Asia Pacific Endoscopy Devices Market to reach US$ 14.8 Bn in 2024: Transparency Market Research

According to a new market report published by Transparency Market Research “Endoscopy Devices Market – (By Device – Endoscope Devices (Endoscopes, Endoscopic Operative Devices, and Visualization Systems); By Application – Urology/Gynecology Surgeries, ENT Surgeries, Neuro/Spinal Surgeries, Laparoscopy Surgeries, and Others) – Asia Pacific Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024”, the endoscopy devices market in Asia Pacific was valued at US$ 7.8 Bn in 2015 and is anticipated to expand at a high CAGR of 7.6% from 2016 to 2024 to reach US$ 14.8 Bn in 2024.

Browse the full report at http://www.transparencymarketresearch.com/asia-pacific-endoscopy-devices-market.html

Australia, China, India, Japan, South Korea, New Zealand, Singapore, and Rest of Asia Pacific are the major countries studied in the report. Japan was the largest market for endoscopy devices in Asia Pacific in terms of revenue in 2015, accounting for a share of around 38%. Increased adoption of minimally invasive procedures and GI screening, large geriatric population, and growing awareness about endoscopy devices are the major factors that drive the market in Japan. Government initiatives to standardize disease testing by regulating diagnostic equipment, growing awareness among middle class patients, and greater acceptance of advanced technology products by physicians are the other factors driving the market. For instance, according to Japan’s Ministry of Internal Affairs, 1 out of 8 people in Japan is aged above 75 years, and 26% of the total population is aged above 65. The geriatric population is more prone to various GI and cancer diseases. This factor boosts demand for endoscopy devices in the country. However, the market in Japan is saturated after a strong growth in the last decade. Decline in reimbursement by the government after every two years is expected to create pricing pressure, which in turn is likely to restrain the market. Moreover, Japan is likely to lose market share to countries such as China and India.

China held the second largest share of the endoscopy devices market in Asia Pacific in terms of revenue in 2015. The country is expected to dominate the endoscopy devices market in the region during the forecast period. The endoscopy devices market in China is expected to grow rapidly during the forecast period due to large population with chronic diseases such as GI diseases and cancer that can be potential target for adoption of minimally invasive endoscopic procedures. China is one of the world’s largest and fastest-growing economies. Increasing geriatric population and rising incidence of various chronic diseases among this population in the country offer significant growth opportunities in the endoscopy devices market.

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Key players operating in the endoscopy devices market in Asia Pacific are Arthrex, Inc., Boston Scientific Corporation, Cook Medical, Inc., Ethicon Endo-Surgery, Inc., Fujifilm Holdings Corporation, HOYA Corporation, Intuitive Surgical, Inc., Medtronic plc, Stryker Corporation, KARL STORZ GmbH & Co. KG, Olympus Corporation, and Smith & Nephew plc.

Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.