The Latin America Endoscopy Devices Market was worth $1.87 billion in 2016 and estimated to be growing at a CAGR of 5.84%, to reach $2.48 billion by 2021. Endoscopy has altered the viewpoint of recognizing diseases and the way in which surgeries were performed previously.
Devices such as endoscopes, visualization systems, and operative devices give direct insight check-up of the organs, unlike other medical imaging procedures.
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The growth of the Latin America Endoscopy Devices Market is mainly driven by factors such as growing number of hospitals, growing patient predilection for minimally invasive operations, and rising geriatric population. However, issues such as lack of skilled professionals and infections acquired from unsterilized endoscopes are restraining the growth of the market in this region.
The Latin America Endoscopy Devices market is segmented based on product and application. The market for Endoscopy Devices, on the basis of product, is segmented into Endoscopes, Visualization Systems, other endoscopy Equipment, and Accessories. Endoscopes are further segmented into flexible, rigid, and capsule endoscopes. On the basis of Application, the Latin America Endoscopy Devices market is segmented into Laparoscopy, Bronchoscopy, GI Endoscopy. The endoscopes segment accounts for the largest share of the market in 2015. This is attributed to the invention of technologically innovative endoscopes by manufacturers and increased public awareness.
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Latin America market region includes countries such as Brazil, Mexico, Argentina, and remaining countries of South America. The Latin America market is led by Brazil and Mexico as the two nations together held over 55% of the market in 2015. Mexico is projected to show the fastest growth rate during the forecast period, followed closely by Brazil.
Owing to the speedy progress of the market in the use of endoscopes, medical device firms that are able to launch new innovative devices will be rewarded with high gains. Some of the major companies dominating this market are Ethicon, Stryker Corporation, Karl Storz GmbH, Boston Scientific Inc., Olympus Corporation, Covidien Plc, Smith and Nephew Inc., Fujifilm Holding Corporation.
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