the endoscopic clips market on the basis of application (endoscopic marking and hemostasis), and end users (hospitals, ambulatory surgical centers, clinics, and others), across five regions (North America, Latin America, Europe, Asia Pacific, and MEA).