The global endoscopy equipment market is likely to exhibit stable growth over the coming years due to a steady rise in the application of endoscopy in diverse end use diagnostic fields, the steady product development scenario in the medical devices sector, and the booming healthcare sector in developed economies. The endoscopy equipment market has remained a steady contributor to the global medical devices sector in recent years and is likely to remain relevant to the economic dynamics of the healthcare sector in the coming years due to its strong growth prospects in not just developed regions such as North America and Europe but also several emerging economies in Asia Pacific except Japan.
The global endoscopy equipment market is likely to exhibit a strong 4% CAGR in the 2017-2022 forecast period, rising from a likely 2017-end valuation of US$27.5 bn to US$33.5 bn by the end of 2022. Analysts at Transparency Market Research have attributed the growth of the endoscopy equipment market to a number of factors.
Here’s a look at the key insights into the growth prospects of the global endoscopy equipment market:
The rapid advancement of the medical devices sector and the steady availability of funding for product enhancement is likely to remain the prime driver for the global endoscopy equipment market in the coming years. Product development has become a major strategy for players in the medical devices sector due to the steady availability of technological advances that allow for the production of better products and rising competition in the sector. The endoscopy equipment market is likely to benefit from this trend significantly in the coming years due to the rising number of players looking to carve out a significant share in the market, which has served to boost competition.
The rising prevalence of gastroenterological disorders in developed regions such as North America and Western Europe is likely to be a key driver for the global endoscopy equipment market in the coming years. Gastroenterology is the leading application of endoscopy equipment and has gained increased demand due to the growing adoption of unhealthy dietary and lifestyle choices, including the increasing preference to addictions such as tobacco and alcohol. Endoscopy plays a key role in the diagnosis of gastric problems and is the established means of diagnosis for several gastric disorders, ensuring steady growth of the endoscopy equipment market in the coming years.
The rapid growth of the healthcare sector in developing economies in Asia Pacific except Japan (APEJ) is likely to be a major driver for the global endoscopy equipment market in the coming years. The APEJ market for endoscopy equipment is likely to exhibit a strong 4.1% CAGR over the 2017-2022 forecast period, enabling a steady rise of the regional market to a valuation of more than US$7.5 bn by the end of 2022. Countries such as China, Korea, Taiwan, Indonesia, Malaysia, and India are likely to be crucial to the endoscopy equipment market in the coming years due to the growing adoption of Western lifestyles in the region and growing government support to advancement of the healthcare and medical devices sector.
Leading players in the increasingly competitive global endoscopy equipment market include Arthrex Inc., Stryker Corporation, B. Braun Melsungen AG, Boston Scientific Corporation, Olympus Corporation, Cook Medical Inc., Karl Storz GmbH & Co. KG, Smith & Nephew Plc, Fujifilm Holdings Corporation, and Medtronic Plc.