Endoscopy Visualization System Market is Anticipated to Register 7.3% CAGR through 2028
Posted: Jan 05, 2019
Around 3/4th share of the total revenue of endoscopy visualization systems landscape is accounted by Tier 1 players that are prominently focusing on cost effective product development
Leaders in endoscopy visualization systems landscape are also prioritizing innovative product launches, product portfolio extension, and strategic collaborations and mergers for an even stronger market footprint.
Tier 2 and Tier 3 companies, making up for the rest of market revenue, are particularly focusing on regional expansion – especially targeting developing Asian economies.
Prominently due to the paradigm shift to value based, sophisticated healthcare system and a mounting number of strategic mergers and acquisitions between leading medical device manufacturers, endoscopy visualization systems have been witnessing robust demand in recent years.
- With an ever growing demand for minimally invasive surgical procedures and growing availability of low-cost diagnostic procedures, we expect robust expansion of the global revenue through endoscopy visualization systems. While endoscopy visualization systems currently account for a billion dollar market globally, it is more likely that the endoscopy visualization systems landscape will observe over 7% year on year growth in 2019. Relatively undemanding FDA clearance guidelines is another strong factor pushing the prospects for endoscopy visualization systems in the near future,” says a senior research analyst at Future Market Insights.
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Innovation of Endoscopy Visualization Systems Takes a Grand Leap beyond 3D Imaging
The 3D endoscope visualization system has been an impactful innovation in the endoscope visualization systems landscape. While 3D visualization technology offers a deeper view of the diagnostic area during endoscopic procedures, constant R&D efforts have directed the innovations to the latest - customized 3D visualization. The world's first-ever endoscopy visualization system (by MedicalTek) has been recently launched that works on an easy-to-set and easy-to-alter imaging technique and offers an adjustable 3D perception to resultant endoscopic images.
Product Type Assessment: Adapting to the Trend of Minimally Invasive Surgery Demand, High-range Endoscopy Visualization Systems Remain the Top Seller
The FMI analyst explains that ever-growing demand for minimally invasive surgical procedures worldwide, it is quite clear that high-range endoscopy visualization systems will continue to bring in maximum revenue to the marketplace. With a current market value share of around 50%, high-range endoscopy visualization systems will be the highest selling type of EVS owing to favorable reimbursement policies and availability of advanced technology systems in this segment. Mid-range endoscopy visualization systems are also identified to capture a considerable market value share in 2019, demonstrating the year-on-year expansion of over 7%.
Diagnostic Area-wise Analysis: Maximum Opportunities Exist for GI Tract Endoscopy Visualization Systems
Recent statistical data published by American Society of Gastrointestinal Endoscopy (ASGE) indicates that among roughly 75 million endoscopic procedures annually performed at a global level, more than 65% are performed on the gastrointestinal tract, followed by the female reproductive tract. A considerable number of endoscopies are also performed through a small-sized incision with an objective to achieve least invasion. According to FMI’s projection for 2019, the year on year revenue growth will be around 7% in case of gastrointestinal tract endoscopy visualization systems, whereas that in case of small-sized incision procedures will be more than 7%.
Regional Outlook: Asia Pacific Becomes an Attractive Growth Platform for Manufacturers of Endoscopy Visualization Systems
While developing economies are constructing a lucrative base for the growth of endoscopy visualization systems landscape through changing demographics and an expanding patient pool, Future Market Insights offers exclusive insights on the same. An elevating number of endoscopy visualization systems predominantly for disorders of GI tract, female reproductive system, urinary tract, and respiratory system is encouraging the sales of endoscopy visualization systems in emerging Asian economies.
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The FMI analyst says while unfolding the key attributes driving expansion of market within emerging regional territories, “While APEJ is at present the second largest market for endoscopy visualization systems after North America, Japan is also witnessing significant growth. This growth can be attributed to both, a healthy rate adoption of endoscopy visualization systems at hospitals, and impressively growing sales at specialty clinics”.
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