March 13, 2020
According to the report titled ‘Mexico Endoscopy Market Statistics By Usability, Product, Application, Industry Size, Share, Growth Trends & Forecast, 2018 – 2024’, available at MarketStudyReport.com, Mexico endoscopy market is expected to surpass USD 770 million by the year 2024.
As per the report, advancements in technology pertaining to endoscopy devices have allowed for development of various types of product such as capsule, rigid and flexible endoscopes which can be used for diagnosing different types of diseases. Development of such devices has enabled ease and convenience while conducting endoscopic procedures.
Rising adoption of sedentary and unhealthy lifestyle such as smoking, and alcohol consumption has increased the pervasiveness of various diseases. Moreover, increasing geriatric population which is susceptible to numerous age-related diseases such as cancer and gastrointestinal disorders is fostering the demand for endoscopy devices. However, lack of skilled professionals may hinder the endoscopy industry demand over the coming years.
Based on product landscape, the endoscopes segment held 35% revenue share in the year 2017 and is expected to grow significantly during the forecast period. Advancements in technology pertaining to endoscopes have allowed for enhanced precession of endoscopic equipment. Rising prevalence of gastrointestinal diseases along with technological improvements in precision endoscopic equipment in order to enhance the performance of surgeries are fueling the segmental growth.
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In terms of usability, the reusable endoscopes segment was worth USD 410 million in the year 2017 and is presumed to expand continuously during the estimated timeframe. Reusable endoscopic devices offer cost-effective properties which in turn is facilitating the business scenario in Mexico. Rising R&D activities in order to develop easy-to-use endoscopes for physicians as well as easy-to-reprocess endoscopes for technicians are favoring the market outlook. However, reusable endoscopes need robust cleaning methods in order to prevent transfer of germs to other patients.
Elaborating on the application spectrum, the gastrointestinal endoscopy segment will witness a growth rate of over 6.1% during the period of 2018-2024. Growing occurrence of gastrointestinal diseases have augmented the demand for lower and upper GI endoscopy procedures. Additionally, rising elderly population and availability of advanced endoscopy equipment and devices are facilitating Mexico endoscopy market.
The prominent companies operating in the Mexico endoscopy industry are Stryker, Smith Nephew, Olympus Corp., Medtronic, Karl Storz, Fujifilm Corp., Ethicon, CONMED Corp., Boston Scientific Corp. and B. Braun Melsungen.
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