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Canada Endoscopy Devices Market Growing CAGR of 6.5% with Topmost Players: BOSTON SCIENTIFIC CORPORATION, CONMED CORPORATION, COOK MEDICAL, COVIDIEN, HOYA CORPORATION Till 2023

11-02-2018 08:28 PM CET | Health & Medicine

Press release from: Market Prognosis

Global Canada Endoscopy Devices Market Highlights
The Canada endoscopy devices market is expected to register a CAGR of around 6.5%, during the forecast period. Endoscope devices are minimally invasive and can be inserted into natural openings of the body to observe an internal organ or a tissue in detail. Endoscopic surgeries are performed for imaging procedures and minor surgeries.

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Growing Preference for Minimally Invasive Techniques
Endoscopy allows both operations on more fragile patients, notably the elderly, and the treatment of more complex diseases, such as cancer. Other benefits of endoscopy include reduced post-operative pain and risks of complications, rapid healing, lighter anesthesia and a shorter period of hospital stay. Surgery, interventional radiology and advanced endoscopy have all developed minimally invasive techniques to effectively treat a variety of diseases to bring about positive impact on patients' postoperative outcomes. The growing awareness among the elderly population about minimally invasive procedures and the rising prevalence of chronic diseases worldwide boosts the demand for endoscopy devices. Along with this other factors, such as strong Inorganic Growth between Major Players, High Prevalence of Diseases that Require Endoscopy for Diagnosis and Technological Advancements

Key Developments in the Market
May 2017 - Crospon, an endoscopic diagnostics company, today announced it has received US Food and Drug Administration (FDA) 510(k) clearance for its Endoflipuae System with Flipu00ae Topography Module

Major players –
BOSTON SCIENTIFIC CORPORATION, CONMED CORPORATION, COOK MEDICAL, COVIDIEN PLC, FUJIFILM HOLDING CORPORATION, HOYA CORPORATION, ETHICON ENDO-SURGERY (JOHNSON & JOHNSON), MEDTRONIC PLC, AND OLYMPUS CORPORATION, amongst others.

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Infections Caused by Endoscopes
Infections caused by endoscopes are the major restraint for this market. It has been observed that contaminated endoscopes are frequently associated with outbreak of infections. The most common infections are associated with ERCP (Endoscopic Retrograde Cholangiopancreatography) procedures. The carbapenem-resistant Enterobacteriacae (CRE) are often found in duodenoscopes, which are not removed by conventional cleaning and sterilization procedures. Therefore, infections can pass on from patient to patient. These infections are considered fatal in certain cases. Some parts of the endoscope are extremely difficult to access and clean thoroughly. Around 350 patients at 41 medical facilities worldwide were infected or exposed to tainted gastrointestinal scopes between January 2010 and October 2015, according to the Food and Drug Administration. This knowledge and other factors, such as lack of skilled technicians will lead to the slowdown of this market.

Canada to Show Promising Growth in the Forecast Period
In 2012, the Canadian endoscopic and surgical devices Market was valued at over $475 million. High demand for GI screening and intervention procedures due to the aging population and growing awareness will drive market growth. Many segments of the Canadian market are dominated by group purchasing organizations (GPOs) that issue large-scale tenders, often to cover all the hospitals in a province. Growth can be attributed to advances in technology, such as the recent adaptation of HD technology, as well as a trend among specialists and patients to opt for minimally invasive surgery.

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About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
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