The Asia Pacific’s endoscopy devices market is predicted to rise at a compound annual growth rate of 8% from now until 2024. In 2015, Japan led the region by comprising 35% of the endoscopy market’s overall revenues.
The region’s increased focus on minimally invasive surgeries, increased healthcare expenditures, rising incomes, and rising geriatric population especially in countries like Japan and China, are all driving the growth in this market. Further, the increasing demand in technologically advanced medical products across the developing economies in the Asia Pacific region is fueling competition between vendors. Most consumers in countries of developing economies are very cost-conscious, so vendors are focusing on ways to reduce the cost of their products.
However, one factor that limits the growth of the endoscopy devices market in the Asia Pacific region is the lack of specialized surgeons and physicians qualified to use these complex medical devices. Also, most the population in the Asia Pacific region are in the middle class or lower middle class. Therefore, although competition is helping to bring down the costs, the high prices of endoscopy devices can deter many doctors from using those devices.