06 Jan 2021
Posted in Medical Devices
Endoscopic hemostasis devices market valued at $730m driven by recent approval of new devices
The global endoscopic hemostasis devices market is currently valued at $730m and is set to grow at a compound annual growth rate (CAGR) of 8.5% driven by the recent approval of new devices such as hemostatic sprays, according to GlobalData, a leading data and analytics company.
GlobalData’s market value includes the negative impact of COVID-19, as year-over-year (YOY) sales for endoscopic hemostasis devices declined in 2020 due to many surgical procedures being postponed during Q2 2020. By 2021, GlobalData anticipates the start of a ‘surge period’ in procedures and endoscopic hemostasis devices sales to make up for surgeries that were postponed in 2020. However, the surge will not offset revenue losses until 2022.
The company’s recent report, ‘Endoscopic Hemostasis Devices, Global Outlook, 2015-2030’ indicates that 10% of revenue was lost in 2020 due to COVID-19, as many surgical procedures were postponed in Q2 2020. However, the endoscopic hemostasis devices market was not as severely impacted as other markets such as aesthetic injectables or bariatric surgery devices that rely solely on elective procedures to generate revenue.
Eric Chapman, Senior Medical Devices Analyst at GlobalData, comments: “In Q1 2020, elective procedures were postponed from around mid-March (two out of 12 weeks), however, this two-week period did not severely impact the overall sales of ERCP and PTC devices. By Q2 2020, as the number of new COVID-19 cases had reached a peak and many procedures had been cancelled or postponed, the market was down 37%.”
Boston Scientific Corp is the market leader for endoscopic hemostasis devices sales, followed by Cook Medical, Olympus Corp, Erbe Elektromedizin and ConMed Corp. As such, these companies lost the most revenue due to the impact of COVID-19.
Chapman continues: “GlobalData expects these players to retain their market position after the market recovers from the pandemic. Smaller manufacturers will continue to have a difficult time winning market share from these companies, especially in the US.”
Information based on GlobalData’s report: ‘Endoscopic Hemostasis Devices, Global Outlook, 2015-2030’