The global endoscopic closure devices market is poised to grow by USD 482.04 million during 2020-2024, progressing at a CAGR of over 6% during the forecast period.
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The market is driven by the growing demand for MI procedures. In addition, the technological advances in endoscopic devices are anticipated to boost the growth of the endoscopic closure devices market.
The preference for minimally invasive (MI) approach among patients and healthcare professionals is increasing because it results in fewer complications, causes minimum pain, requires shorter hospital stays, and is more effective in comparison to conventional methods. For instance, surgeons employ MI procedures to carry out gastrointestinal surgeries, involving an incision from sternum to navel. This prevents major injury to the healthy tissues and offers better patient outcomes. MI procedures involve the use of flexible fiber-optic endoscope tubes, which are equipped with a video camera and torch to diagnose abnormalities within the patient body. This is propelling the adoption of endoscopes and endoscopic closure devices. Thus, the growing demand for MI procedures is expected to drive market growth during the forecast period.-Business Wire