Frost & Sullivan: Minimally Invasive Approach Boosts Demand for Endoscopy Devices in Australia, South Korea and Southeast Asia
-- Partnering with hospitals to provide infrastructure and guidance on endoscopy will help manufacturers strengthen the market
SINGAPORE, Dec. 5, 2013 /PRNewswire/ -- Faster recovery times, better prognosis, and higher awareness among physicians and patients have been the foremost drivers of endoscopy in diagnosis and surgical disciplines in Australia, South Korea and Southeast Asia. The prevalence of non-communicable diseases in the region further necessitates the need for intervention using endoscopy.
New analysis from Frost & Sullivan (http://www.medtech.frost.com), Analysis of the Endoscopy Devices Market in Australia, South Korea, and Southeast Asia, finds that the market earned revenues of US$264.7 million in 2012 and estimates this to reach US$408.3 million in 2017. By application, gastrointestinal endoscopy and laparoscopy remain the most popular segments. The neuroendoscopy and ear-nose-throat (ENT) segments also present immense growth opportunities.
The use of out-patient or short in-patient endoscopy procedures is rising to deal with issues such as the lack of hospital beds, workforce and infrastructure to handle escalating in-patient admissions.
"Changes in lifestyle coupled with the increasing elderly population cohort in Australia, South Korea and Southeast Asia have led to a significant rise in non-communicable diseases such as gastrointestinal disorders, colorectal cancer, lung cancer, and orthopedic conditions," said Frost & Sullivan Healthcare Consultant Poornima Srinivasan.
"Therefore, endoscopic devices are gaining acceptance as they are minimally invasive, leading to shorter procedural and faster recovery times," she added.
Moreover, the steady inflow of medical tourists in Thailand and Malaysia widens the scope of the endoscopy device market as hospitals look to enhance their capabilities. While developed countries are leveraging their expertise to perform advanced endoscopic procedures, markets in emerging countries such as Indonesia, Philippines and Vietnam are also gaining ground being early adopters of endoscopic techniques.
However, the number of procedures conducted remains limited due to the lack of infrastructure and specialists. In fact, only 10 to 20 per cent of the surgeons in each surgical specialty have the expertise to perform endoscopic procedures. Hence, organising hands-on training workshops through sponsorships and donations will be crucial.
"Endoscopic device manufacturers must also consider partnering with university hospitals or private hospitals to provide infrastructure and guidance on endoscopic techniques," noted Srinivasan. "Offering after-sales services will enhance customer loyalty and lead to repeat orders."
Upcoming hospitals and favorable insurance will ensure the steady expansion of the endoscopy market in Australia, South Korea and Southeast Asia.
If you are interested in more information on this research, please send an e-mail to Donna Jeremiah, Corporate Communications, at djeremiah@frost.com, with your full name, company name, job title, telephone number, company e-mail address, company website, city, state and country.
Analysis of the Endoscopy Devices Market in Australia, South Korea, and Southeast Asia is part of the Advanced Medical Technologies Growth Partnership Service program. Frost & Sullivan's related research services include: Wound Care and Wound Closure Market in Asia-Pacific, US Neurovascular Intervention Market, and 2013 Global Medical Devices Outlook. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the Endoscopy Devices Market in Australia, South Korea, and Southeast Asia
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Media Contact:
Donna Jeremiah
Corporate Communications – Asia Pacific
P: +61(02)8247-8927
F: +61(02)9252-8066
E: djeremiah@frost.com
Carrie Low
Corporate Communications – Asia Pacific
P: +603-6204-5910
F: +603-6201-7402
E: carrie.low@frost.com
Melissa Tan
Corporate Communications – Asia Pacific
P: +65-6890-0926
F: +65-6890-0999
E: melissa.tan@frost.com
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