Arthroscopy, Laparoscopy, GI Endoscopy Applications to boost Endoscopy Market| Key Players: Boston Scientific, CONMED Corporation, BKK B. Braun Melsungen AG, Stryker
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Laparoscopy segment will witness lucrative growth over the coming years owing to growing demand for laparoscopic procedures. Rising incidences of cancers globally has impacted laparoscopy segment growth positively. According to National Institute of Cancer estimates, there will be around 1,735,350 new cases of cancer in 2018 that will accelerate demand for minimally invasive endoscopic procedures significantly over the forecast period.
Endoscope segment held around 37.1% market share in 2017 and is estimated to grow at a CAGR of 6.8% over the forecast timeline. Growth is attributed to modifications incorporated in the existing endoscopes that have reduced the rate of errors aiding the diagnostic decisions during surgeries. Furthermore, increasing prevalence of gastrointestinal disorders globally has driven the segment growth.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Boston Scientific
• CONMED Corporation
• BKK B. Braun Melsungen AG
• Smith & Nephew
• Olympus Corporation of the Americas
• KARL STORZ Endoscopy-America, Inc.
• Ethicon, Inc.
• Cook Medical Technologies LLC
• Hoya Corporation Richard Wolf GmbH
Endoscopic ultrasound segment will grow considerably during the forecast period due to growing demand for minimally invasive ultrasound procedures. These endoscopic procedures require accurate visual aids that are provided by endoscopic ultrasound examinations. Increasing incidences of cancer have stimulated demand enhancing the overall market growth.
North America market held largest market share in 2017 and is anticipated to witness robust growth during the forecast period due to high technological adoption and growing geriatric population susceptible to various infections. High preference shown by geriatric patient population towards non-invasive surgical procedures have enhanced North America market growth. Regulations implied by regulatory bodies such as American Society for Gastrointestinal Endoscopy to aid accurate detection and minimize complications during surgical procedures will propel industry growth.
Asia Pacific market is anticipated to grow at 6.7% CAGR over forecast period due increasing number of government initiatives that have resolved the affordability issues of increasing geriatric population. Such initiative has proven beneficial for geriatric population for availing minimally invasive endoscopic procedures thereby impelling overall industry growth.
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Major industry players operating in endoscopy market are B.Braun, Boston Scientific, Conmed Corporation, Cook Medical LLC, Ethicon US, LLC, Fujifilm Corporation, Hoya Corporation, Storz, Medtronic, Olympus Corporation, Richard Wolf GmbH, Smith & Nephew PLC and Stryker. Strategic initiatives undertaken by these key leaders such as mergers and acquisitions for attaining organic as well as inorganic growth have rendered competitive advantage to these companies. For instance, In March 2018, Boston Scientific announced its acquisition of EMcision Limited. The strategy helped company to expand its endoscopic product portfolio thereby generating huge profits.
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