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Global endoscopy device market poised to reach $36.9 billion by 2019
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A new market report valued the 2012 global endoscopy device market at $24.9 billion and predicted it would grow to an estimated $36.9 billion in 2019, according to a press release.
These projections were substantiated by several major drivers, the release from Transparency Market Research said, that are anticipated to grow the market by a 6.8% rate compounded annually. They include:
- Surgeons are rapidly adopting endoscopy for gastrointestinal, urological, ear, nose and throat, cardiovascular, joint and cancer-related surgeries. These minimally invasive procedures are favored over open surgeries and result in reduced blood loss, infections, hospital stays and recovery times.
- Modern videoscopes deliver better image quality and are more durable than fiber optic and rod-lens endoscopes. They are expected to replace them in the near future.
- Recent innovations in endoscopic technology, such as robot-assisted endoscopes, capsule endoscopes, chromoendoscopy and endoscopic ultrasound devices, have revolutionized and expanded the market’s boundaries.
Despite these projections, the endoscopy device market is not without its impediments. Lack of endoscopy-trained professionals is a source of concern, and high costs associated with the latest devices have delayed market penetration in developing nations. Emerging economies like India, China, Brazil and Southeast Asia, however, are expected to be major drivers of the market due to their rapidly improving economic and health care conditions, large consumer populations and high disease prevalence, the release said.