Endoscopy Devices Market Projected to Witness Vigorous Expansion by 2024
A high degree of price competition exists among companies operating in the Asia Pacific endoscopy devices market. The substantial presence of small and medium sized companies remains a key factor intensifying competition and so does their specialization in particular segments, finds Transparency Market Research (TMR) in a new study. This is also indicative of competition witnessed by large companies in local markets. Despite the heavy-handed presence of smaller players, the top four companies aggregating greater share in the Asia Pacific endoscopy devices market are giant players. These include Boston Scientific, Ethicon Endo-Surgery, Stryker, and Olympus. The impressive product portfolio and widespread distribution channel have backed the dominance of the leading companies.
TMR has predicated the Asia Pacific endoscopy devices market to reach US$14.8 bn by the end of 2024, from its valuation of US$8.8 bn in 2017. If these figures hold true, the endoscopy devices market in Asia Pacific will exhibit a CAGR of 7.6% between 2016 and 2024. In terms of application, laparoscopic surgeries emerged at the top, exhibiting a CAGR of 9.07%. By country, China is forecast to secure a lion’s share in the market during the course of the aforementioned forecast period.
Increasing investing by multinational behemoths such as Canon, Panasonic, and Sony has strengthened growth witnessed in the Asia Pacific endoscopy devices market. Furthermore, as the leading companies look to expand their presence by forging mergers and acquisitions, the market will witness more lucrative growth prospects. Several players are also likely to cement their positions by establishing distribution networks across remote areas. These strategies adopted by the market players are bound to have significant impact on the prevailing trends.
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Since aged people are more vulnerable to chronic ailments, they are the primary users of knee-hip implants, colonoscopy, and bariatric surgery. Any increase in this demography is likely to fuel the demand endoscopy devices in the coming years. TMR has sighted this as a chief growth driver of Asia Pacific endoscopy devices market.
Despite witnessing growth opportunities, limited resources of emerging nations such as Indonesia and Malaysia to offer advanced healthcare is projected to restrain the Asia Pacific endoscopy devices market to an extent. Furthermore, the endoscopy treatments are very expensive, which can slow down growth across developing economies to an extent. Moreover, recent studies have revealed that India and China spend only a marginal share of its GDP in the healthcare industry as compared to developed economies. While this is a major restraint, the absence of trained professionals will pose threat to the market in the coming years.
Be it as it may, leading players are likely to capitalize on untapped opportunities in Asia Pacific. For instance, Boston Scientific is planning to launch a research and development and teaching facility in China. Furthermore, Olympus has plan s of setting up training centers in India and China with an aim of boosting sales of capsule endoscopes and other technologically advanced products. Such steps taken by the leading companies are likely to augur well for the Asia Pacific endoscopy devices market.
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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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