Global Endoscopy Sector to Experience Healthy Growth
By HospiMedica International staff writers Posted on 08 Nov 2015 |
The global endoscopy market is on the rise, due to increasing adoption of endoscopic surgeries and screening programs, and a growing patient population. These are the latest findings of GlobalData (London, United Kingdom), an international business intelligence provider.
According to the report, the use of minimally invasive endoscopy techniques for both diagnostic and therapeutic purposes will increase in proportion with the rising prevalence of diseases worldwide, with the most promising areas of development being colonoscopy, gastroscopy, cystoscopy, bronchoscopy, laryngoscopy, and endoscopy visualization systems. The market, however, is highly fragmented and experiences fierce pricing competition, and as a result companies that seek to increase their foothold require shrewd corporate strategies in order to increase market share.
In the United States, Olympus (Tokyo, Japan) holds the number one spot, with its closest competitor being Karl Storz (Tuttlingen, Germany), which has a particularly strong product portfolio in the endourology space. In all, the top five players command 80% of the market, with the remaining 20% occupied by the small-to-medium enterprises involved in cutting-edge research. One such company is EndoChoice (Atlanta, GA, USA) with its innovative Fuse gastrointestinal (GI) endoscopy system.
“Endoscopy offers the possibility of accurate visualization of the current state of patients with a variety of diseases, which consequently improves the treatment process,” said report author Wenlu Hu, BSc, a GlobalData analyst covering medical devices. “Early disease diagnosis is the key to reducing healthcare expenses, meaning endoscopy techniques play a vital role in treating patients in the most cost-effective manner.”
According to the report, the global market will rise in value from USD 5.7 billion in 2014 to just under USD 9.7 billion by 2021, representing a compound annual growth rate (CAGR) of 6.9%. Growth will occur in ten major markets, including the United States, France, Germany, Italy, Spain, the United Kingdom, Japan, Brazil, China, and India. The United States held the leading share of the endoscopy market with 45.8% in 2014, and this is forecast to increase to 48.8% by 2021, by which time it will contribute revenues of just over USD 4.7 billion.
Related Links:
GlobalData
Olympus
Storz
According to the report, the use of minimally invasive endoscopy techniques for both diagnostic and therapeutic purposes will increase in proportion with the rising prevalence of diseases worldwide, with the most promising areas of development being colonoscopy, gastroscopy, cystoscopy, bronchoscopy, laryngoscopy, and endoscopy visualization systems. The market, however, is highly fragmented and experiences fierce pricing competition, and as a result companies that seek to increase their foothold require shrewd corporate strategies in order to increase market share.
In the United States, Olympus (Tokyo, Japan) holds the number one spot, with its closest competitor being Karl Storz (Tuttlingen, Germany), which has a particularly strong product portfolio in the endourology space. In all, the top five players command 80% of the market, with the remaining 20% occupied by the small-to-medium enterprises involved in cutting-edge research. One such company is EndoChoice (Atlanta, GA, USA) with its innovative Fuse gastrointestinal (GI) endoscopy system.
“Endoscopy offers the possibility of accurate visualization of the current state of patients with a variety of diseases, which consequently improves the treatment process,” said report author Wenlu Hu, BSc, a GlobalData analyst covering medical devices. “Early disease diagnosis is the key to reducing healthcare expenses, meaning endoscopy techniques play a vital role in treating patients in the most cost-effective manner.”
According to the report, the global market will rise in value from USD 5.7 billion in 2014 to just under USD 9.7 billion by 2021, representing a compound annual growth rate (CAGR) of 6.9%. Growth will occur in ten major markets, including the United States, France, Germany, Italy, Spain, the United Kingdom, Japan, Brazil, China, and India. The United States held the leading share of the endoscopy market with 45.8% in 2014, and this is forecast to increase to 48.8% by 2021, by which time it will contribute revenues of just over USD 4.7 billion.
Related Links:
GlobalData
Olympus
Storz
Latest Business News
- Johnson & Johnson Acquires Cardiovascular Medical Device Company Shockwave Medical
- Mindray to Acquire Chinese Medical Device Company APT Medical
- Olympus Acquires Korean GI Stent Maker Taewoong Medical
- Karl Storz Acquires British AI Specialist Innersight Labs
- Stryker to Acquire French Joint Replacement Company SERF SAS
- Medical Illumination Acquires Surgical Lighting Specialist Isolux
- 5G Remote-Controlled Robots to Enable Even Cross-Border Surgeries
- International Hospital Federation Announces 2023 IHF Award Winners
- Unprecedented AI Integration Transforming Surgery Landscape, Say Experts
- New WHO Guidelines to Revolutionize AI in Healthcare
- Getinge Acquires US-Based Medical Equipment Provider Healthmark Industries
- Global Surgical Lights Market Driven by Increasing Number of Procedures
- Global Capsule Endoscopy Market Driven by Demand for Accurate Diagnosis of Gastrointestinal Conditions
- Global OR Integration Market Driven by Need for Improved Workflow Efficiency and Productivity
- Global Endoscopy Devices Market Driven by Increasing Adoption of Endoscopes in Surgical Procedures
- Global Minimally Invasive Medical Devices Market Driven by Benefits of MIS Procedures