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.
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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 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.
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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.
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