Endoscopy Devices Market Expected to Witness a CAGR of 9.1% through 2016 to 2024

The quest for technologically advanced medical facilities has created immense room for the endoscopy devices market in Asia Pacific. The market is characterized by intense price competition because a large host of small and medium sized players have attained specialization in specific segments which is a means of threat to the large players who want to capture all the segments within the product portfolio. Although the top four players accounted for 60% of the market in 2015, the reckon gained by smaller players in the specialty segments cannot be ignored. Ethicon Endo-Surgery, Olympus Corporation, Boston Scientific Corporation, and Stryker Corporation are these top companies with an established presence.

Other significant players include Ethicon Endo-Surgery, Inc., Intuitive Surgical, Inc., Boston Scientific Corporation, Smith & Nephew plc., Cook Medical, Inc., Fujifilm Holdings Corporation, Medtronic plc, HOYA Corporation, Olympus Corporation, KARL STORZ GmbH & Co. KG, Arthrex, Inc., and Stryker Corporation. Another prolific trend in the market is the large-scale investment in operational companies for endoscopic devices by the huge global players. Moreover, the market has also witnessed palpable acquisitions of specialty medical device producers by the globally reckoned firms, thus, storming the market dynamics.

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An estimation of the market for endoscopy devices market in Asia Pacific reveals that the market would grow at a respectable CAGR of 7.6% over the period from 2016 to 2024. A stupendous rise in market value from US$7.76 bn in 2015 to US$14.8 bn by 2024 is also on the estimation cards. Amongst the various regions within Asia Pacific, China is anticipated to register the highest CAGR of 9.9% over the forecast period settling at a market value of US$5.58 bn by 2024. In terms of application, the laparoscopy devices accounted for 33% of the total market share in 2015 and is expected to be register a CAGR of 9.1% over 2016 to 2024.

Impetus to Healthcare Infrastructure in Asia Pacific Strengthens Market

The Asia Pacific region has witnessed a rise in its geriatric population over the past years which is expected to bolster the market. Healthcare has gained traction from the government and there is an wave of positivity towards the betterment of healthcare facilities. This is a prominent driver for the market for endoscopic devices in Asia Pacific because n rising in the region which a large number of healthcare units are on the lookout to install these devices.

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Moreover, the disposable income has been rising in the region that complements the installation of the devices and makes them deployable and lucrative. Countries such as Japan and China are making efforts to make medical care free of intrusions and minimize the suffering of patients. Moreover, the number of surgeries involving endoscopy devices have also increased in recent times, thus, bolstering the market in Asia Pacific.

Lack of Know-How Amongst Medical Practitioners to Obstruct Market Growth

Although the disposable income within the region has seen an aggregative rise, a large chunk of the population is still suffering from feeble growth of economic assets. This poses a threat to the market because the relatively high cost of endoscopic treatments is unaffordable for the middle- and lower-income groups. Moreover, the ratio of specialists who are versed with the proper knowledge of handling these devices is also extremely low which is another bane for the market. However, the structural changes in the medical setup and a horde of awareness campaigns that have rose in this region are expected to keep the growth prospects high.

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