08 Jul 2021
Posted in Medical Devices
Australia esophagoscopes and gastroscopes market to witness 14% growth through 2025, forecasts GlobalData
Driven by increasing demand due to high prevalence of gastrointestinal disorders, the esophagoscopes and gastroscopes market in Australia is expected to witness a compound annual growth rate (CAGR) of 14% through 2025, forecasts GlobalData, a leading data and analytics company.
GlobalData’s latest report, ‘Esophagoscopes and Gastroscopes (General Surgery) – Global Market Analysis and Forecast Model (COVID-19 Market Impact)’, reveals that flexible video gastroscopes accounted for more than 90% of the esophagoscopes and gastroscopes market in Australia in 2020.
Olympus Corporation was the leading player followed by Fujifilm Holdings Corporation and Hoya Corporation in the esophagoscopes and gastroscopes market in Australia. Together, these companies accounted for about 75% of the market in 2020.
Vedant Goswami, Medical Devices Analyst at GlobalData, comments: “Increase in the prevalence of gastrointestinal disorders, growing government support for the healthcare sector, and higher incomes are anticipated to aid the market growth for esophagoscopes and gastroscopes in Australia.”
Patients with conditions such as gastroesophageal reflux disease (GERD), stomach and oesophageal cancer, and peptic ulcers, constitute most individuals that require the use of esophagoscopes & gastroscopes. Growing incidence of stomach and oesophageal cancer is a contributing factor to the growth of this market.
Mr Goswami concludes: “Endoscopes using advanced technologies and integrated systems now dominate the market. Flexible video gastroscopes are in high demand, compared to traditional scopes, due to their ease of use, patient safety, and advanced resolution images. The number of flexible video gastroscopes installed in healthcare facilities will continue to grow steadily due to the increasing number of patients suffering from gastrointestinal diseases and demand for minimally invasive procedures.”