The Australian endoscopy devices market is expected to register a CAGR of 6.2% over the forecast period. Factors that are responsible for the growth of this market include increasing preference for minimally invasive surgeries and the rise in the prevalence of diseases that require endoscopy procedures.
- The boosting factors for the market are the increasing use of minimally invasive surgical techniques, particularly in gastric surgeries, constant innovations in robotics, and virtual techniques in surgical practices. Benefits associated with minimally invasive surgeries, such as increased safety, decreased scarring, faster recovery, and reduced length of hospital stay increase the preference for minimally invasive surgical techniques over other techniques.
- The increasing awareness among the elderly population, regarding minimally invasive procedures, along with the growing prevalence of chronic diseases, is boosting the demand for endoscopy devices in Australia. However, factors, such as the high cost of sophisticated endoscopy devices, may hinder the market growth.
Key Market Trends
The Cardiology Segment is Expected to hold a Considerable Share of the Application-wise Segmentation
The cardiology segment is expected to hold a considerable share in the forecast period, and this is due to factors, such as the growing prevalence of coronary artery diseases (CADs), technological advancements in cardiology devices, and rising demand for minimally invasive treatment.
Heart-related diseases are the most serious health conditions and are the leading cause of death, worldwide. Cardiovascular disease (CVD) is a major cause of death, with 43,477 deaths attributed to CVD in Australia in 2017. Cardiovascular disease kills one Australian every 12 minutes. Most people are diagnosed as young adults. Hence, the rise in the number of cardiovascular cases is driving the cardiology application of endoscopy devices in Australia.
The Australian endoscopy devices market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the rising prevalence of diseases and advancements in IVD devices, few other smaller players are holding a substantial share. Some of the major players of the market are Fujifilm Holdings Corporation, Hoya Corporation, Stryker Corporation, Medtronic PLC, and Olympus Corporation, among others.
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