The flourishing clamps market gains traction with widening...

The flourishing clamps market gains traction with widening industrial applications

Posted 2023-10-26 12:40:38

The global clamps market is estimated to be valued at US$ 205.17 million in 2023 and is expected to exhibit a CAGR of 2.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

· Strength: Clamps are essential surgical instruments used across various surgical procedures. This ensures continued and steady demand for clamps.

· Weakness: Surgical procedures require highly sterilized equipment which increases manufacturing costs for players.

· Opportunity: Increasing healthcare expenditure in emerging economies is expanding the potential market for surgical products including clamps.

· Threats: Stringent regulatory framework for approval of new surgical products increases barriers to entry.

Key Takeaways

The Global Clamps Market Size was valued at US$ 205.17 million in 2023 and is expected to witness high growth, exhibiting a CAGR of 2.8% over the forecast period. The growth is attributed to rising geriatric population and increasing prevalence of chronic diseases globally.

Regionally, North America dominated the clamps market in 2023 due to presence of advanced healthcare infrastructure and higher adoption rates of minimally invasive surgeries in the region. However, Asia Pacific is expected to be the fastest growing market for clamps driven by improving access to healthcare services coupled with expanding medical tourism industry in the region.

Key players operating in the clamps market are Stryker Corporation, Aspen Surgical, Timesco Healthcare Ltd., Mercian Surgical Supply Co Ltd, Hilbro Group, Microline Surgical, Global Surgical Instruments, Sklar Surgical Instruments, Integra LifeSciences Corporation, and Medline Industries. Stryker Corporation holds leading market share owing to its wide product portfolio and global presence.