Vessel Sealing Devices Market Is Expected To See Growth Rate Of 8.1% To 2028Posted by rahul nikade on October 13th, 2022 Vessel Sealing Devices Industry Overview The global vessel sealing devices market size was valued at USD 1.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.1% from 2021 to 2028. Growing product developments, surgical procedures, and preference for minimally invasive surgeries are some of the key drivers of this market. Medtronic, a market leader in vessel sealing devices for example, registered record sales of USD 5.4 million in its surgical innovations portfolio comprising of advanced energy, stapling, and visualization devices. This was owing to a strong portfolio with continuous product enhancements. Gather more insights about the market drivers, restrains and growth of the Global Vessel Sealing Devices Market Rising product improvements is a key driver contributing to the growth of the market for vessel sealing devices. This is due to the growing demand for vessel sealing devices that offer better consistency, utility, reliability, efficiency, and safety. According to an article published in the International Journal of Scientific Research, an ideal vessel sealing device is effective on vessels having a diameter less than or equal to 7mm, produces minimal thermal spread, works quickly, is reusable, and produces consistent results. Market players are also involved in integrating these devices into robotic surgical systems. For example, Intuitive Surgical’s SynchroSeal is compatible with the da Vinci surgical system and enables the user to quickly seal and cut vessels up to 5 mm in diameter. Elective surgeries are anticipated to return to pre-COVID numbers as the underlying causes remain unchanged. The American Society of Anesthesiologists (ASA) has released several guidelines for resuming elective surgery. The American College of Surgeons has also released a roadmap for resuming elective surgeries in collaboration with the ASA, Association of Perioperative Registered Nurses, and the American Hospital Association. There is also a growing preference for minimally invasive surgeries due to associated benefits such as smaller incisions, reduced pain and scarring, and faster recovery times. These factors are estimated to contribute to the growth of the market for vessel sealing devices during the forecast period. The COVID-19 pandemic adversely impacted the market for vessel sealing devices with low demand and sales. This resulted from supply chain challenges, deferred or canceled elective procedures, reduced sales and marketing activities, and movement restrictions due to lockdowns. Medtronic for instance reported a negative impact of COVID-19 on its fourth-quarter financial results ending April 24, 2020. The company was also impacted by the postponed elective and semi-elective procedures that use Medtronic’s products. The reluctance of people for undergoing non-COVID-19 emergency procedures affected the company’s emergent product lines. In its 2020 annual report, Intuitive Surgical reported a 3.0% decrease in revenue compared to 2019, owing to constraints in staff and ICU capacity in hospitals and deferred surgical procedures. The company reported a 19.0% year-on-year decline in procedures during Q2 2020 with a gradual recovery in Q3 and Q4. Intuitive Surgical estimated that about 1.25 million surgeries were performed during the year. The company, however, reported growth in its surgical energy portfolio, with its E-100 generator, SynchroSeal system, and vessel sealers lineup gaining customer acceptance. The company planned to expand its regional presence outside the U.S., advance its product launches, and extend economic, clinical, and hospital-by-hospital validation in key countries and procedures, as part of its 2021 strategy. Browse through Grand View Research's Medical Devices Industry Research Reports
Vessel Sealing Devices Market Segmentation Grand View Research has segmented the global vessel sealing devices market on the basis of application, product, end user, and region: Vessel Sealing Devices Application Outlook (Revenue, USD Million, 2016 - 2028)
Vessel Sealing Devices Product Outlook (Revenue, USD Million, 2016 - 2028)
Vessel Sealing Devices End-user Outlook (Revenue, USD Million, 2016 - 2028)
Vessel Sealing Devices Regional Outlook (Revenue, USD Million, 2016 - 2028)
Market Share Insights
Key Companies profiled: Some of the prominent players in the vessel sealing devices market include:
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