Endotherapy Devices Market Overview:
Endotherapy Devices Market is performed to examine abdominal pain, ulcers, digestive tract bleeding, and abnormal growths in the colon and other abdominal & gastrointestinal (GI) conditions. The minimally invasiveness of this procedure with fewer post operation complications makes it one of the most preferred and sought-after procedures in diagnostics and surgeries. The global endotherapy devices market is projected reach $5,015 million by 2024 from $3,369.0 million in 2017, growing at a CAGR of 5.9% from 2018 to 2024.
Geriatric population is at a higher risk of diseases such as orthopedic diseases, gastrointestinal conditions, ophthalmic diseases, gastrointestinal cancer, and others. The demand for endotherapy devices is anticipated to grow correspondingly with increase in prevalence of the aforementioned cases. In addition, rise in preference for minimally invasive procedures globally is anticipated to supplement the market growth. Moreover, lower complications, minimal scarring, reduced hospital stay, and rapid recovery propels the demand for technologically advanced endotherapy devices, which in turn boosts the market growth. However, dearth of skilled endoscopic technicians, risk of infection associated with endotherapy devices, and high price of endotherapy devices restrain the growth of this market.
Product Segment Review
Based on product, the market is categorized into GI devices & accessories, ERCP devices & accessories, and others. GI devices & accessories segment is the dominant segment contributing towards the growth of global endotherapy devices market in 2017 owing to the increase in geriatric population who are at a high risk of suffering from gastrointestinal disorders requiring the use of GI endotherapy.
End users segment review
Depending on end users, the market is segmented into hospitals, clinics, and others. Hospitals is the dominant segment in the endotherapy devices market in 2017. However, clinics is expected to be the fastest growing segment during the forecast period.
Global Endotherapy Devices Market: Key Regions
As per region, the endotherapy devices market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest market share in the endotherapy devices market in 2017, and is expected to retain its dominance throughout the forecast period.
The key players operating in the global endotherapy devices market include Hoya Corporation, Olympus Corporation, Stryker Corporation, Boston Scientific Corporation, Fujifilm Holdings Corporation, Conmed Corporation Medtronic Plc., Karl Storz GmbH & Co. KG, Smith & Nephew, Plc., and Johnson & Johnson.
Other prominent players in the value chain include B. Braun Melsungen AG, Cook Medical, Siemens Healthcare, Steris Corporation, Frontier Healthcare, and Advanced Sterilization Products Services Inc.
- This report entails a detailed quantitative analysis of the current market trends from 2017 to 2024 to identify the prevailing opportunities.
- Market estimations are based on comprehensive analysis of the key developments in the industry.
- The global market is comprehensively analyzed with respect to product, application, end users, and region.
- In-depth analysis based on region assists in understanding the regional market to assist in strategic business planning.
- The development strategies adopted by key manufacturers are enlisted to understand the competitive scenario of the market.
Endotherapy Devices Market Report Highlights
By End Users
Key Market Players
Olympus Corporation, Smith & Nephew Plc., CONMED Corporation, Stryker Corporation, HOYA Corporation, KARL STORZ GmbH & Co KG, FUJIFILM Holdings Corporation, Medtronic Plc., Boston Scientific Corporation, Johnson & Johnson (Ethicon, Inc.)
Endoscopes and endotherapy procedure are used to examine and treat the interior of a hollow organ or cavity of the body. The endotherapy devices market is expected to witness healthy growth with increase in the demand for minimally invasive surgical procedures. The endotherapy devices have drawn the interest of the healthcare industry, owing to rise in number of endotherapy procedures and increase in usage of these devices to treat abnormalities of internal organs and cavities.
Enhanced treatment options with high success rate, patient preference for minimal invasive surgeries, and technological advancements in endotherapy devices are some major factors that drive the growth of the Asia-Pacific endotherapy devices market. In addition, increase in awareness about the availability of technologically advanced devices and rise in awareness towards the benefits of minimally invasive procedures are anticipated to boost the demand for endotherapy devices in the near future, thereby propelling the market growth. However, stringent regulations towards endotherapy devices, high cost of the treatment, and low reimbursement policy are projected to hamper the market growth.
Increase in the number of targeted diseases coupled with growth in geriatric population fuels the demand for novel endotherapy devices, as it is the simplest, efficient, minimal invasive, and more accessible approach for the diagnosis of diseases and indications. The employment of technological advanced endotherapy products is highest in North America, owing of the increase in adoption of novel endoscopy devices, followed by Europe and Asia-Pacific regions. Furthermore, use of advanced techniques with minimal invasive outcomes is expected to boost the growth of endoscopy devices market in Asia-Pacific and LAMEA regions due to the high demand for endotherapy devices in treating several diseases.