Increase in Incidence Rate of Lifestyle Ailments in the Geriatric Populace Worldwide to Boost Esophagoscopes and Gastroscopes Market
Future Market Insights (FMI), in its recent in-depth analysis of the Esophagoscopes and Gastroscopes Market, underscores rising cases of gastrointestinal diseases and growing demand for minimally invasive surgeries as key push factors driving the adoption of esophagoscopes and gastroscopes. The research by FMI covers the current market size of the esophagoscopes and gastroscopes along with forecast analysis for the assessment period of 2018-2028.
The annual growth rate by 2028—rising for a modest 4.6 percent in 2019, is anticipated to stand at 5.3 percent. Analysis of the esophagoscopes and gastroscopes market also reveals an incremental opportunity of US$ 624.8 Mn between 2018 and 2028—surpassing US$ 1.5 Billion in 2028. Furthermore, key advancements in healthcare technology driving superior innovations in medical devices with enhanced functionalities, will also contribute maximum revenues in the global esophagoscopes and gastroscopes market.
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The global esophagoscopes and gastroscopes market showcases a highly consolidated landscape, around 76 percent of which belongs to the top two companies- Olympus Corporation and PENTAX Medical Company.
“Tier 1 manufacturers of the global esophagoscopes and gastroscopes market, comprising Olympus Corporation and PENTAX Medical Company hold a lion’s share, whereas the remaining players contributed approximately 23.6% revenue share to the global market. While mergers and acquisitions and strategic collaborations are the expected key forward market strategies, technology transfer agreements will play a vital role in the overall growth of esophagoscopes and gastroscopes market”, explains the Practice Head, Healthcare & Medical Devices, Future Market Insights
Further competition analysis reveals thattop-of-the-line product launches and more emphasis on the strengthening their presence in emerging economies of APAC, will be the key differentiating strategies. “Key players need to efficiently meet requirements of various end users including hospitals, ambulatory surgical centers, specialty clinics, and diagnostic centers, while ensuring customized services, with ease-of-use functionality and state-of-the-art technologies”.
Opportunities in Focus
- Key participants in the global esophagoscopes and gastroscopes market are expected to benefit by exhibiting innovative product design that would further avoid cross contamination and enhance patient safety—specifically in developed economies.
- Under-served patients in APAC’s developing economies, offer a substantial opportunity for medical devices manufacturers—who can leverage the expanding healthcare infrastructure. Moreover, medical expenditure by respective governments would enable installations sophisticated medical devices (endoscopes) in medical institutions, further increasing the demand for esophagoscopes and gastroscopes, in developing nations.
Considerable shift toward minimally invasive endoscopic procedures, is expected to have a significant impact on the overall growth of esophagoscopes and gastroscopes market. Key advantages including reduced blood loss, lower chances of infection, faster recovery, and fewer surgery marks have driven a lot of patients’ focus toward minimally invasive surgeries. Furthermore, faster recovery time and reduced risk of arterial fibrillation are some other critical factors supplementing to the adoption of minimally invasive procedures. The demand for minimally invasive procedures is thus likely to exhibit potential business opportunities for manufacturers of esophagoscopes and gastroscopes.
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Ease in getting FDA clearances is a critical factor driving the sales of esophagoscopes and gastroscopes. Contained under the Modernization Act, exemption of devices that were subjected to certain restrictions has worked in the favor of device manufacturers who no longer need to submit premarket submissions and enable FDA to redirect resources. Such exemptions have significantly minimized the time taken for regulatory approval—thereby, reducing the cost of the devices and driving sales growth of esophagoscopes and gastroscopes.
“However, devices manufacturers having to pay significant excise duty, thereby reducing their profit margins and limited reimbursement policies covering endoscopy treatment in developing countries such as India and China are some major factors limiting the growth esophagoscopes and gastroscopes market”.