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.
The global anastomosis devices market is segmented into surgical staplers, surgical sutures, and surgical sealants & adhesives. In 2018, surgical staplers accounted for the largest share of the market, and this segment is also estimated to grow at the highest CAGR during the forecast period.
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The gastrointestinal surgeries segment is estimated to grow at the highest CAGR during the forecast period. This growth can be attributed to the rising incidence of gastrointestinal cancer and the extensive usage of anastomosis devices in these surgical procedures.
The anastomosis devices market is segmented into hospitals and ambulatory surgery centers (ASCs) & clinics. Hospitals commanded the largest share of the anastomosis devices market in 2018. The large share of this end-user segment can be attributed to the increasing number of hospitals, high patient preference for hospital treatment, and the availability of skilled healthcare professionals & technologically advanced facilities.
North America dominated the anastomosis devices market in 2018. The large share of North America in the global market can be attributed to the favorable reimbursement scenario in the US, rising incidence of cancer in the region, and the implementation of a new funding model for Canadian hospitals.