Global endoscopy devices market estimated to reach USD 9.7 billion by 2021
According to a research report published by Market Research Reports, the global endoscopy market is estimated to reach USD 9.7 billion by 2021 from USD 5.7 billion in 2014 by growing at a CAGR of 6.9%. The growth will occur across the 10 major markets of the US, France, Germany, Italy, Spain, the UK, Japan, Brazil, China, and India. It will primarily be driven by increasing adoption of endoscopic surgeries and screening programs, as well as a rising patient population. Colonoscopy, gastroscopy, cystoscopy, bronchoscopy, laryngoscopy, and endoscopy visualization systems are the prominent areas of growth. The endoscopy market is highly fragmented and experiences tough pricing competition, meaning companies require astute corporate policies in order to increase their market shares. The US led the global market in 2014 by capturing 45.8% of the share and is forecasted to capture 48.8% by 2021, by which time it would contribute revenues of just over USD 4.7 billion. Olympus holds the top spot in the US market, with the top five juggernauts capturing 80% of the market. Karl Storz is the closest competitor of Olympus, which has a particularly strong product portfolio in the endourology space.
(Image Courtesy: Intuitive Surgicals)