The Asia Pacific endoscopy devices market has been predicted in a report by Transparency Market Research (TMR) to demonstrate high level of price competition due to a significant count of small and medium-sized enterprises (SMEs) achieving specialization in particular segments. This could also mean that large companies may face a tough competition from SMEs on the part of most elements of their product portfolios. Market analysts suggest that the presence of small players could not be turned a blind eye to, although top four players that accounted for a greater aggregate share in the recent years are actually giant companies: Stryker, Boston Scientific, Olympus, and Ethicon Endo-Surgery.
TMR has envisioned the Asia Pacific endoscopy devices market to be valued at a US$14.8 bn by the completion of 2024 at a 7.6% CAGR during the forecast period 2016-2024. In 2017, the market had reached a valuation of US$8.8 bn. On the basis of application, laparoscopic surgeries could take the driver’s seat of the market while expanding at a 9.07% CAGR. By country, China has been foreseen to secure a lion’s share of US$5.5 bn by the final forecast year.
Business Conglomerates making Vast Investments Produce Rewarding Prospects
The Asia Pacific endoscopy devices market has been anticipated to bask under growth strengthened with telling investments made by multinational behemoths such as Sony, Canon, and Panasonic in companies already functioning in the industry. Furthermore, as leading players look to expand their presence in the market by cementing their business units with mergers and acquisitions, there could be high growth opportunities created in the coming years. Neuro portfolio of Synergetics USA was acquired by Stryker in February, 2016.
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Since geriatrics are observed to be primary end users of colonoscopy, knee-hip implants, and bariatric surgeries due to their high susceptibility to diseases, any increase in their population could bring in more demand in the Asia Pacific endoscopy devices market.
Exorbitant Cost of Endoscopy Devices and Accessories Deals a Blow to Demand
Low capability of emerging economies such as Malaysia and Indonesia to provide advanced healthcare and expensive cost of endoscopic treatments have been envisaged to slow down the growth of the Asia Pacific endoscopy devices market. Moreover, China and India are researched to spend a small GDP share on healthcare, compared to developed nations. While this could be a main restraint active in the market, dearth of qualified and trained professionals has been foretold to pose another challenge in the near future.
However, giant companies in the business have been expected to take advantage of the lucrative market for endoscopy devices in Asia Pacific. This could be evident with Boston Scientific’s plan to launch a teaching and research and development facility in China. Olympus is also planning to construct training centers in the country as well as India in order to improve sales of its capsule endoscopes and other advanced endoscopy technology-based products.