Global Endoscopic StrictureManagement Device Market Drivers
The global EndoscopicStricture Management Device Market is expected to witness significantgrowth over the forecast period due to launches of technologically advancedendoscopes by the companies. These endoscopes are capable of early diagnosis ofdiseases through endoscopy procedures. For instance, in May 2019, OlympusCorporation launched Power Spiral in Europe, further it will be launched in theU.S. as well as other parts of the Asian Pacific region. Power Spiral is theworld’s first motorized rotation endoscope that was launched in Europe. Theendoscope has increased range of the motion and is capable of reducing theprocedure times. It is helpful in diagnosis as well as improve or correct theconditions within digestive tract.
Moreover, increasing U.S Food& Drug Administration (FDA) approval of the endoscopic stricture managementdevice is the factor that is expected to drive global endoscopic stricturemanagement device market growth. For instance, on 15th January 2020, PentaxMedical announced to receive the U.S. FDA 510(k) clearance for its Imagina endoscopysystem and launch in the U.S. Imagina endoscopy system is helpful in performingthe gastrointestinal (GI) procedures and consist of Pentax i-Scan, digitalimage enhancement system that offers enhance view or more clear view of theblood vessel as well as mucosal surface. In addition, Imagina endoscopy systemis equipped with touch-screen LCD interface that eliminate the need forperiodic bulb replacements. Moreover, it is cost effective as compared to theother GI endoscopy system such as video endoscopy. Therefore, launch of Imaginaendoscopy system by Pentax medical is expected to increase demand of endoscopicstricture management device in the market.
Moreover, in 2017, U.S FDA gaveapproval for marketing as well as commercialization of the C2 Cryo BalloonSystem Ablation System. It is an important product offering in the globalendoscopic stricture management device market.
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Endoscopy is a minimally invasivemedical 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 asfor the therapeutic purposes. Endoscope are equipped with camera or lightsource, which is present at the tip of the endoscope that helps the physiciansto analyze the internal organ that they have to operate or diagnose. Currently,modern endoscope are fitted with sensitive lights such as blue and greenlights, that use narrow brand imaging and allows physician to spot precancerousconditions more easily.
Endoscopic device is placed inthe body through cavities or through the incision. The most common type of theendoscopic procedure include upper GI endoscopy, flexible sigmoidoscopy,endoscopic retrograde cholangiopancreatography, and liver biopsy.
Global Endoscopic StrictureManagement Device Market Restraints
However, complications associatedwith the endoscopic procedure such as infection, bleeding, reaction tosedation, and perforation are the major restraints that are expected to hampergrowth of the global endoscopic stricture management device market.
Moreover, lack of healthcareprofessionals for operating surgical procedure is the factor that is expectedto hamper global endoscopic stricture management device market growth. Forinstance, in April 2019, according to the Association of American MedicalColleges (AAMC), the U.S. is expected to witness shortage of around 122,000physicians by 2032, as demand for doctors is more as compared to the supply ofdoctors.
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Global Endoscopic StrictureManagement Device Market Regional Analysis
North America is expected toaccount for largest market share in global endoscopic stricture managementdevice market, owing to factors such as increasing prevalence of diseaserequiring endoscopy procedures, and increasing product launches. Increasingprevalence of the gastrointestinal disease among the people is expected toboost global endoscopic stricture management device market growth in NorthAmerica. For instance, in the U.S, in 2018, according to the National Centerfor Biotechnology Information (NCBI), around 11% of the population sufferedfrom the chronic digestive disease, with the prevalence rate as high as 35% forthose 65 years and over.
Moreover, Europe is expected toexhibit highest CAGR over the forecast period due to increasing number ofsurgical procedure such as cardiovascular procedures. For instance, accordingto the British Journal of Anesthesia (BJA), in 2017, in U.K, each year, one inten people undergoes surgical procedure which in turn increase the demand ofendoscopic device.
Global Endoscopic StrictureManagement Device Market Key Players
Key players operating in theglobal endoscopic stricture management device market include Becton, Dickinsonand Company, Panmed Us, Hobbs Medical, Inc Merit Medical Systems, Inc., BostonScientific Corporation, Olympus Corporation, Cook Medical, CONMED Corporation,and Medi-Globe Gmbh.
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