The Asia-Pacific Endoscopy Devices Market is estimated to be USD 5.30 billion in 2023 and USD 7.55 billion by 2028, growing at a CAGR of 7.32% from 2023 to 2028.
Endoscopy allows surgeons to operate on more fragile patients, such as the elderly, and treat more complex conditions like cancer. Endoscopy has several advantages, including less postoperative discomfort and difficulties, faster recovery, less sedation, and a shorter hospital stay. In surgery, interventional radiology, and advanced endoscopy, minimally invasive techniques have been developed to effectively treat various diseases and enhance patients' postoperative outcomes.
The increased awareness of less invasive procedures among the senior population and the rising frequency of chronic illnesses have raised the demand for endoscopic devices in the APAC region. In addition, the APAC endoscopy devices market is expected to expand because of a growing desire for increased usage of endoscopes for treatment and diagnostics and technical improvements leading to better applications.
Furthermore, the market growth is expected to be driven by factors such as an increase in the number of hospitals, increased patient demand for less invasive procedures, technological developments, and an increase in the elderly population. In addition, there is a rise in the use of alternative endoscopic equipment and increased adoption and knowledge of therapy and diagnosis. Furthermore, the growing prevalence of gastrointestinal diseases is expected to boost the endoscopic devices market during the projected period. Furthermore, as the senior population rises, market growth is expected to accelerate.
The high cost of medical devices and the high cost of diagnostics are stifling the endoscope market. In addition, the market's growth has been hindered by rigorous regulatory standards for new technical items. Infections obtained by non-sterilized endoscopes are also posing a threat to the market's expansion.
Impact of COVID-19 on the Asia-Pacific endoscopy devices market:
COVID-19 has been an unprecedented global public health crisis that has impacted almost every industry. Its long-term effects are expected to impact industry growth over the forecast period. It has stated both positive and negative effects. It had a beneficial influence on single-use endoscope net income, owing to increased infectious illnesses and increased patient awareness of the need for cleanliness, leading to a rise in demand for single-use endoscopes.
This research report on the APAC endoscopy devices market has been segmented and sub-segmented into the following categories:
Geographically, in the coming years, the Endoscopy Devices market is projected to witness the highest growth rate in the Asia-Pacific region, with emphasis on India, China, and Japan. The high growth in India and China can be ascribed to the administrative investments in launching new endoscopy units in India and government and venture capital investments in China. In addition, Indonesia, Vietnam, and Malaysia are some of the other significant players.
The Indian endoscopy devices market is anticipated to account for a significant share in the APAC market during the forecast period. More firms are likely to invest and operate in the Indian market as the Indian market becomes more attractive as the population grows and the level of living rises. Chronic stomach irritation can result from such situations. In such instances, gastrointestinal endoscopy is beneficial. Furthermore, as India's population grows, so will the number of reported cases of gastrointestinal disorders, propelling this industry forward. According to the study, 'A study of the prevalence and causes of irritable bowel syndrome in an urban slum community in Mumbai,' published in November 2018, the prevalence of irritable bowel syndrome was 12.27 percent, with 56 percent of men and 44 percent of women.
On the other hand, the countries such as China, Japan, and Australia are estimated to grow at a CAGR of 6.5%, 4.5%, and 6.2%, respectively. Endoscopic operations are used for imaging and small surgical procedures. The market is expected to expand due to a growing desire for less invasive procedures, increased use of endoscopy for treatment and diagnostics, and technical improvements resulting in enhanced applications.
KEY MARKET PLAYERS:
Some of the noteworthy companies in the APAC endoscopy devices market profiled in this report are Ethicon, Stryker Corporation, Karl Storz GmbH, Boston Scientific Inc., Olympus Corporation, Covidien Plc, Smith and Nephew Inc., and Fujifilm Holding Corporation.
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