Supply of Endoscopy Devices Market to Witness an Outstanding Growth by 2021-2028

According to Transparency Market Research's latest report on the global endoscopy devices market for the historical period 2017-2020 and forecast period 2021-2028, technological innovations offering wider scope of application for endoscopy are projected to drive the global endoscopy devices market during the forecast period

Research Report: https://www.transparencymarketresearch.com/endoscopy-devices-market.html

Technological Innovations Offering Wider Scope of Application for Endoscopy: Key Driver

Technological innovations in medical imaging devices have increased the scope of medical devices, and thereby the customer base. Robotic-assisted endoscopic procedures have created a paradigm shift in the endoscopic devices market. Moreover, a minimally invasive diagnostic and surgical procedure performed by robotic technology offers benefits such as less blood loss, less scarring, reduced risk of infection, and faster return to your life. Hence, robotic-assisted endoscopic procedures is anticipated to boost market growth.

Development of chromoendoscopy has added another dimension to the evolving endoscopy market. Three dimensional (3D) camera systems have improved the depth perception and reduced errors during surgery, which has reduced the overall surgery time.

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FDA Policies Moving toward Easier Approval Process: Major Driver

The U.S. FDA has been criticized for its long and arduous approval process. However, the regulatory agency has been taking constructive steps in order to ease process time. In a major development, the FDA has classified colon capsule imaging devices as Class II devices. This implies that capsule endoscope manufacturing companies will not have to go through lengthy clinical trials and other pre-market approval requirements.

This would shorten the regulatory approval process and save on resources to get approval. This event is expected to drive the global endoscopy devices market, cost of the devices, and the number of procedures. It also implies that reimbursement could become easier due to lesser risk of side effects.

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High Cost Makes Devices Unaffordable to Developing Countries: Key Restraint

Endoscopic devices require highly sophisticated technology and significant expertise in manufacturing and adding technological advancements. These factors increase the overall cost of endoscopic devices and accessories. In emerging and developing countries such as India and China, a small percent of GDP is spent on healthcare. It is much lower in countries such as Indonesia and Malaysia.

On the other hand, the U.S. is estimated to spend high percent of GDP on healthcare related expenses. This ineffectual ability of emerging and developing economies toward healthcare facilities acts as a major restraint of the endoscopic devices market.

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Endoscopy Devices Market: Competition Landscape

This report profiles major players in the global endoscopy devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments

The global endoscopy devices market is highly fragmented, with the presence of a number of international as well as regional players

Leading players operating in the global endoscopy devices market are

Ethicon Endo-Surgery
Covidien plc
Olympus Corporation
Boston Scientific Corporation
Intuitive Surgical, Inc.
Stryker Corporation
Richard Wolf
FUJIFILM Holdings Corporation
KARL STORZ GmbH & Co. KG
HOYA Corporation
B. Braun Melsungen AG
Arthrex, Inc.
Cook Medical, Inc.
Smith & Nephew plc, among others

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