NEW YORK, Jan. 4, 2017 /PRNewswire/ -- The endoscopy equipment market is poised to reach USD 35.36 billion by 2021, growing at a CAGR of 6.2% during the forecast period of 2016 to 2021. Over the years, the global healthcare industry has witnessed a paradigm shift and is now increasingly focusing on minimally invasive therapies that not only cure serious illnesses but also have fewer side effects. In the past decade, the demand for endoscopy has increased significantly, largely because of patient preference for minimally invasive surgeries, low-risk procedures, and favorable health insurance coverage. Technological advancements and breakthroughs in the field of endoscopy are expected to drive the growth of the global endoscopy equipment market in the coming years. Advancements in technology have also resulted in several improvisations, including increased angles in the field of view in endoscopes, reduced outer diameters of scopes, endoscopy systems that are integrated with high-resolution technologies such as 3D systems, and miniaturized endoscopy systems. The majority of leading players in the endoscopy equipment market are launching innovative products using advanced technologies to address the specific demands of their consumers, thereby stimulating the sales of their endoscopy equipment. Other factors that are driving the growth of the global endoscopy equipment market include a favorable reimbursement scenario in select geographies and increasing prevalence/incidence of diseases requiring endoscopy procedures.
In 2016, the endoscopes segment is expected to account for the largest share of the global endoscopy equipment market, by product. In 2016, the gastrointestinal endoscopy segment is expected to account for the largest share of endoscopy equipment market, by application. The hospitals segment is expected to account for the largest share of the endoscopy equipment market, by end user.
In 2016, North America is expected to account for the largest share of the global endoscopy equipment market, followed by Europe, Asia-Pacific, and the Rest of the World (RoW). North America's large share can be attributed to the favorable reimbursement scenario in the U.S., increasing incidence of cancer in the U.S. and Canada, research on new technologies in the U.S., and the implementation of a new funding model for Canadian hospitals. In the coming years, the endoscopy equipment market is expected to witness the highest growth in the Asian region, with emphasis on India, China, and Japan. The high growth in India and China can be attributed to government and venture capital investments in China in the field of endoscopy, endoscopy research support in Japan, and increasing number of endoscopic surgeries & improving endoscopy infrastructure in India.
The market witnesses high competitive intensity, as there are several big and many small firms with similar product offerings. These companies adopt various strategies (agreements, partnerships, joint ventures, collaborations, geographic expansion, new product launches, and acquisitions) to increase their market shares and establish a strong foothold in the global market.
- By Company Type: Tier 1: 52%, Tier 2: 39%, and Tier 3: 9%
- By Designation: Director Level: 19%, C-level: 28%, and Others: 53%
- By Region: North America: 33.3%, Europe: 28.2%, APAC: 23.1%, and RoW: 15.4%
The report includes the study of key players offering endoscopy equipment such as Ethicon, Inc. (U.S.), Olympus Corporation (Japan), Fujifilm Holdings Corporation (Japan), KARL STORZ GmbH & Co. KG (Germany), Medtronic plc (Ireland), Stryker Corporation (U.S.), Boston Scientific Corporation (U.S.), Pentax Medical Corporation (Japan), Smith & Nephew plc (U.K.), Richard Wolf GmbH (Germany), and Cook Medical Incorporated (U.S.).
The report provides a picture on endoscopes, visualization systems, other endoscopy equipment, and accessories across different applications and regions. It aims at estimating the market size and future growth potential of this market across different segments such as product, application, end user, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall endoscopy equipment market and the subsegments. This report will help stakeholders to better understand the competitor landscape and gain more insights to better position their businesses and make suitable go-to-market strategies. The report also helps the stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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