73% Revenue Contribution by the Leading Manufacturers in the Endoscopy Visualization System Market
The endoscopy visualization system market is largely dominated by major manufacturers who are competing on the basis of advancement and pricing in the endoscopy visualization system market. The fragmented nature of the endoscopy visualization system market decreases the profitability of the business. However, growing awareness and increasing demand for minimally invasive endoscopic procedures are factors expected to boost the growth of the endoscopy visualization system market. Companies such as Olympus Corporation, Pentax Medical Company (Hoya Corporation), Fujifilm Holding Corporation, Karl Storz GmbH & Co KG, Richard Wolf GmbH and Boston Scientific Corporation hold more than 73% revenue share in the global endoscopy visualization system market. These companies are constantly making efforts to launch novel products. Furthermore, the companies operating in the endoscopy visualization system market are collaborating with local distributors/retailers to increase the penetration of their products in the global endoscopy visualization system market.
Increase in Number of Endoscopic Surgeries Performed Globally Each Year
Endoscopy visualization system provides magnified and high-definition endoscopic images and makes it easier for visualization and precise classification of flat and small polyp’s lesions. This technology makes the treatment easy, as well as helps in healthcare savings. The increasing prevalence of cancer, gastrointestinal, urology and gynecology disorders has led to an increase in endoscopic procedures owing to changing lifestyle and growing ageing population. This steady increase of endoscopic procedures has led to an increase in demand for minimally invasive procedures which indirectly drives the growth of the endoscopy visualization system market. The global healthcare industry is witnessing an increase in the number of endoscopic surgeries performed each year due to the number of factors including rising focus on minimally invasive endoscopic surgeries, surge in the prevalence of GI, urology, gynecology, etc. disorders and other macroeconomic factors, such as increase in per capita health care expenditure. GI, urology, gynecology, lung disorders present a large patient pool undergoing endoscopic surgeries each year, especially in emerging countries. These factors are expected to boost the growth of the endoscopy visualization system market. Endoscopy visualization system provides magnified and high-definition endoscopic images and makes it easier for visualization and precise classification of flat and small polyp’s lesions. This technology makes the treatment easy, as well as helps in healthcare savings. The increasing prevalence of cancer, gastrointestinal, urology, respiratory and gynecology disorders has led to an increase in endoscopic procedures owing to changing lifestyle and growing the ageing population. This steady increase of endoscopic procedures has led to an increase in the demand for minimally invasive procedures, which indirectly is boosting the growth of the endoscopy visualization system market.
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Growing Geriatric Population
The ageing population is becoming one of the most significant social transformations. Globally, the number of people aged 60 and above is growing at a rapid pace, than all younger age groups. The world’s ageing population is growing at a high rate. Aged people 60 or above account for over 10% and are likely to rise to over 20% by 2050. According to the World Population Prospects 2017, the number of aged population (those aged 60 years or over) is expected to be more than double (2.1 billion) by 2050 and to more than triple (3.1 billion) by 2100. The frequently rising ageing population is the prime factor driving the growth of the global endoscopy visualization system market as people aged above 60 years have a high risk of developing gastrointestinal, urology, and gynecology disorders. Moreover, organs ability to function progressively reduces with the increasing age.
Large Patient Pool and Shift towards Minimally Invasive Procedures
Emerging economies such as India, China, Brazil, South Africa and Mexico have a large share of underserved patients. These geographies represent a big opportunity for medical device manufacturers. Rising demand for minimally invasive procedures will have a high impact on endoscopy visualization system market. Open surgeries are complicated procedures however minimally invasive procedures are safe and less complicated as they involve small incisions in the patient’s body. The advantages of minimally invasive procedures include fast recovery time, less blood loss & chances of infection and fewer marks after surgery on the body. These advantages have gained a lot of consumer attention and hence, drive the endoscopy visualization system market. The increasing demand for less invasive, i.e. endoscopic, procedures is expected to surge the growth of the endoscopy visualization system market.
High Cost of Technology and Lack of Trained Endoscopy Specialists and Professionals
Initial installations & set up and repair & service of equipment of endoscope involves high cost. Limited financial support in secluded locations is a great challenge, which is expected to the restrain the growth of the global endoscopy visualization system market. The possibility of recovering costs depends on the number of procedures performed per day. Hence, cost recovering is quite uncertain and involves high risk. Also, endoscopic procedures can only be performed based on the availability of good medical facilities. Delivery of high-quality endoscopy services largely depends on the capability of the endoscopy specialist. Globally, the demand for endoscopic procedures is increasing. Hence, the growth of endoscopy visualization system market can be affected due to the limited number of skilled endoscopists. According to a survey conducted by the NCBI (National Center for Biotechnology Information) in 2015, in hospitals of the urban area, only 43% of residents are considered to be using endoscopy in their practices.
Improper Healthcare Infrastructure in Emerging Markets
From the past few years, in developing countries, rapid changes in the healthcare industry have been observed. Lack of development and improper implementation of clinical practice guidelines in developing countries, such as China, India and the Middle East and African countries is also expected to restrain the growth of the endoscopy visualization system market. Moreover, improper regulatory framework and lack of awareness regarding minimally invasive procedures in emerging markets are also expected to hamper the growth of the endoscopy visualization system market.
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Competitive Landscape of the Global Endoscopy Visualization System Market
The competition section features the profiles of the key players in the global endoscopy visualization system market based on their marketing approach, differential strategies, product offerings, market shares, and company dashboard. Some of the endoscopy visualization systemmarket key players featured in this report include Olympus Corporation, Karl Storz GmbH & Co KG., Pentax Medical Company (Hoya Corporation), Stryker Corporation, Fujifilm Holding Corporation, Conmed Corporation, Boston Scientific Corporation, DePuy Synthes (Johnson & Johnson Services, Inc.), Smith & Nephew and Richard Wolf GmbH.
The key manufacturers offer advanced endoscopy visualization systems. Olympus Corporation has launched VISERA ELITE II surgical endoscope system and Visera 4K UHD system for throat, nose and ear procedures. Fujifilm has launched ELUXEO the next generation endoscopy systems. Karl Storz has launched a new 3D endoscopy module. Boston Scientific has launched minimally invasive endoscopic procedures for the ureter, kidney and bladder.
The key manufacturers of endoscopy visualization system are focusing on novel marketing strategies to increase product penetration. The companies offering endoscopy visualization system are concentrating on price floor strategies. These companies are offering endoscopy visualization system products with lucrative discounts. Conventional end users, such as hospitals, ambulatory surgical centers, specialty clinics and diagnostic imaging centers are expected to be the key target for the local manufacturers.