Countries in Asia Pacific have witnessed a massive change in their respective healthcare infrastructures and number of resources trained in the use of technologically advanced medical devices in the past few years, leading to the vast rise in the usage of advanced endoscopy devices. The rising geriatric population, rising disposable incomes, increased healthcare infrastructure, and an increased awareness regarding the benefits of minimally invasive devices has also accelerated demand for endoscopy devices in Asia Pacific in the recent past.
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Transparency Market Research estimates that the market will tread along a healthy growth path and exhibit a 7.6% CAGR from 2016 through 2024. The market, which had a valuation of US$7.76 bn in 2015, is expected to rise to US$14.8 bn by 2024.
Impetus to Healthcare Infrastructure in Asia Pacific Strengthens Market
The Asia Pacific region has witnessed a rise in its geriatric population over the past years which is expected to bolster the market. Healthcare has gained traction from the government and there is an wave of positivity towards the betterment of healthcare facilities. This is a prominent driver for the market for endoscopic devices in Asia Pacific because n rising in the region which a large number of healthcare units are on the lookout to install these devices. Moreover, the disposable income has been rising in the region that complements the installation of the devices and makes them deployable and lucrative. Countries such as Japan and China are making efforts to make medical care free of intrusions and minimize the suffering of patients. Moreover, the number of surgeries involving endoscopy devices have also increased in recent times, thus, bolstering the market in Asia Pacific.
Lack of Know-How Amongst Medical Practitioners to Obstruct Market Growth
Although the disposable income within the region has seen an aggregative rise, a large chunk of the population is still suffering from feeble growth of economic assets. This poses a threat to the market because the relatively high cost of endoscopic treatments is unaffordable for the middle- and lower-income groups. Moreover, the ratio of specialists who are versed with the proper knowledge of handling these devices is also extremely low which is another bane for the market. However, the structural changes in the medical setup and a horde of awareness campaigns that have rose in this region are expected to keep the growth prospects high.