Endoscopy is a minimally invasive medical procedure that helps in visualizing the internal part of the human body (hollow organ or cavity of the body). It is performed for diagnostic as well as for the therapeutic purposes. Endoscope are equipped with camera or light source, which is present at the tip of the endoscope that helps the physicians to analyze the internal organ that they have to operate or diagnose. Currently, modern endoscope are fitted with sensitive lights such as blue and green lights, that use narrow brand imaging and allows physician to spot precancerous conditions more easily.
Endoscopic device is placed in the body through cavities or through the incision. The most common type of the endoscopic procedure include upper GI endoscopy, flexible sigmoidoscopy, endoscopic retrograde cholangiopancreatography, and liver biopsy.
Global Endoscopic Stricture Management Device Market Drivers
The global endoscopic stricture management device market is expected to witness significant growth over the forecast period due to launches of technologically advanced endoscopes by the companies. These endoscopes are capable of early diagnosis of diseases through endoscopy procedures. For instance, in May 2019, Olympus Corporation launched Power Spiral in Europe, further it will be launched in the U.S. as well as other parts of the Asian Pacific region. Power Spiral is the world’s first motorized rotation endoscope that was launched in Europe. The endoscope has increased range of the motion and is capable of reducing the procedure times. It is helpful in diagnosis as well as improve or correct the conditions within digestive tract.
Moreover, increasing U.S Food & Drug Administration (FDA) approval of the endoscopic stricture management device is the factor that is expected to drive global endoscopic stricture management device market growth. For instance, on 15th January 2020, Pentax Medical announced to receive the U.S. FDA 510(k) clearance for its Imagina endoscopy system and launch in the U.S. Imagina endoscopy system is helpful in performing the gastrointestinal (GI) procedures and consist of Pentax i-Scan, digital image enhancement system that offers enhance view or more clear view of the blood vessel as well as mucosal surface. In addition, Imagina endoscopy system is equipped with touch-screen LCD interface that eliminate the need for periodic bulb replacements. Moreover, it is cost effective as compared to the other GI endoscopy system such as video endoscopy. Therefore, launch of Imagina endoscopy system by Pentax medical is expected to increase demand of endoscopic stricture management device in the market.
Moreover, in 2017, U.S FDA gave approval for marketing as well as commercialization of the C2 Cryo Balloon System Ablation System. It is an important product offering in the global endoscopic stricture management device market.
Global Endoscopic Stricture Management Device Market Restraints
However, complications associated with the endoscopic procedure such as infection, bleeding, reaction to sedation, and perforation are the major restraints that are expected to hamper growth of the global endoscopic stricture management device market.
Moreover, lack of healthcare professionals for operating surgical procedure is the factor that is expected to hamper global endoscopic stricture management device market growth. For instance, in April 2019, according to the Association of American Medical Colleges (AAMC), the U.S. is expected to witness shortage of around 122,000 physicians by 2032, as demand for doctors is more as compared to the supply of doctors.
Global Endoscopic Stricture Management Device Market Regional Analysis
North America is expected to account for largest market share in global endoscopic stricture management device market, owing to factors such as increasing prevalence of disease requiring endoscopy procedures, and increasing product launches. Increasing prevalence of the gastrointestinal disease among the people is expected to boost global endoscopic stricture management device market growth in North America. For instance, in the U.S, in 2018, according to the National Center for Biotechnology Information (NCBI), around 11% of the population suffered from the chronic digestive disease, with the prevalence rate as high as 35% for those 65 years and over.
Moreover, Europe is expected to exhibit highest CAGR over the forecast period due to increasing number of surgical procedure such as cardiovascular procedures. For instance, according to the British Journal of Anesthesia (BJA), in 2017, in U.K, each year, one in ten people undergoes surgical procedure which in turn increase the demand of endoscopic device.
Global Endoscopic Stricture Management Device Market Key Players
Key players operating in the global endoscopic stricture management device market include Becton, Dickinson and Company, Panmed Us, Hobbs Medical, Inc Merit Medical Systems, Inc., Boston Scientific Corporation, Olympus Corporation, Cook Medical, CONMED Corporation, and Medi-Globe Gmbh.
On the basis of application, the global endoscopic stricture management device market is segmented into:
On the basis of product, the global endoscopic stricture management device market is segmented into:
On the basis of end users, the global endoscopic stricture management device market is segmented into:
On the basis of region, the global endoscopic stricture management device market is segmented into: