An endoscopy is a minimally invasive medical procedure with the help of a tool used to observe the interior surfaces of the body. It is to diagnose, prevent and even treat complications pertaining to the internal organs of the body. It is cost effective, much less complicated than surgery and also leaves minimal if any scars in the body. An endoscope procedure kit mainly consists of a long tube, a camera and a light source at the tip that enables the physicians or medical practitioners to examine the area of interest. The procedure is and usually painless requiring minimum hospital stay. They make cause some discomfort but a quick recovery is expected for most patients undergoing an endoscopy. These factors contribute to their popularity and are also responsible for the endoscopy procedure kit market.
Endoscope Procedure Kits market Drivers
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A fast paced modern lifestyle has led to a variety of gastrointestinal disorders like Gastrointestinal Reflux Disease (GERD), Crohn’s disease, Irritable bowel syndrome (IBS), gastroenteritis, dyspepsia, gallstones and also various forms of Cancer such as Colon Cancer. This affects not only the aged population, but also the young and upwardly mobile. Hence, it can be reasonably assumed to drive the endoscope procedure kit market demand for the foreseeable future. There is also a growing preference for minimally invasive non-surgical procedures with diagnostic and therapeutic application. An endoscopy does not require a patient to stay in the hospital for very long (if at all) which brings down the stress levels and associated costs of the treatment. Greater patient awareness and technological innovation are also primary reasons that the endoscope procedure kit market is growing exponentially. Another factor is the reimbursement option available for preventive screening techniques like various endoscopies. The American Society of Gastrointestinal Endoscopy estimates the average Adenoma Detection Rate (ADR) to be around 25%. This also requires the use of endoscope procedure kit, further boosting growth. The U.S. FDA policies are also encouraging and support quick approval of these devices.
Endoscope Procedure Kits market Restraints
There are a few factors which restrain the endoscope procedure kit market from reaching its true potential, the availability of advanced alternatives being one of them. These devices are very costly and there are limited funds available with governments in developing countries to reimburse hospitals and medical practitioners for their sizeable investment in them. A lack of awareness on the part of the general public in these countries about the cost-benefit equation of such treatments is also something which must be mentioned.
Endoscope Procedure Kits market Key Regions
The main regions served by the endoscope procedure kit market are as follows – North America, Europe, Asia Pacific and the rest of the world (Latin America, Middle East and Africa). North America is the largest market at present followed by Europe. This is mainly due to the availability of advanced healthcare facilities, an aging population, strong government support in the form of social security benefits and an educated and aware populace. Asia Pacific can be expected to rapidly catch up to the West in the medium to long term for demanding endoscope procedure kits because of greater investment in healthcare, rising prevalence of gastroenteritis disorders and lastly a growing awareness of such procedures.
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Endoscope Procedure Kits market Key Market Players
The endoscope procedure kit market key players include Ethicon, Inc. (U.S.), Olympus Corporation (Japan), Hoya Corporation (Japan), Given Imaging Ltd. (Israel), Minntech Corporation (U.S.) Fujifilm Holding Corporation (Japan), Advanced Sterilization Products Services Inc. (U.S.), Steris Corporation (U.S.), Boston Scientific Corporation (U.S.), Pentax Medical Corporation (Japan), Stryker Corporation (U.S.). KARL STORZ GmBH (Germany), Smith & Nephew plc (U.K.), Medtronic plc (Ireland), Richard Wolf GmBH (Germany), CONMED Corporation (U.S.), and Cook Medical Incorporated (U.S.).