Increasing prevalence of gastrointestinal diseases, and growing demand for technologically advanced devices fuel the growth of the market. Gastrointestinal diseases such as acid reflux, stomach ulcers etc. has been rising at an extremely rapid rate. According to the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK) about 30 to 40 % of people in the United States get an H. pylori infection which is the cause of peptic ulcers. According to World Health Organisation (WHO), worldwide more than 1.9 billion adults were overweight in 2014 and out of these, around 600 million were obese and at a high risk of developing gastrointestinal diseases. In the United States, the annual spending on GI diseases is estimated to be nearly USD 140 billion.
The Global Endoscopy Device Market is expected to grow at a CAGR of 6.3% during the forecast period 2017-2023.
Key players in the Endoscopy Device Market
Cogentix Medical, Integrate Endoscopy, J&J services Inc, Shaili Endoscopy, Interscope Inc., Cantel Medical, Micro-Tech Endoscopy, Stryker, OLYMPUS, Johnson & Johnson Services Inc., KARL STORZ Gmbh & Co. KG, Boston Scientific Corporation, FUJIFILM, PENTAX MEDICAL, and RICHARD WOLF are the key players in the global endoscopy market.
Strategic approaches adopted help the major players to sustain their growth in the market and develop their business in various geographical areas across the globe. Agreements and collaborations, mergers and acquisitions, and new product launches are various strategies followed by the key players.
July, 2016: Integrated Endoscopy received clearance from the FDA for its nuvis Single-Use Arthroscope. It is the first FDA-approved disposable rigid endoscope.
In February, 2016: Integrated Endoscopy demonstrated its nuvis Single-Use Arthroscope at the 2016 American Academy of Orthopaedic Surgeons (AAOS) Meeting in Orlando, USA.
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Johnson & Johnson Services Inc.
September, 2016: Acclarent Inc., a subsidiary of Johnson & Johnson, received FDA approval for ACCLARENT AERA Eustachian Tube Balloon Dilation System. It is a first FDA-approved device to treat Eustachian Tube Dysfunction effectively.
March, 2016: Ethicon, a medical device company of the Johnson & Johnson, acquired NeuWave Medical, Inc.
June, 2015: Verb Surgical Company was created by the collaboration of Ethicon and Verily.
March, 2015: Ethicon, a medical device company of the Johnson & Johnson, enter into a collaboration with Google, Inc.
September, 2015: Acquired UK-based medical innovations for a purchase price of USD 79.6 million.
February, 2015: Cantel medical expanded product portfolio with the acquisition of the North American Science Associates, Inc.
September, 2017- Stryker acquired NOVADAQ Technologies Inc., to expand its product portfolio in imaging technology. NOVADAQ is one of the leading developer of fluorescence imaging technology which in providing surgeons visualization of blood flow in vessels, and related tissue perfusion in cardiac, cardiovascular, gastrointestinal, plastic, microsurgical, and reconstructive procedures.
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Boston Scientific Corporation
June, 2017: Boston Scientific Corporation launched Alair bronchial thermoplasty therapy in India. Alair bronchial thermoplasty treatment uses a bronchoscope to deliver radiofrequency energy to reduce the amount of excess smooth muscle tissue in the airways.
November, 2016: Boston Scientific Corporation acquired EndoChoice Holdings, Inc., a Georgia based company focused on the development and commercialization of infection control products, pathology services, and single-use devices.
June, 2017: Olympus launched 3D Surgical Endoscope for faster and more precise surgery.
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