SEATTLE, April 16, 2020 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global duodenoscopes market is estimated to be valued at US$ 146.6 million in 2019 and is expected to exhibit a CAGR of 6.5% over the forecast period (2019-2027).
Key Trends and Analysis of the Global Duodenoscopes Market:
Key trends in market include rising prevalence of chronic and acute diseases, and product launches by key players in the market.
The increasing incidence and prevalence of gastrointestinal, liver, and pancreatic diseases in individuals is a leading factor that is expected to drive growth of the global duodenoscopes market over the forecast period. For instance, in 2017, according to Cancer Research UK, 10,300 new pancreatic cancer cases are diagnosed every year in the U.K.
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Moreover, growing healthcare expenditure is expected to drive growth of the global duodenoscopes market over the forecast period. For instance, according to the Office for National Statistics, the total healthcare expenditure in the U.K. during 2017 was around 9.6% of the total GDP (Gross Domestic Product).
Furthermore, key players operating in the market are focused on product approvals to strengthen their market position and expand their product offerings in the markets. For instance, in December 2019, Boston Scientific Corporation received the U.S. FDA 510 (K) clearance for its EXALT Model D Single-use Duodenoscope for usage in endoscopic retrograde cholangiopancreatography (ERCP) procedures.
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Key Market Takeaways:
- The global duodenoscopes market is expected to exhibit a CAGR of 6.5% during the forecast period (2019-2027), owing to increasing incidence of gastrointestinal, liver, and pancreatic diseases, new product launches, and increasing healthcare expenditure. For instance, according to the World Cancer Research Fund’s 2018 annual ranking of the top 20 countries with the highest incidence of stomach cancer include Korea (42 per 100,000), Japan (30 per 100,000), and China (23 per 100,000), which were ranked as 1, 3, and 5 respectively.
- Key players in the market are focused on development of new products to expand their product portfolio, which is expected to propel the market growth over the forecast period. For instance, in January 2020, Olympus, a global technology leader in designing and delivering innovative solutions for medical and surgical procedures received U.S. FDA clearance for its TJF-Q190V duodenoscope with a sterile, disposable distal end-cap. The device incorporates innovative features designed to improve the cleaning and reprocessing of the duodenoscope, thus reducing the potential device contamination.
Key players operating in the global duodenoscopes market include—
Custom Ultrasonics, Inc., ENDOMED, Fujifilm Holdings Corporation, Hoya Corporation, KARL STORZ GmbH & Co. KG., Olympus Corporation, PENTAX Medical Company, and SonoScape Medical Corp
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Market Segmentation:
- Global Duodenoscopes Market, By Product Type:
-
- Flexible Duodenoscopes
- Rigid Duodenoscopes
- Global Duodenoscopes Market, By Application:
-
- Diagnostics
- Therapeutics
- Global Duodenoscopes Market, By End Use:
-
- Hospital
- Clinics
- Ambulatory Centers
- Global Duodenoscopes Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- Italy
- Spain
- France
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- Australia
- India
- China
- Japan
- ASEAN
- South Korea
- Rest of Asia Pacific
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country:
- South Africa
- Central Africa
- North Africa
- By Country:
- North America
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