Demand for Endoscopy Devices to Rise Following Constructive Efforts by Key Regulatory Authorities to Ease Approval Process, Says TMR Besides being highly consolidated, the global endoscopy devices market exhibits cutthroat competition among the key players. The three top players dominating the market are Covidien, Ethicon, and Olympus. Together these companies held over 48% of the market based on value, in 2012, states Transparency Market Research (TMR) in a new study. These players are primarily focusing on inorganic activities such as mergers and acquisitions, creating brand loyalty among doctors, and consistent product launches across the product portfolio, which leave limited scope for the entry of new players. Despite the prevailing competitive landscape, TMR forecasts the global endoscopy devices market to report a CAGR of 6.8% between 2013 and 2019. The market was valued at US$24.9 bn in 2012, and is expected to reach US$36.89 bn by the end of 2019. Regionally, the market is currently led by North America and Europe. However, robust economic development witnessed across its emerging economies will enable the Asia Pacific market for endoscopy devices to grow at a strong CAGR of 7.6% between 2013 and 2019.
Endoscopes, operative devices, and visualization systems are the key product types in the market. Of these, visualization systems led the market in 2012; the segment is expected to reach US$20.6 bn by the end of 2019. Entry of Business Conglomerates Fuels Scope for Market’s Development With the entry of business conglomerates such as Canon, Sony, and Panasonic, the endoscopy market is currently witnessing a considerable rise in investment. These enterprises are keen on mergers and acquisitions to gain a stronghold in the market. For example, in a major buyout, Covidien successfully closed the acquisition of Given Imaging Ltd in 2014. This trend is projected to fuel sales of endoscopy devices through the report’s forecast period. Likewise, the market is expected to gain from conscious efforts by the U.S. FDA to do away with its long and arduous approval process. “The regulatory agency in the last few years has taken constructive steps to ease the approval process,” said a lead TMR analyst. This would inevitably drive the endoscopy devices market. This could also make reimbursement easier due to the reduced risk of side effects.