Researchers identified strong R&D investments from Olympus Corporation, Karl Storz GmbH, Stryker and others in technological advancements will drive the global endoscopy devices market. The global market is valued at $11.4 billion in 2018 and is forecast to register 4.08% growth over the forecast period.
Unmet demand for diagnostics and therapeutics of Gastrointestinal, carcinogenic, cardiovascular and other diseases across emerging countries and intensive use of minimally-invasive techniques will be the primary market drivers.
On the other hand, high costs, absence of skilled personnel and challenges of reusable devices pose challenges for endoscopic device market penetration in growth markets.
Here are seven findings from the endoscopy devices market report.
Global endoscopy device market is valued at $11.4 billion in 2018 and will register 4.08% growth between 2019 and 2025.
Capsule Endoscopes will be the main focus of endoscopy device companies as the segment is likely to register 9.3% growth to 2025
Visualization systems will witness maximum growth in endoscopy devices with Endoscopy Cameras, Displays and Monitors accounting for 44% market share
Endoscope Tip Protector, Tubing, Water Systems, Procedure and Forceps will be the fastest growing Instruments and Accessories
The US remains the single largest market for endoscopy devices market size, accounting for 30% market share
Leading companies strategize South and Central America as the new investment hub as the region remains fastest growing endoscopy devices market worldwide
Olympus Corporation and Karl Storz GmbH stood the market leaders in global endoscopy devices industry
Endoscopy Devices market by Regions: Asia Pacific showcases strong market potential
The burden of chronic diseases with urge to improve the standards of care for patients through innovative collaborations, rising foreign patients as a result of affordable medical assistance and, presence of major endoscopy devices manufacturers such as Olympus Medical Corporation and Hoya Corporation jointly shape the long term market prospects.
Further, endoscopy devices markets across Americas continue to evolve rapidly with anticipated market size of $6 billion by 2025. The growing cluster of key OEMs and ODMs, rising number of patents and medical instrument approvals, and sumptuous R&D investments strongly influence the market growth across the region.
Partnerships among healthcare service providers and health clinics leverages global endoscopy device market value
Hospitals are increasingly investing in new endoscopy devices, in particular through collaborations among companies, research organizations and hospitals. Majority of these collaborations are focusing on deploying minimally invasive endoscopy facilities to ensure reduced hospitalization period and early recovery. For instance, Thailand-based medical facility provider, Samitivej Hospital, signed with Sano Hospital, a Japanese healthcare facility specializing in endoscopy for co-operation in endoscopy device deployment and optimization.
Rapid shift towards Flexible Endoscopic systems and Capsule Endoscopic systems observed worldwide
Factors such as ease of operation, removal of unwanted toxic tissues and growing demand for minimally invasive surgeries, and recovery of patients at faster rates are shaping the endoscopic systems market.
Flexible Endoscopic systems are increasingly penetrating markets with augment of gastroenteritis, thorax & respiratory diseases, and cardiac conditions, prominently among surging geriatric population and obesity groups.
Further, growing awareness for healthcare along with risks and complications associated with regular surgeries, and the increased circle of authorized physicians to perform endoscopies are fuelling endoscopy device market value.
Global Endoscopy Device manufacturing companies compete in R&D investments to launch new generation devices
All the leading players in the market are focusing their R&D efforts to launch new endoscopy devices to boost their market shares. Collaborations with research institutions, new product launches, and investments in R&D are some of the major strategies adopted by the major players in the industry.
Key players operating in the global endoscopy market are Olympus Corporation, Karl Storz GmbH & Co KG., B. Braun Melsungen AG, Stryker Corporation, and Boston Scientific Corporation, Ethicon, Inc. (Johnson & Johnson), Fujifilm Holding Corporation, Medtronic PLC, PENTAX Medical (Hoya Corporation), and Smith & Nephew PLC.