Asia Pacific Industry Outlook for Endoscopy Devices Market by Key Trends and Analysis 2024
Transparency Market Research Report Added "Endoscopy Devices Market - Asia Pacific Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024"
Albany, NY -- (SBWire) -- 06/16/2017 --The Asia Pacific endoscopy devices market features a moderate level of consolidation, with the top four vendors collectively accounting for over 60% of the overall market in 2015, states Transparency Market Research in a recent report. These companies, including Ethicon Endo-Surgery, Boston Scientific Corporation, Olympus Corporation, and Stryker Corporation, compete with a large number of small- and medium-sized companies operating across specialty segments, giving rise to an intense level of price competition.
The rising demand for technologically advanced products across developing economies in Asia Pacific could further fuel rivalry among key vendors in the market. So as to stay ahead of the competition in the market, key vendors are adopting the course of innovation and introduction of technologically advanced products. Most of countries in the region being developing economies and having a large base of cost-conscious consumers, focusing on ways of reducing product costs could also enable vendors to reach-out to a larger consumer base.
Transparency Market Research states that the endoscopy devices market in Asia Pacific will expand at a healthy pace of 7.6% CAGR over the period between 2016 and 2024. The market, which had a valuation of US$7.76 bn in 2015, is expected to rise to US$14.8 bn by 2024.
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Rise in Investments and Mergers and Acquisitions to Have Far-reaching Impact on Market's Trajectory
On a global scale, the endoscopy devices market has witnessed a vast rise in investment in companies already operating in the endoscopy devices business and acquisition of a large number of specialty medical device makers by many global medical device giants. A recent instance is the April 2016 acquisition of Stanmore Implants Worldwide Limited by Stryker Corporation. The vast numbers of mergers and acquisitions have helped the market gain notable level of maturation. This has also allowed global players to increase their scope for market expansion and pay more focus on lucrative regional markets such as Asia Pacific.
The Asia Pacific endoscopy devices market is also driven by the vast rise in the region's geriatric population, rising disposable incomes, increased emphasis on minimally invasive surgeries, increased healthcare expenditures. With the vast rise in geriatric population, especially in countries such as Japan and China, the number of surgeries employing a variety of endoscopy devices has also skyrocketed.
High Costs of Treatment and Dearth of Trained Surgeons Still Key Challenges for Market
A vast share of population in Asia Pacific still belong to middle class or lower middle class income group. The relatively higher costs of endoscopy devices and inevitably the surgeries and diagnostic methods involving these devices is a huge setback when it comes to serving this demographic. The factor is a key restraint to the overall development of the Asia Pacific endoscopy devices market presently and is expected to remain a key-impact factor for the market for the next few years as well.
Along with this, the factor of lack of adequate specialist surgeons and physicians trained and qualified for using complex medical devices such as endoscopes is also a prominent restraint for the Asia Pacific endoscopy devices market. According to the World Bank, China, India, and Indonesia had 1.8, 0.6, and 0.3 physicians per 1,000 people, including general and specialist medical practitioners.
Nevertheless, factors such as the rising awareness regarding the availability of effective medical devices for treating complex health conditions and rising prevalence of a number of chronic conditions will continue to drive the increased demand for endoscopy devices in Asia Pacific in the next few years. On the basis of geography, Japan led the market in 2015, accounting for a 35% share in market's overall revenues. The product segment of endoscopy visualization systems dominated, accounting for over 46% of market's overall revenues in 2015.
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