Major
Factors Driving :
Increasing
investments, funds, and grants by government bodies worldwide; rising number of
hospitals and growing hospital investments in endoscopy instruments; growing
patient preference for minimally invasive surgeries; technological
advancements; favorable reimbursement coverage in select countries; and the
rising prevalence of diseases Furthermore, growing healthcare market in the
emerging economies and increasing number of free-trade agreements are to serve
as opportunities in this market.
The
endoscopy equipment market is projected to reach USD 35.36 Billion by 2021,
growing at a CAGR of 6.2% during the forecast period of 2016 to 2021.
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Endoscopes
and endoscopy
equipment is extensively used in laparoscopy,
gastrointestinal endoscopy, arthroscopy, obstetrics/gynecological endoscopy,
urology endoscopy, bronchoscopy, mediastinoscopy, otoscopy, and
laryngoscopy, among others. On the basis of
product, the market is segmented into endoscopes, visualization systems, other
endoscopy equipment, and accessories.
Market Geography :
The
market is categorized into North America, Europe, Asia-Pacific, and the Rest of
the World (RoW). Asia-Pacific is expected to grow at the highest rate during
the forecast period. The major factors driving the growth of this market
include German-Asian partnerships, endoscopy research support in Japan, government
investments and venture capital investments in China, and the increasing number
of endoscopic surgeries & improving endoscopy infrastructure in India.
Japan,
being one of the leading nations in terms of technology and technological
development, is the homeland for top players of the endoscopy market and a
mature medical equipment manufacturing industry. Olympus Corporation, Fujifilm
Holdings Corporation, Welch Allyn, and Pentax Medical (Hoya Corporation), among
others, are some top players of the endoscopy equipment market headquartered in
Japan. Their domestic presence offers an array of opportunities to garner a
stronger market share in the country. This can be attributed to their greater
awareness of the market as compared to foreign players, easy accessibility to
the market, and easy availability of products to end users.
China, being an emerging
nation for endoscopy equipment, has seen many investments by venture
capitalists for small and medium-sized companies. In May 2015, DiNovA (China)
Venture Capital invested in Shanghai Outai Medical Equipment Co., Ltd (China),
which manufactures bronchoscopes, laryngoscopes, gastrointestinal video
endoscopes, colonoscopes, and light sources. Furthermore, the company invested
in three deals in China, as of May 2015. The company has the largest local
distribution network in China, with approximately 120 distributors and strong
distribution capabilities in Jiangsu, Shanghai, Zhejiang, and Shandong. The
continuous influx of venture capital for local players in China is expected to
aid the production of innovative and new devices in the region, thus propelling
the market during the forecast period.
The Asia-Pacific
Conference, which takes place in every two years, provides German and Asian
decision-makers in the business and political arenas with a platform for
exchanging ideas about the latest economic issues. These meetings help in
building the relationship between Germany and Asian countries. Additionally, a
majority of Asian countries have free trade agreements (FTAs) with Germany,
making business in this region more favorable. The Chinese government considers
free trade agreements as a new platform for speeding up growth and
strengthening its economy. As of October 2015, China has 19 FTAs under
consideration, of which 14 have been signed and implemented. Partnerships and
FTAs stimulate the flow of innovative and high-quality medical technology and
pharmaceuticals from Germany to the Asian healthcare market.
The rising middle class
population, growing purchasing power, and adoption of westernized lifestyles,
leading to the rising incidence of conditions such as obesity and
cardiovascular disease, have created a significant demand for hospitals with
improved infrastructure in India. This has triggered government initiatives to
increase the bed capacities of existing hospitals and establish new hospitals.
According to the Indian 12th Five Year Plan (2012-2017), the bed capacity of
hospitals in the country is expected to be increased by 650,000 beds by 2017.
Additionally, public and private investments have been made to establish new
hospitals or expand/renovate existing facilities.
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