Asia Pacific Endoscopy Devices Market Analysis (2020-2027)
Endoscopy is minimal invasive procedure in which endoscope is placed inside body either through body openings (mouth, anus etc.) or by making small incisions on the body. Endoscopes are medical devices used in endoscopy procedure to observe and treat the internal organs.
Statistics:
Asia Pacific endoscopy devices market is estimated to account for US$ 11,032.5 Mn in terms of value in 2020 and is expected to reach US$ 18,551.0 Mn by the end of 2027.
Asia Pacific Endoscopy Devices Market: Drivers
Increasing prevalence of gastrointestinal diseases is expected to propel growth of Asia Pacific endoscopy devices market over the forecast period. For instance, according to the study, ‘A study of prevalence and determinants of irritable bowel syndrome in an urban slum community in Mumbai’, published in November 2018, the prevalence of irritable bowel syndrome was 12.27%, of which 56% were males and 44% were females.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to United Nations Population Fund, geriatric population in Asia Pacific is expected to triple between 2010 and 2050 to reach 1.3 billion people by 2050.
Statistics:
Visualization Systems held dominant position in Asia Pacific endoscopy devices market in 2019, accounting for 47.3% share in terms of value, followed by endoscopic operative devices and endoscope devices, respectively.
Figure 1. Asia Pacific Endoscopy Devices Market Share (%), by Value, by Device Type, 2019
Asia Pacific Endoscopy Devices Market: Restraints
Negative impact of U.S. medical device tax and rigorous FDA regulatory process is expected to hinder growth of the market. The U.S. government scheduled to implement a 2.3% excise tax on medical devices sales in 2013.The effect of this will be seen on the prices of the endoscopic devices as companies will raise prices and pass on to customers as a way to deal with the increased tax in the U.S.
Moreover, high cost of endoscopic equipment is also expected to limit the market growth.
Asia Pacific Endoscopy Devices Market: Opportunities
R&D in robotic biopsy endoscope is expected to offer lucrative growth opportunities for players in Asia Pacific endoscopy devices market. For instance, in January 2020, researchers from Chonnam National University, South Korea, reported development of a novel wireless biopsy capsule endoscopes employing active five degree-of-freedom locomotion and a biopsy needle punching mechanism for the histological analysis of the intestinal tract.
Moreover, increasing adoption of neuroendoscopy is also expected to aid in growth of the market. The minimally-invasive surgical procedure offers less pain than traditional surgery, faster recovery than traditional surgery, and minimal scarring.
Asia Pacific endoscopy devices market was valued at US$ 10,287.7 Mn in 2019 and is forecast to reach a value of US$ 18,551.0 Mn by 2027 at a CAGR of 7.7% between 2020 and 2027.
Figure 2. Asia Pacific Endoscopy Devices Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027
Market Trends/Key Takeaways
Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in June 2020, AnX Robotica Corporation received the U.S. Food and Drug Administration’s De-Novo classification for its NaviCam Magnetically Controlled Capsule Endoscopy System.
The market is witnessing launch of operating room-ready wireless endoscopes. For instance, in May 2020, ScoutCam, a developer of customized visual solutions integrated its wireless micro ScoutCam into medical endoscope devices.
Asia Pacific Endoscopy Devices Market: Competitive Landscape
Major players operating in Asia Pacific endoscopy devices market include, Accellent Inc., Aesculap Inc., Arthrex Inco, Boston Scientific Corporation, 3NT Medical, AnX Robotica Corporation, C.R. BARD INC, Conmed Corporation, Olympus Corporation, KARL STORZ Endoscopy-America, Inc., Cook Medical Incorporated, and Fujifilm Holding Corporation.
Asia Pacific Endoscopy Devices Market: Key Developments
Major players in the market are focused on approval and launch of new products to expand their product portfolio. For instance, in April 2020, Olympus Corporation launched EVIS X1, an endoscopy system which improves outcomes from disorders of the stomach, colon, and oesophagus, as well as from bronchial diseases.
Similarly in March 2020, KARL STORZ Endoscopy-America, Inc. launched TELE PACK + compact endoscopy system.
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