Endoscopic Hemostasis Devices Market Valued at $730 Million

Robust growth is predicted for the world’s endoscopic hemostasis devices market, currently valued at $730 million. 

Estimates by GlobalData forecast an 8.5 percent compound annual growth rate (CAGR); that growth is expected to be driven by the recent approval of new devices like hemostatic sprays. 
 
Though the endoscopic hemostasis devices market lost value last year due to the worldwide coronavirus pandemic (many surgical procedures, including elective surgeries, were postponed in the second quarter), GlobalData expects the the market to bounce back this year. However, a “surge period” in procedures and endoscopic hemostasis devices sales will not offset revenue losses until 2022. 
 
The company’s recent report, “Endoscopic Hemostasis Devices, Global Outlook, 2015-2030” indicates that 10 percent 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, a senior medical devices analyst at GlobalData, commented: “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 percent.”   
 
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 continued: “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 U.S.”