Endoscopy Device Market – Insights
Endoscopy Device or Neuro-endoscopy is a minimally invasive neurosurgical procedure performed to correct hydrocephalus, remove tumors, treat vascular disease, and manage other disorders. Neuro-endoscopic procedures commonly result in less pain, less scarring than craniotomy (open surgery), and shorter recovery times.
Acknowledging the traction, this market is vibrating with currently; Market Research Future (MRFR) in its recently published study report asserts that the Global Endoscopy Device market will grow exponentially by 2023, posting a CAGR of 5.2% during the forecast period of 2017–2023.
Growing prevalence of brain tumors worldwide is driving the market growth, escalating the market to the global platform. Introduction of the novel medicines & therapies that can give the improved outcomes, provides impetus to the growth of the market.
Undoubtedly, technological advancements transpired into the field of medical science is also a predominant factor propelling the market growth. Seminal efforts & investments put into the development of innovative surgical procedures, by the majority of market players are driving the market growth. Favorable reimbursement policies are playing a significant role, fostering the market growth to an extent.
On the flip side, factors such as low awareness among people about benefits of Neuroendoscopy, along with the high manufacturing cost of the devices & medicines used in the procedure which eventually increases the cost of the surgical procedures, are some of the key factors obstructing the market growth.
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Endoscopy Device Market – Competitive Landscape
The market for Endoscopy Device appears fragmented and fiercely competitive due to many large and small players churning the competition in the market. Through the strategic partnership, acquisition, expansion, product & technology launch, and collaboration, these players try to gain the competitive edge.
Major Players:
Some of the key players in Endoscopy Device Market are
• Cogentix Medical
• Integrate Endoscopy
• J&J services Inc.
• Shaili Endoscopy
• Interscope Inc.
• Cantel Medical
• Micro-Tech Endoscopy
• Cognetix
• Stryker
• Olympus
• Karl Storz Gmbh co. Kg
• Fujifilm
• Pentax medical
• Richard Wolf
Endoscopy Device Market - Segmentation
The MRFR analysis is segmented into five key dynamics for the convenience of understanding;
By Products: Rigid, and Flexible Neuroendoscopes.
By Applications: Transnasal, Intraventricular, and Transcranial Endoscopy Device among others.
By Usability: Reusable, and Disposable among others.
By End-User: Hospitals, Clinics, and Medical Research Centers among others.
By Regions: North America, Europe, APAC and the Rest-of-the-World.
Industry News:
June 11, 2018 – World’s Advanced Saving Project (WASP - Italy), a leading global 3D Printer Manufacturer engaged in developing 3D printing devices launched a new Digital Orthopedic Laboratory in Syria.
Professional mechanical and technical experience of several matured physicians, the specialist in Medicine and Surgery, and neurosurgeon, experts in cerebral neuro-endoscopy is used to develop the WASP system and help those in need.
Endoscopy Device Market - Key Findings
• The Global Endoscopy Device Market is expected to reach USD 42,342.4 million by 2023 at a CAGR of 6.3%
• Flexible endoscopes segment market is expected to command the largest market share about 28.2%. However capsule endoscopes are expected to grow at the fastest CAGR of 6.9% during the forecast period 2017-2023
• The Americas holds the largest share of the endoscopy device market and is expected to reach USD 15,186.1 million by 2023
• Asia Pacific is the fastest growing market, which is growing at a CAGR of 6.8% 2017-2023
Endoscopy Device Market - Regional Analysis
The Americas led by the U.S. dominate the market owing to the presence of large healthcare expenditure, and excellent reimbursement. Europe accounts for the second largest market owing to an emphasis on diagnosis, large healthcare expenditure, and increasing prevalence of cancer. As per Organization for Economic Co-operation and Development (OECD), Germany spent 11 % of the total GDP on healthcare in 2015.
The Asia Pacific is the fastest growing market owing to expanding economies of countries like India and China. Asia Pacific is the fastest growing market, which is growing at a CAGR of 6.8 % from 2017 to 2023
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The Middle East & Africa is expected to hold the least market share due to poor development of healthcare, and economy. The Middle East and Africa region are expected to be dominated by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
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