Endoscopy technology has completely revolutionized the way in which diseases are detected and surgeries are performed, making surgeries and medical investigations less invasive and providing up-to-date results. Cutting edge technologies such as high definition imaging, 3D imaging, increased angles in the field of view, reduced outer diameter of endoscopy devices and rise of capsule endoscopy are making this medical procedure more popular and accurate with the passage of time. This has positively affected the global endoscopy video systems market. An endoscope allows the doctor to view organs and cavities inside the body by inserting the endoscope through the natural openings like the nose, mouth or anus or by making small incisions. Endoscope is a tube like device with a small light source and a camera at one end and an eyepiece at the other end. Due to increasing incidences of diseases like cancer, diabetes and obesity and a rapidly transforming surgical market coupled with the introduction of new viewing technologies, the global endoscopy video systems market is poised to witness a sustained growth in the coming decade.
Endoscopy Video Systems Market: Drivers
A growing demand for minimally invasive surgical procedures, a rapidly advancing endoscopy technology, a global rise in diseases like diabetes, cancer and obesity and increasing healthcare budgets in both the emerging and mature markets are the key drivers of the global endoscopy video systems market. Since endoscopy procedure is minimally invasive, it ensures a faster recovery among the patients and this translates into reduced hospital stay and a decrease in the medical expenditure. This is the reason, endoscopy is gaining more and more traction with each passing day. Rapid technological advancements in the field of endoscopy is also spurring growth in the endoscopy video systems market. In addition, a rising geriatric population who have a need of different kind of surgeries involving endoscopy is also fuelling the market for endoscopy video systems market. Also, the rising affluence in countries like China and India, a huge population growth rate, a huge ageing population and increasing number of private sector hospitals is also spurring the growth of endoscopy market in these regions.
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Endoscopy Video Systems Market: Restraints
A stiff competition among the major market players, high cost of visualization equipment, a lengthy product approval procedure in the developed markets and a reduction in healthcare spending are some of the restraints in the endoscopy video systems market. Besides this, shortage of trained personnel is also negatively affecting the endoscopy video systems market.
Endoscopy Video Systems Market: Key Regions
North America and Western Europe are the most lucrative regions for the endoscopy video system market. A rising geriatric population, rising incidences of diseases like diabetes, cancer and obesity and a general increase in the number of surgeries performed using endoscopy procedures are the main reasons for North America and Europe taking the lead in the endoscopy video systems market. However, it is the Asia-Pacific region that is poised to exhibit fastest growth in the endoscopy video systems market. Growing affluence in this region, a huge unmet demand, increase in the healthcare budgets, especially in China and India and rapid technological advancements are the major drivers in this market.
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Endoscopy Video Systems Market: Key Market Players
Boston Scientific Corporation, Stryker Corporation, Olympus Corporation, Richard Wolf GmBH, Ethicon, Inc. are the major players in the global endoscopy video systems market.