Albany, NY -- (SBWIRE) -- 03/28/2018 -- The global endoscopy equipment market features a high degree of competition due to favorable industry statutes that support product development, reports Transparency Market Research (TMR) in a new report. Rising investments in the medical devices sector generally is likely to account for surging competition among players involved in the manufacture of medical devices such as endoscopy equipment. Players in the medical devices sector have been aggressively involved in product development in a bid to expand their product offerings and gain an edge in the competition.
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Prominent companies to name in the endoscopy equipment market are Arthrex Inc., B.Braun Melsungen AG, Karl Storz GmbH & Co., Olympus Corporation, Fujifilm Holdings Corporation, Stryker Corporation, Boston Scientific Corporation, Cook Medical Inc., Smith & Nephew Plc, and Medtronic plc.
According to estimates of a report by TMR, the global endoscopy equipment market will increment at a CAGR of 4% between 2017 and 2022, for the market's valuation to rise above US$33.5 bn by 2022 from US$27.5 bn in 2017. On the basis of product type, endoscopes are likely to hold the maximum share in the overall market in the upcoming years thanks to their widespread use in endoscopy applications. The segment is likely to display a remarkable year-on-year growth of US$642.8 mn in absolute numbers ensuring steady dominance amongst all. By geography, North America is likely to continue to dominate among other key regions in the global endoscopy equipment market.
The global endoscopy equipment market is poised for stable growth in the upcoming years mainly because of rising application of endoscopy for diagnosis of several medical conditions, steady product development initiatives in the medical devices sector, and ultra-modern healthcare facilities in developed countries.
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In recent years, innovations and developments in endoscopy equipment has been contributing to the medical devices sector with the latter reporting exponential growth. The trend is observed not only in developed countries but in developing countries as well.
The rising incidence of gastroenterological disorders in developed regions such as North America and Western Europe is one of the significant factors behind the growth of endoscopy equipment market. Endoscopy equipment is widely used for gastroenterological conditions which are on the rise due to changing lifestyle and unhealthy dietary choices. Endoscopy is well accepted for the diagnosis of gastric disorders to ensure steady growth of the endoscopy equipment market in the near future.
At present, the healthcare sector in developing economies of Asia Pacific is undergoing modernization stoking adoption of modern medical devices for diagnosis and therapeutics. This is boosting demand for endoscopy equipment. Countries such as China, India, Malaysia, and Indonesia are likely to fuel demand for endoscopy equipment due to the adoption of novel healthcare practices and government support for advancement of healthcare facilities.
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Furthermore, endoscopy systems are increasingly becoming an integral component of hospitals, nursing homes, and clinics to monitor bodily functions and diagnosis of medical conditions. The non-invasive nature of endoscopy accounts for its increasing adoption, thereby benefitting the endoscopy equipment market.
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