Australia Endoscopy Devices Market 2019 Industry Trends, Top Players: Fujifilm Holdings Corporation, Hoya Corporation, Stryker Corporation, Medtronic Plc. and Olympus Corporation

The Australian endoscopy devices market is expected to register a CAGR of 6.2% over the forecast period. Factors that are responsible for the growth of this market include increasing preference for minimally invasive surgeries and rise in the prevalence of diseases that require endoscopy procedures.

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The boosting factors for the market are the increasing use of minimally invasive surgical techniques, particularly in gastric surgeries, constant innovations in robotics, and virtual techniques in surgical practices. Benefits associated with minimally invasive surgeries, such as increased safety, decreased scarring, faster recovery, and reduced length of hospital stay increase the preference for minimally invasive surgical techniques over other techniques. The increasing awareness among the elderly population, regarding minimally invasive procedures, along with the growing prevalence of chronic diseases, is boosting the demand for endoscopy devices in Australia. However, factors, such as the high cost of sophisticated endoscopy devices, may hinder market growth.

Competitive Landscape
The Australian endoscopy devices market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the rising prevalence of diseases and advancements in IVD devices, few other smaller players are holding a substantial share. Some of the major players of the market are Fujifilm Holdings Corporation, Hoya Corporation, Stryker Corporation, Medtronic Plc. and Olympus Corporation, among others.

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Scope of the Report
Endoscopic devices are minimally invasive that can be inserted into natural openings of the human body, in order to observe an internal organ or a tissue in detail. Endoscopic surgeries are performed for imaging procedures and minor surgeries.

Key Market Trends
Gastroenterology is expected to hold the Highest Revenue Share of the Application-wise Segmentation
The gastroenterology segment is expected to continue its dominance in the forecasted period, and this is due to factors, such as the rising prevalence of lifestyle diseases, such as the irritable bowel syndrome (IBS), gastroesophageal reflux disease (GERD), inflammatory bowel diseases (like Crohn’s disease, non-alcoholic fatty liver, and colon cancer), liver, pancreas, and gallbladder, and increasing number of cases with this diseases have been driving the market of GI endoscopy. For instance, according to the Crohn's and Colitis, Australia has one of the highest rates of inflammatory bowel disease in the world, with more than 75,000 Australians affected. Most people are diagnosed as young adults. Hence the rising in a number of gastroenterology cases is driving the gastroenterology application of endoscopy devices in Australia.

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