The rise of more advanced treatments and medical facilities in Asia is driving strong growth in the market for endoscopic devices, according to a report by Transparency Market Research. The use of endoscopic devices in the diagnosis of various diseases and infections has become increasingly common among doctors, and there is still plenty of room for growth in Asia.
The market for these devices, however, is characterized by intense price competition. A host of small and medium sized players are specializing in certain segments of the market, posing a challenge to the bigger manufacturers. The top four companies—Ethicon Endo-Surgery, Olympus Corp, Boston Scientific Corp, and Stryker Corp—commanded 60 percent of the market in 2015. The market dynamics have been shifting rapidly as the larger players purchase some of the specialty companies via acquisitions.
The endoscopic devices market in Asia is estimated to grow at a CAGR of 7.6% from 2016 to 2024, according to Transparency Market Research. The market size could as much as double from 2015 to $14.8 billion by 2024, it said.