Endotherapy Devices Market will Attain a Value of USD $5,015 million by 2024 with Key Players: Hoya Corporation, Olympus Corporation, Stryker Corporation and More
According to a new report published by Allied Market Research, titled, Endotherapy Devices Market by Product, Application, End Users, and Region: Global Opportunity Analysis and Industry Forecast, 20182024," the global endotherapy devices market accounted for $3,369 million in 2017, and is expected to reach $5,015 million by 2024, registering a CAGR of 5.9% from 2018 to 2024. North America is the highest contributor in the global endotherapy devices market in 2017; however, Asia-Pacific is expected to witness the highest growth rate during the forecast period.
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The key players operating in the global endotherapy devices market include Hoya Corporation, Olympus Corporation, Stryker Corporation, Boston Scientific Corporation, Fujifilm Holdings Corporation, Conmed Corporation Medtronic Plc., Karl Storz GmbH & Co. KG, Smith & Nephew, Plc., and Johnson & Johnson.
Other prominent players in the value chain include B. Braun Melsungen AG, Cook Medical, Siemens Healthcare, Steris Corporation, Frontier Healthcare, and Advanced Sterilization Products Services Inc.
Endoscopic therapy is treatments conducted using a small, tube-like instrument called endoscope. These are minimally invasive treatments that are commonly used to treat conditions such as appendicitis, colon polyps, peptic ulcer, gallbladder disease, and endometriosis.
Increase in prevalence of diseases that require endotherapy devices as well as technological advancements in endotherapy devices drives the market growth. Furthermore, shorter recovery time, minimal postoperative complications, and rise in patient preference for minimally invasive surgeries are projected to supplement the market growth.
However, infections caused by few endotherapy, dearth of trained physicians & endoscopists, and high costs associated with endotherapy devices could hamper the market growth. Moreover, unmet medical demands and lucrative opportunities in the emerging and developing countries such as China and India offer profitable opportunities for market expansion.
Among the products, GI devices & accessories segment is the dominant segment contributing towards the growth of global endotherapy devices market in 2017 owing to the increase in incidence of gastrointestinal disorders and diseases requiring the use of GI endotherapy.
Hospitals are expected to maintain its lead in the overall end user of the endotherapy devices market, due to the availability of diverse endotherapy services and favorable reimbursement policies. Most hospitals are well equipped with technologically advanced endoscopic facilities in the developed economies.
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The growth in demand for endoscopy devices in developed economies such as North America and Europe have further boosted the market growth due to the high prevalence rate of complex diseases such as cancer and rapid increase in geriatric population. Although the endoscopic needs are also largely felt in developing economies, low awareness, lack of skilled professionals, and unmet medical needs at economical cost hamper the market growth in these areas.
• This report entails a detailed quantitative analysis of the current market trends from 2017 to 2024 to identify the prevailing opportunities.
• Market estimations are based on comprehensive analysis of the key developments in the industry.
• The global market is comprehensively analyzed with respect to product, application, end users, and region.
• In-depth analysis based on region assists in understanding the regional market to assist in strategic business planning.
• The development strategies adopted by key manufacturers are enlisted to understand the competitive scenario of the market.
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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.
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