Endoscopy Devices Market to Witness Steady Expansion During 2013-2019
Global Endoscopy Devices Market: Overview
Of late, endoscopy devices have been reporting a tremendous rise in their demand, thanks to the rising preference for minimally invasive surgeries and cost-efficient endoscopic procedures as pre- or post-surgical operations. The growing awareness regarding the benefits of non-invasive procedures, such as reduced possibility of blood loss and infections and a shorter hospital stay due to a faster recovery, is projected to reflect positively on the demand for endoscopy devices in the years to come.
According to researchers, the global market for endoscopy devices, which stood at US$24.9 bn in 2012, is likely to increase to US$36.9 bn by 2019, rising at a CAGR of 6.80% during the period from 2013 to 2019.
Global Endoscopy Devices Market: Trends and Opportunities
Capsule endoscope, rigid endoscope, robot-assisted endoscope, and flexible endoscope have emerged as the key products of the global market for endoscopic devices. The market is heavily influenced by the growing demand for robot-assisted endoscopes and capsule endoscopes in the recent times.
Apart from this, the increase in investment inflow and the rising trend of mergers and acquisitions is also contributing substantially to the growth of this market. In addition, the easing up of U.S. FDA policies regarding approval process and the upsurge in the prevalence of various chronic disease are anticipated to boost the demand for endoscopy devices across the world in the near future. However, the high cost associated with these devices and the shortage of skilled professionals may create an obstruction in the market’s growth trajectory over the forthcoming years.
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Global Endoscopy Devices Market: Geographical Analysis
On the geographical front, the worldwide market for endoscopy devices has been classified into North America, Asia Pacific, Europe, and the Rest of the World. North America, among these, has been leading the global market on account of an advanced medical and healthcare infrastructure, together with well-equipped and cost-efficient hospitals and medical facilities. The presence of a favorable reimbursement scenario is also supporting the growth of this regional market significantly.
Analysts predict the escalating usage of technically advanced instruments in the detection and treatment of various diseases is likely to impact on the demand for endoscopy devices greatly in North America, ensuring the region’s lead in the near future. The growing acceptance of innovative medical approaches is also expected to propel the North America market for endoscopic devices in the years to come.
Other regional markets are also anticipated to register a healthy rise in their shares over the next few years. Asia Pacific, specifically, is witnessing a tremendous surge in the demand for these devices due to the presence of abundant untapped opportunities, increasing awareness among consumers, and the technological advancement in medical imaging devices.
Companies mentioned in the research report
The global market for endoscopy devices demonstrates a fragmented structure due to the presence of a large number of players. Ethicon Endo-Surgery, Olympus, and Covidien are the leading players operating in this market. Other prominent market participants are Stryker Corp., Smith & Nephew Plc, Richard Wolf GmbH, KARL STORZ GmbH & Co. KG, Intuitive Surgical Inc., HOYA Corp., FUJIFILM Holdings Corp., Cook Medical Inc., Boston Scientific Corp., Braun Melsungen AG, and Arthrex Inc.
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