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Endoscopy Instruments and Accessories market expected to grow at 3.33% CAGR by 2025
Global Endoscopy Instruments and Accessories Market are expected to grow at a CAGR of 3.33% during the forecast period 2019 to 2025. Favourable government initiatives across many countries are encouraging the companies operating in global endoscopic instruments and accessories industry to boost their investments. The market can be benefited from an increasing number of hospitals and rising investments in endoscopy facilities.Furthermore, the rising awareness among the customers regarding the diseases that require endoscopic treatments and patients emerging towards the endoscopic treatments due to minimally invasive surgeries are also driving the market demand.
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Technological advancements and launch of new products are anticipated to fuel the market growth over the upcoming years. Growing health care industry across some emerging countries due to an increase in medical spending by their governments could be an opportunity in driving the demand.
High costs incurred with the procurement of endoscopic instruments and accessories, limited reimbursement of endoscopic treatments in some countries are limiting the market size. Unavailability of trained medical professionals and endoscopists are declining the market demand.
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Other factors such as risks and complications such as infections and pain persist with endoscopic treatment are restraining the global endoscopy instruments and accessories market size.
Key players operating in endoscopy instruments and accessories market are Olympus Corporation, Karl Storz GmbH & Co KG., B. Braun Melsungen AG, Stryker Corporation, and Boston Scientific Corporation, Ethicon, Inc. (Johnson & Johnson), Fujifilm Holding Corporation, Medtronic PLC, PENTAX Medical (Hoya Corporation), and Smith & Nephew PLC among others.
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Increased investments in R&D facilities, the launch of new products, and joint ventures are the key strategies adopted by key players in the market to sustain in the competitive landscape.
February 2019, Pentax Medical launched two products the Endo arc and Endo Plus to its therapeutic accessories range.
August 2019, GI Supply had opened a new manufacturing facility in Harrisburg, Pennsylvania to expand its product line.
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