Friday, 28 April 2017

Just what the doctor ordered for endoscopy equipment market

Endoscopy equipment market is forecasted to reach $35.3B by 2021. The market is likely to boom in the next five years, reaching $35.3 billion and expanding at a 6.2 % compound annual growth rate.

India’s market for endoscopy devices is expected to reach USD 2.25 billion by the end of 2020. During this period of the forecast, the market is expected to grow at a CAGR of 5.95%.


Currently, North America dominates the global market with nearly half of the share. Asia-Pacific is considered to be an emerging market with growth potential. This is due to the greater awareness among population and greater intent towards adopting minimally invasive surgery procedures.


This escalation is developing the need to analyze, review and forecast the growth of the endoscopy device market. Owing to the rapid evolution of the market in the use of endoscopes, medical device companies that are able to launch new innovative equipment will be rewarded with huge benefits.

Some of the factors driving the market for endoscopy devices are:


Increased demand for the use of minimally invasive procedures in surgeries

Technological advancements
Increase in the aging population
Reduced healthcare costs
Improved patient quality of life


Restraints

Expensive procedures, limited availability of skilled labor and stringent regulatory framework are the challenges faced by the market.


Here's what you should know.


1. Analysts expect technological advancements to continue driving market growth. Large companies are creating equipment that addresses individual buyers' needs, thereby stimulating growth.


2. Gastrointestinal endoscopy makes up the largest segment of the market.


3. Hospitals are the endoscopy equipment market's largest user.


4. North America is the global leader followed by Europe and the Asian-Pacific regions, respectively. Analysts believe the rest of the world and the Asian-Pacific regions will experience the highest growth through 2021. They attribute the projected growth to government and venture capital investments by China in endoscopy.



5. Some key market players include:

Ethicon, Inc.

Olympus Corp.
Fujifilm Holdings Corp.
KARL STORZ GmbH & Co. KG
Medtronic
Stryker Corp.
Boston Scientific Corp.
Pentax Medical Corp.

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