Countries in Asia Pacific have witnessed a massive change in their respective healthcare infrastructures and number of resources trained in the use of technologically advanced medical devices in the past few years, leading to the vast rise in the usage of advanced endoscopy devices. The rising geriatric population, rising disposable incomes, increased healthcare infrastructure, and an increased awareness regarding the benefits of minimally invasive devices has also accelerated demand for endoscopy devices in Asia Pacific in the recent past.
Transparency Market Research estimates that the market will tread along a healthy growth path and exhibit a 7.6% CAGR from 2016 through 2024. The market, which had a valuation of US$7.76 bn in 2015, is expected to rise to US$14.8 bn by 2024.
Endoscopy Visualization Systems to Remain Dominant Product Variety
A variety of endoscopes, endoscopic operating devices, and visualization systems required for endoscopy procedures come under the purview of the endoscopy devices market. Of these, the segment of visualization systems presently leads the Asia Pacific endoscopy devices market in terms of revenue, accounting for over 46% of the market’s overall revenues in 2015. Factors such as strengthening economies, rising population of affluent patients, and rising expenditure on health and wellness have enabled the increased adoption of costly and technologically advanced endoscopy visualization products across healthcare settings in the region in the past few years. The segment is expected to expand at an excellent pace over the forecasting horizon as well, retaining its dominant stance across key product varieties.
Of the key types of endoscopy visualization systems available in the Asia Pacific endoscopy devices market, the segment of high definition (HD) visualization systems is the leading product variety. The segment accounted for nearly 73% of the overall endoscopy visualization systems market in Asia Pacific in 2015.
Laparoscopy Surgeries Lead to Highest Demand for Endoscopy Devices
Collectively, gastrointestinal, cardiovascular, and arthroscopy surgeries accounted for the leading share in the Asia Pacific endoscopy devices market in 2015. On an individual level, however, the segment of laparoscopy surgeries leads in terms of revenue in the Asia Pacific endoscopy devices market. The segment accounted for a 33% share in the overall market in 2015.
The vast rise in the number of surgeries such as hernia repairs, antireflux, cholecystectomy, and appendectomy and the emphasis on noninvasive surgical procedures are key to the high contribution of laparoscopy surgeries to the market’s revenues. Expanding at a 9.1% CAGR, the laparoscopy surgeries segment is expected to remain one of the leading individual contributors to the market’s revenues from 2016 through 2024 as well.
Despite Low Population, Japan Emerges as Most Lucrative Market for Endoscopy Devices
Japan was a key revenue contributor to the Asia Pacific endoscopy devices market in 2015, accounting for a more than 35% of revenue. High disposable incomes, rapidly rising geriatric population, and increased adoption of minimally invasive devices were the key forces driving the endoscopy devices market in Japan in the past few years. However, the mature market is expected to witness stagnant growth in the near future and lose its prominence to countries such as India and China.
The market for endoscopy devices is expected to witness expansion at a strong pace in China, at an estimated CAGR of 9.9% over the period between 2016 and 2024, among the most prominent countrywide markets for endoscopy devices in Asia Pacific. The China endoscopy devices market is expected to rise to a valuation of US$5.58 bn by 2024.
Some of the leading vendors in the highly fragmented market are Boston Scientific Corporation, Ethicon Endo-Surgery, Inc., Arthrex, Inc., Fujifilm Holdings Corporation, Intuitive Surgical, Inc., Cook Medical, Inc., KARL STORZ GmbH & Co. KG, HOYA Corporation, Stryker Corporation, Olympus Corporation, Medtronic plc, and Smith & Nephew plc.
This report on the endoscopy devices market studies the current as well as future prospects of the market in Asia Pacific. The stakeholders of this report include companies and intermediaries engaged in the manufacture and commercialization of endoscopy devices such as rigid endoscope, flexible endoscope, capsule endoscope, robot-assisted endoscope, and endoscopic operative devices as well as new entrants planning to enter this market. This report comprises an elaborate executive summary along with a market snapshot providing overall information of various segments and sub-segments considered in the scope of the study. This section also provides the overall information and data analysis of the endoscopy devices market in Asia Pacific with respect to the leading market segments based on major endoscopy device products and application.
The endoscopy devices market in Asia Pacific has been classified based on type of device, application, and geography (countries). Major device types include endoscopes, endoscopic operative devices, and visualization systems. Furthermore, endoscope devices include rigid endoscope, flexible endoscope, capsule endoscope, and robot-assisted endoscope. Endoscopic operative devices include energy systems, suction/irrigation systems, access devices, and operative hand instruments. Visualization systems include endoscopic ultrasound devices, standard definition (SD) visualization system, and high definition (HD) visualization systems. Based on application, the endoscopy devices market has been segmented into urology/gynecology surgeries, ENT surgeries, neuro/spinal surgeries, laparoscopy surgeries, and others. The market for these segments has been extensively analyzed based on their utility, effectiveness, sales, and country presence. Market revenue in terms of US$ Mn for the period from 2014 to 2024 along with the compound annual growth rate (CAGR %) from 2016 to 2024 are provided for all segments, considering 2015 as the base year.
The market overview section of the report explores the market dynamics such as drivers, restraints, and opportunities that currently have a strong impact on the endoscopy devices market and could influence the market in the near future. Market attractiveness analysis has been provided in the market overview section in order to explain the intensity of competition in the market across different countries. The competitive scenario among different market players is evaluated through market share analysis in the competitive landscape section of the report. All these factors would help market players to take strategic decisions in order to strengthen their positions and expand their shares in the Asia Pacific market.
In terms of geography, the report has been segmented into Australia, China, India, Japan, South Korea, New Zealand, Singapore, and Rest of Asia Pacific. Market revenue in terms of US$ Mn for the period from 2014 to 2024 along with CAGR % from 2016 to 2024 are provided for all the key countries considering 2015 as the base year.
The recommendations section included in the report would assist existing market players in expanding their market shares, and new companies in establishing their presence in the global market. The report also profiles key players operating in the endoscopy devices market based on various attributes such as company overview, financial overview, business strategies, product portfolio, and recent developments. Major players profiled in this report include Arthrex, Inc., Boston Scientific Corporation, Cook Medical, Inc., Ethicon Endo-Surgery, Inc., Fujifilm Holdings Corporation, HOYA Corporation, Intuitive Surgical, Inc., Medtronic plc, Stryker Corporation, KARL STORZ GmbH & Co. KG, Olympus Corporation, and Smith & Nephew plc.
The endoscopy devices market in Asia Pacific has been segmented as follows: