According to a new report published by Allied Market Research, titled, Asia-Pacific Endotherapy Devices Market by Product and Country: Opportunity Analysis and Industry Forecast, 2018-2024," the Asia-Pacific endotherapy devices market accounted for $826 million in 2017, and is expected to reach $1,315 million by 2024, registering a CAGR of 6.9% from 2018 to 2024. Japan was the highest contributor in the Asia-Pacific endotherapy devices market in 2017; however, China is expected to witness the highest growth rate during the forecast period.
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Endoscopy is performed to examine abdominal pain, ulcers, digestive tract bleeding, and abnormal growths in the colon and other abdominal & gastrointestinal 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.
Rise in prevalence of diseases that require endotherapy procedures such as cancers and gastrointestinal diseases is one of the prime reasons that drives the growth of endotherapy devices market. In addition, increase in baby boomer generation with high risk of targeted diseases, rise in awareness about novel endotherapy devices, and patient preference for minimally invasive nature of endotherapy devices propel the market growth. Modern endotherapy techniques have revolutionized the examination and treatment of upper gastrointestinal tract (including esophagus, stomach, and duodenum) and the colon. Increase in adoption of innovative endotherapy devices along with ultrahigh-definition visualization systems further augments the market growth. However, dearth of skilled physicians & endoscopists, high cost of the sophisticated endotherapy devices, and infections caused by a few endotherapy devices impede the market growth.
Among the products, GI devices & accessories segment is the dominant segment contributing towards the growth of Asia-Pacific endotherapy devices market in 2017 owing to the increase in incidence of gastrointestinal disorders and diseases requiring the use of GI endotherapy.
Key Findings of the Asia-Pacific Endotherapy Devices Market:
- ERCP devices & accessories is projected to grow at the highest rate during the analysis period.
- Japan dominated Asia-Pacific endotherapy devices market in 2017, and is projected to continue its dominance in future.
- Guide wire is expected to grow at a highest rate in the Asia-Pacific region during the forecast period.
- Graspers was the largest contributor among the GI devices & consumables in 2017.
- Distal end cap generated the highest revenue in 2017, and is expected to continue its dominance in future.
The key players operating in the Asia-Pacific 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.