LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global gastrointestinal (GI) endoscopy devices market is expected to grow at a CAGR of more than 5% during the forecast period.
This research report titled ‘Global Gastrointestinal Endoscopy Devices Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
One of the most important drivers of this market is the growing popularity of minimally invasive procedures. Traditional open surgeries with longer recovery times are on a decline due to related complications and availability of safe and efficient minimally invasive surgeries. With this, there is a growing demand for devices like GI endoscopes from various medical facilities. Combined with the advances in the medical field, general open surgeries will soon be obsolete and minimally invasive surgeries will be the most adopted form of treatment.
Other factors that are expected to affect this market during the forecast period are the technological advancements in the GI endoscopic devices, increasing product approvals, and the presence of a large patient pool with GI disorders. The global GI endoscopy devices market was valued at USD 3.9 billion in 2015, and is expected to reach USD 5 billion by the end of the market forecast period.
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Based on product segment, the report categorizes the global gastrointestinal endoscopy devices market into the following segments:
- GI endoscopes
- GI instruments and accessories
- GI endoscopy devices
“There are 3 main types of endoscopes – rigid endoscopes, flexible endoscopes, and capsule endoscopes. Flexible endoscopes are the most commonly used endoscopes as they maintain a good balance between affordability and comfort to patients. Together, the GI endoscopy devices are forecast to showcase a CAGR of 5.92% during the market forecast period,” says Bharath Palada, one of the lead analysts at Technavio for healthcare and life sciences research.
While rigid endoscopes are most preferred due to their superior image quality, their application is limited by the human anatomy and their design. This limitation was eased by the flexible endoscopes, which are widely used to treat intestinal disorders where the anatomy is lengthy and curved. Additionally, vendors are undertaking expansion initiatives to enable them to establish new manufacturing facilities, which will bring new and advanced endoscopes in the market. For instance, OLYMPUS constructed new manufacturing facilities in Aizu, Shirakawa, and Aomori to maintain its leading position in the global GI endoscopy devices market.
GI instruments and accessories
GI endoscopic instruments and accessories include devices such as cameras, video monitors, light sources, video recorders, video processors, electrosurgical generators, and insufflators which are used during the procedure. These must be periodically replaced with new advanced versions to keep up with wear and tear, and market advancements. Also, innovations in visualization systems, such as the development of the high-definition and ultra-high definition video systems have greatly improved the visualization of the individual's anatomy.
Additionally, vendors working on next-generation technology will release their products during the forecast period, which will result in an increased demand for endoscopic instruments and accessories. These technologies will be capable of enhanced diagnostic capabilities, efficiency, and patient outcomes with minimally invasive methodologies. Also, there is a growing demand for single-use instruments and accessories owing to the increased sterilization issues. Such demands and innovations are expected to fuel the market growth for instruments and accessories.
GI endoscopy services
“To ensure sustained proficiency, optimal performance, and reduced morbidity, endoscopes systems require annual servicing for optimal performance. The revenue in this segment is mainly generated through annual maintenance contracts, part replacements, and ad-hoc repairs. As the market for GI endoscopy devices reaches maturity, superior quality of service will be a distinctive value proposition for clients of original equipment manufacturers,” says Bharath, explaining the nature of this product segment.
Superior servicing capabilities will strengthen revenue streams of original equipment manufacturers (OEMs) and enhance relationships with customers. Some of the services provided by vendors include support, installation, repair, and maintenance. Also, market segments witnessing a high number of installations resulted in a consistent revenue stream from the services segment.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Boston Scientific
- KARL STORZ
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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