Demand for Cost-effective Products to Intensify Cost War among Vendors in Asia Pacific Endoscopy Devices Market, states TMR The Asia Pacific endoscopy devices market features a moderate level of consolidation, with the top four vendors collectively accounting for over 60% of the overall market in 2015, states Transparency Market Research in a recent report. These companies, including Ethicon EndoSurgery, Boston Scientific Corporation, Olympus Corporation, and Stryker Corporation, compete with a large number of small- and medium-sized companies operating across specialty segments, giving rise to an intense level of price competition. The rising demand for technologically advanced products across developing economies in Asia Pacific could further fuel rivalry among key vendors in the market. So as to stay ahead of the competition in the market, key vendors are adopting the course of innovation and introduction of technologically advanced products. Most of countries in the region being developing economies and having a large base of cost-conscious consumers, focusing on ways of reducing product costs could also enable vendors to reach-out to a larger consumer base.
Transparency Market Research states that the endoscopy devices market in Asia Pacific will expand at a healthy pace of 7.6% CAGR over the period between 2016 and 2024. The market, which had a valuation of US$7.76 bn in 2015, is expected to rise to US$14.8 bn by 2024. Rise in Investments and Mergers and Acquisitions to Have Far-reaching Impact on Market’s Trajectory On a global scale, the endoscopy devices market has witnessed a vast rise in investment in companies already operating in the endoscopy devices business and acquisition of a large number of specialty medical device makers by many global medical device giants. A recent instance is the April 2016 acquisition of Stanmore Implants Worldwide Limited by Stryker Corporation. The vast numbers of mergers and acquisitions have helped the market gain notable level of maturation. This has also allowed global players to increase their scope for market expansion and pay more focus on lucrative regional markets such as Asia Pacific. The Asia Pacific endoscopy devices market is also driven by the vast rise in the region’s geriatric population, rising disposable incomes, increased emphasis on minimally invasive surgeries, increased healthcare expenditures. With the vast rise in geriatric population, especially in countries such as Japan and China, the number of surgeries employing a variety of endoscopy devices has also skyrocketed.