Endoscopy Equipment Market (Product Type - Endoscopes, Operative Devices, Visualization Systems; Application - Gastroenterology, Respiratory Tract, Orthopedics, Gynecology and Urology, Pulmonology, Otorhinolaryngology; End Use - Hospitals, Diagnostic Centers, Specialized Clinics) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022
Albany, NY, Oct. 29, 2018 (GLOBE NEWSWIRE) -- As per a report by Transparency Market Research, the global endoscopy equipment market would rise at a steady 4.0% CAGR over the duration of the forecast period beginning from 2017 and ending in 2022. At this rate, the market which was valued at US$27.5 bn in 2017, would likely become US$33.5 bn by 2022-end.
Ability to Treat Different Conditions Fuels Sales of Endoscopy Equipment
At the forefront of driving the global endoscopy equipment market is the usage of the products for diagnosis of a range of medical conditions. This, coupled with constant thrust on product innovations by players is expected to have a major positive impact on the overall market. Adds the lead analyst of the TMR report, “The state-of-the-art healthcare facilities in numerous developed nations is likely to provide ample growth opportunities for the market players over the course of the next few years.”
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Endoscopes Generate Most of the Revenue in Market
The various kinds of products available in the global endoscopy equipment market that are serving to generate revenue are operative devices, endoscopes, and visualization systems. Among them, the endoscopes are generating substantial revenue in the market thereby fuelling its growth. Elaborates the lead analyst of the report, “The rising sales of endoscopy equipment is because of the increasing preference for minimally invasive procedures, continued technological progress, and emergence of disposable endoscopes alongside sustained popularity of single-use products.”
With a surging population of the elderly and rising instances of various health conditions, the global endoscopy equipment market is set to rise further in the next couple of years.
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Depending upon application, the global endoscopy equipment market can be classified into gastroenterology, otorhinolaryngology, respiratory tract, urology, gynecology orthopedics, and pulmonology. Of them, the segment of gastroenterology is expected to see highest growth going forward. This is because of the rising instances of gastric problems in developed nations of the world. From a geographical standpoint, North America at present accounts for a leading share in the global endoscopy equipment market. This is because of the high spends on healthcare sector by the government and rising adoption of latest medical devices and equipment in the market. Going forward, North America endoscopy equipment market is expected to rise at 4.2% CAGR from 2017 to 2022.
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There are numerous players operating in the global endoscopy equipment market. This not just makes the market fragmented but also highly competitive. In order to stay ahead of the curve in such a crowded, competitive space, players are seen focusing on development of new and better products. To that end, they are investing in research and development.
Leveraging such strategies, some of the players that have come to hold a prominent position in the global endoscopy equipment market are Arthrex Inc., Fujifilm Holdings Corporation, B.Braun Melsungen AG, Boston Scientific Corporation, Medtronic plc., and Smith & Nephew Plc.
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The review is based on the findings of a TMR report, titled, “Endoscopy Equipment Market (Product Type - Endoscopes, Operative Devices, Visualization Systems; Application - Gastroenterology, Respiratory Tract, Orthopedics, Gynecology and Urology, Pulmonology, Otorhinolaryngology; End Use - Hospitals, Diagnostic Centers, Specialized Clinics) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017–2022.”
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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