The global endoscopy equipment market is estimated to witness notable growth in the coming years as Transparency Market Research reports. This is due to the increasing number of gastrointestinal diseases as well as cancer. The competitive landscape of the global endoscopy equipment market is seen to be fragmented due to the presence of a large number of players. Major players are putting more focus on the development of new products and their product launching in order to stay in the market and maintain a dominant place.
Some of the prominent players of the global endoscopy equipment market are Fujifilm Holdings Corporation, Stryker Corporation, Karl Storz GmbH & Co., Smith & Nephew Plc, Karl Storz GmbH & Co., Boston Scientific Corporation, and Arthrex Inc. Major vendors are making efforts to develop new products and accelerate the overall growth of the market during the forecast period. Players are also investing more funds into research and development in order to produce better and unique results so as to improve their brand quality and give tough competition to the others.
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As per the TMR reports, the global endoscopy equipment market is prognosticated to reach a valuation of US$33.5 bn by 2024. The market is presumed to exhibit a promising CAGR of 4.0% within the forecast period of 2017 to 2024. As per the classification by application, the endoscopy equipment market is seen to be dominated by the gastroenterology segment owing to the increase in popularity of gastric problems all around the globe.
As per the geographical segmentation, the market is projected to be dominated by North America with an expected rise of revenue from US$9.9 bn in 2017 to US$12.3 bn by the end of 2024.
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Increasing Number of Gastroenterological Diseases to Boost Market Growth
The surge in the use of endoscopic equipment for diagnosis of all kinds of gastroenterological disorders is also expected to boost the market at a global level. Another factor expected to boost the global market for endoscopy equipment is the rising investments in healthcare and medical sector for their enhancement is among the key driver to boost the overall market growth. Both the government and non-government agencies are putting efforts to set up better healthcare infrastructures in order to suffice to the medical needs of people.
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Developing countries like that of New Zealand, Australia, India, China, and Japan are also presumed to increase the revenue generation of the endoscopy equipment market during the forecast period by creating better infrastructure and medical facilities in terms of treatment. The emergence and popularity of ultra-modern healthcare facilities are also creating lucrative opportunities for the overall market for endoscopy equipment.
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High Cost of Treatment of Endoscopy to Cause Hindrance to Market Growth
One factor that may act as a hindrance to the overall growth of the market is the high treatment cost of gastroenterology and their medication as well. The high cost of treatment may make customers to think twice before opting for such treatment. Apart from that, the emerging market for ayurvedic medicines and their guaranteed no side-effect propaganda may divert patients from opting for endoscopic treatment and instead acquire natural remedies in order to cure themselves. Due to this shift, the market for endoscopy equipment may also face loss in the years to come.
The information presented above is based on the findings of a research report published by Transparency Market Research (TMR), titled, “Endoscopy Equipment Market (Product Type – Endoscopes, Operative Devices, Visualization Systems; Application – Gastroenterology, Respiratory Tract, Orthopedics, Gynecology and Urology, Pulmonology, Otorhinolaryngology; End Use – Hospitals, Diagnostic Centers, Specialized Clinics) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2024.”
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