Flexible Endoscope Market in South Asia Worth $510 Million, by 2025 at 7.4% CAGR, Says AMR
PORTLAND, Oregon, January 15, 2019 /PRNewswire/ --
Surge in prevalence of cancer, increase in preference for minimally invasive devices, and technological advancements related to endoscopic cameras for enhanced visualization drive the growth of the South Asia flexible endoscope market
Allied Market Research published a report, titled, "South Asia Flexible Endoscope Market by Application (Bronchoscopy, Arthroscopy, Laparoscopy, Urology Endoscopy, Neuro Endoscopy, Gastrointestinal Endoscopy, Obstetrics/Gynecology Endoscopy, ENT Endoscopy, and Others) and End User (Hospitals, Clinics, and Others): Opportunity Analysis and Industry Forecast, 2017-2025." The report provides extensive analyses of the top winning strategies, driving forces & opportunities, market size & forecasts, major market segments, competitive landscape, and key strategies & developments of market players. According to the report, the South Asia flexible endoscope market contributed $284 million in 2017, and is expected to reach $510 million by 2025, growing at a CAGR of 7.4% from 2018 to 2025.
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Increase in the incidence of cancer coupled with rise in preference for minimally invasive devices and technological advancements in endoscopic cameras for improved visualization drives the growth of the market. However, high cost of minimally invasive surgeries and limited awareness about flexible endoscopes restrain the market growth. On the other hand, untapped potential in emerging countries and unmet medical demands in developing nations would create new opportunities in the market in future.
Laparoscopy segment to maintain its dominance throughout forecast period
Laparoscopy segment contributed more than one-third share of the total market revenue in 2017 and is expected to maintain its dominance throughout the forecast period. This is attributed to the surge in obese population and increase in demand for minimally invasive bariatric surgeries. However, gastrointestinal endoscopy segment is expected to register the highest growth with a CAGR of 8.3% from 2018 to 2025, owing to increase in health awareness, surge in geriatric population, and rise in adoption of minimally invasive procedures. The research also analyzes bronchoscopy, arthroscopy, urology endoscopy, neuro endoscopy, obstetrics/gynecology endoscopy, ENT endoscopy, and others.
Hospitals segment to retain lion's share through 2025
Hospitals segment accounted for more than half of the total market revenue in 2017 and would maintain its lead through 2025. This is because hospitals are well-equipped with endoscopy systems for addressing different needs of endoscopic procedures. On the other hand, clinics segment is projected to grow at the highest CAGR of 8.9% during the forecast period, 2018-2025 due to increase in applicability of flexible endoscopes in medical settings. The research also analyzes other end users, which comprise standalone diagnostic laboratories and academic research centers.
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India to retain its lead throughout forecast period
India held the major share in the market in 2017, accounting for nearly two-thirds of the total market revenue. This is due to the significant rise in demand for minimally invasive procedures for treating chronic conditions such as cancer and arthritis. This region is expected to retain its revenue lead throughout the forecast period due to faster growth in medical tourism and low cost of procedures. However, Nepal is projected to grow at the highest CAGR of 11.2% from 2018 to 2025, owing to the growing awareness about medical endoscopes and establishment of new facilities in remote regions of the country. The report also provides a detailed analysis of Pakistan, Bangladesh, Sri Lanka, and rest of South Asia.
Leading market players
The key market players analyzed in the report include Boston Scientific Corporation, Fujifilm Holdings Corporation, Conmed Corporation, Johnson & Johnson (Ethicon, Inc.), HOYA Corporation, Olympus Corporation, Karl Storz GmbH & Co Kg, Vimex sp. z.o.o. (Vimex endoscopy), and Stryker Corporation. They have adopted various strategies including partnerships, expansions, mergers & acquisitions, joint ventures, collaborations, and others to gain a strong position in the market.
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