Increasing Demand for Minimally Invasive Surgeries Boosts Growth in Endoscopic Clips Market
Published On : Jan 29, 2019 | Category : Healthcare
The global endoscopic clips market depicts the presence of a substantially consolidated vendor landscape. Such a consolidated presence mainly exists thanks to a handful of players encompassing maximum market shares. However, the degree of competition is high, and is expected to further intensify as new players keep entering the market space regularly.
Carrying out extensive research and development, improving treatment quality, and regulating treatment costs are chief areas where most players are putting their focus on. Companies are expected to expand their geographical extent by investing and establishing themselves in different regions. Cook Endoscopy, Olympus America, Boston Scientific Corporation, CONMED Corporation, Medtronic, and Ovesco Endoscopy AG., are key players operating in the global endoscopic clips market.
Statistically speaking, this market had gained revenue worth US$355.5 mn in 2018. By 2026, the market is expected to grow at an impressive CAGR of 7.1% during the forecast period from 2018 to 2026.
The global endoscopic clips market is segments in terms of application, end user, and region. In terms of application, the endoscopic marking segment is prophesized to expand at a high growth are. This is mainly due to the major role played by the clips to facilitate endoscopic marking procedures. From the perspective of region, a strong medical infrastructure in North America and Europe has made the global endoscopic clips market to flourish in these regions. However, apart from these geographical extents, Asia Pacific too is projected to depict extensive growth in the next few years.
A Rising Demand for Better Efficiency in Medical Operations Boosts Growth
A rapidly growing preference for minimally invasive surgeries has boosted the global endoscopic clips market, mainly due to the devices being characterized by this particular aspect. Endoscopy procedures are substantially more efficient than their old alternatives, and give faster and better results. These factors too have made the global endoscopic clips market to experience vast growth, thereby making healthcare specialists prefer using the associated methods. Rapidly developing economic conditions in several regions has made it easier for proliferation of endoscopy techniques, thus sparking a substantial growth in the global endoscopic clips market. Lastly, with increasing acceptance of use of endoscopic clips and widespread use of hemostasis is expected to boost growth in the global endoscopy clips market in the near future.
Less Availability of the Endoscopy Clips in Remote Regions Stunts Growth
However, high cost of endoscopy operations could discourage people from opting for these processes thus restraining the market’s growth. This could greatly occur in several economies located mainly in developing and underdeveloped regions of Asia Pacific and Latin America, where the per capita gain of gross income is comparatively less. Lack of skilled workforce needed to operate high-tech endoscopy instrumentation and apparatus like clips in these regions is also known to substantially restrict the global endoscopy lips market. Furthermore, a shortage of endoscopy clips in remote regions too is restraining the market on a regional scale. Nonetheless, many companies are projected to introduce cost-effective endoscopy solutions during next few years, thus obliterating most restraints affecting the global endoscopy clips market.