Albany, NY, March 18, 2016 (GLOBE NEWSWIRE) -- The minimally invasive characteristics of endoscopes and their use in many surgical and diagnostic procedures will play a pivotal role in the growth of the global endoscope devices market in the coming years, says Transparency Market Research. A report published by the market intelligence firm, titled, Endoscopy Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,” states that the market will be worth about US$36.9 bn in 2019, rising considerably from its 2012 valuation of US$24.9 bn. This translates to a CAGR of 6.8% between 2013 and 2019.
Endoscopes are used for monitoring the following systems: cardiovascular, ear nose and throat (ENT), neurological, gastrointestinal, and urological. Where endoscopes are used in diagnosing problems in the aforementioned systems or during surgical procedures, they provide the following advantages: Reduced hospital stay, less bleeding, and quicker recovery.
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For a granular approach to the endoscopy market, the market has been segmented by device type into: endoscope devices, visualization systems, and endoscopic operative devices. Similarly, based on application, the market has been segmented into: ENT surgeries, gastrointestinal surgeries, laparoscopy surgeries, neuro/spinal surgeries, urology/gynecology surgeries, cardiovascular surgeries, and arthroscopy surgeries.
Each of these segments has been further sub-segmented to obtain an even more detailed analysis of the endoscope devices market. In the coming years, disruption in the market is expected from rapid advancements in robot assisted endoscopy and capsule endoscopy. Once inside the body, capsule endoscopes can relay high-quality images from the gastrointestinal tract. This has not only made diagnosis easier for medical practitioners but also more comfortable for patients. The indisputable accuracy of capsule endoscopes is expected to help them gain a higher share in the market in the coming years. Given Imaging, a company that is now a part of Covidien, holds a remarkable 85% of the worldwide market for capsule endoscopy. The market also features other large players such as Olympus, IntroMedic, and Jinshan Medical.
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Furthermore, the advent and enthusiastic adoption of 3D camera systems has helped advance the state of visualization systems in the endoscopy devices market. The new sophisticated generation of visualization systems has helped bring down errors in diagnosis.
On the basis of geography, the market for endoscopy devices has been segmented thus: Europe, North America, Asia Pacific, and Rest of the World. Of these, the North America endoscopy devices market was the largest in the world as of 2012 thanks to the presence of advanced healthcare facilities, higher adoption of advanced diagnostic and surgical devices, well-trained endoscopy professionals, and heightened awareness among patients.
The report also profiles the following companies: Boston Scientific Corporation, Arthrex, Inc., Cook Medical, Inc., B. Braun Melsungen AG, Covidien PLC and others. Ethicon Endo-Surgery is the leader in the market for endoscopy devices, with Covidien the second-largest and Olympus being the third-largest players.
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research