Vessel Sealing Devices Market Size (2024 - 2029)

Vessel Sealing Devices Market Analysis

The Vessel Sealing Devices Market size is estimated at USD 6.35 billion in 2024, and is expected to reach USD 7.48 billion by 2029, growing at a CAGR of 3.37% during the forecast period (2024-2029).

The market was impacted by the COVID-19 pandemic at a moderate growth rate. In the business world, the COVID-19 pandemic has created unprecedented economic uncertainty. While some businesses are relatively insulated due to low exposure, many others have been unable to avoid the pandemic's effects and are experiencing financial hardship. However, the number of surgeries declined during the pandemic, which hampered the market growth. According to a British Journal of Surgery report 2020, approximately 28 million surgeries have been canceled or postponed during COVID-19, substantially impacting the market.

The major factor driving the market is the increasing number of surgical processes. According to a research article by Prashant Bhandarkar et al., published in the World Journal of September 2020, estimated that about 5,000 surgeries are required to meet the surgical burden of diseases of 100,000 people in low- and middle-income countries (LMICs). Additionally, the reported rates of surgery vary from 295 in low- and middle-income countries (LMICs) to 23,000 in high-income countries (HIC) per 100,000 people. Thus, the increasing number of surgical procedures are expected to boost the market.

Additionally, technological advancements in medical devices are boosting the demand for reliable and efficient technologies during surgeries to decrease blood loss and infection rates and reduce operative time, which is the major reason for market growth. For instance, in December 2020, Bolder Surgical, a provider of surgical devices and instruments, introduced the CoolSeal Vessel Sealing platform, which performs minimally invasive surgery in pediatric patients safely and effectively. Rising investments in surgical instruments by hospitals and government initiatives are boosting the market.

However, the high cost of instruments involved and the complications arising after using the devices are the major drawbacks of the market.

Vessel Sealing Devices Industry Segmentation

As per the scope of the report, vessel sealing devices are used to seal blood vessels during open and laparoscopic surgeries. The vessel sealing devices market is segmented by product (generators, instruments, and accessories), application (general surgery and laparoscopic surgery), end user (hospitals and specialty clinics, and ambulatory surgical centers), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for all the above segments.