Asia Pacific Gastrointestinal Endoscopy Device Market Will Grow at 9 Percent Annually Through 2023
Domestic Competitors Are Increasingly Shaping This Market, According to Findings from Decision Resources Group
BURLINGTON, Mass., Oct. 20, 2014 /PRNewswire/ -- Decision Resources Group finds that the Asia Pacific gastrointestinal (GI) endoscopy device market will grow strongly through 2023 at a 9 percent compound annual growth rate. Growth will be driven primarily by an undertreated population as well as strong economic development in China and India. Economic development in these countries will expand the affordability and availability of GI procedures as incomes increase, continuous health care reform improves insurance coverage, and more physicians are trained on these procedures.
Other key findings from Decision Resources Group's coverage of the Asia Pacific GI endoscopy device market:
- Increasing incidence of GI conditions: Furthermore, as the workforces in China and India come under increasing pressure, more people will suffer from unhealthy diets, which negatively affects the health of the GI tract.
- Disposable devices: Similar to other regions, there is a shift toward disposable devices in the Asia Pacific region, particularly in Australia and South Korea. Safety concerns with reusable devices and the increasing affordability of disposable devices will drive this trend.
- Influence of local competitors: The Asia Pacific region is unique in that there are a large variety of domestic companies offering good quality and affordable substitutes for the devices of large international GI device manufacturers, such as Cook Medical and Boston Scientific. These domestic companies are largely focusing on the more commoditized GI device markets, such as biopsy devices and stents. Prices in the market will continue to decline as facilities increasingly choose these low-cost domestic brands.
Comments from Decision Resources Group Analyst Susan Weng:
- "The rise of low-cost domestic companies is largely triggered by the focus on cost in the Asia Pacific region. In response to the growing popularity of these products, major international companies are rethinking their strategies in the region. For example, Olympus recently announced that it will launch a line of lower-cost videoscopes in China to reach the more cost-conscious smaller facilities."
Comments from Decision Resources Group Senior Analyst Carmen Chan:
- "One of the most successful low-cost competitors in the Asia Pacific region is Chinese company Micro-Tech (Nanjing). This company is among the leading competitors in China and has a notable share in the Indian biopsy device market. It has also been attracting attention in the GI stent space in Australia and India."
Additional Resources:
- Carmen Chan and Susan Weng have written Medtech 360 reports on this subject entitled Asia Pacific Markets for Gastrointestinal Endoscopy Devices 2015 and Chinese Markets for Gastrointestinal Endoscopy Devices 2015, respectively.
About Decision Resources Group
Decision Resources Group offers best-in-class, high-value information and insights on critical issues within the healthcare industry. Clients rely on this analysis and data to make informed decisions. Find out more at www.DecisionResourcesGroup.com.
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For more information, contact:
Decision Resources Group
Christopher Comfort
781-993-2597
[email protected]
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SOURCE Decision Resources Group
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