Although Japan helmed the Asia Pacific endoscopy devices market in 2015, China is expected to take the driver’s seat by 2024. Spend on endoscopy devices in China stood at over US$2 bn in 2015 and is expected to more than double in less than ten years, reports Transparency Market Research (TMR). Between 2014 and 2024, China’s compounded annual growth rate (CAGR), by revenue, is projected to be higher than the APAC region as a whole.
This growth, in part, will stem from an alarming rise in the number of people suffering from chronic diseases in China. Besides, a rapidly graying population calls for several diagnostic procedures involving the use of endoscopy devices. TMR analysts also note that the incidence of diseases and disorders such as bladder cancer, enlarged prostate, and urinary tract stone is relatively high in China. These factors will uphold China’s position as the leading country in the Asia Pacific endoscopy devices market.
Here are two important questions that companies jumping into the fray in China should ask:
What steps are companies taking to make their presence felt in China?
The sheer growth in population density in China has organically created a thriving market for healthcare devices in the country, of which the endoscopy devices market is a vital cog. Companies have responded to the steep growth in the demand for minimally invasive diagnostics by launching more products in the capsule endoscopes segment, focusing on fostering a strong and loyal supplier network, and imparting training to medical practitioners to rapidly advance their products to the clinic.
Take for instance Boston Scientific’s plans to set up an ambitious research and development facility alongside a training center in China. Olympus Corporation is taking a step in this direction as well with training centers in both India and China. Recent positive developments in the endoscopy devices market in Asia Pacific have also prompted U.S.-based EvoTech to bring its products to countries such as China, Australia, Japan, and India.
What’s stifling the growth of the China endoscopy devices market?
The two chief factors holding back the growth of the endoscopy devices market in China are: meager healthcare budgets and a dearth of trained medical professionals. In China, particularly, the percent share of the GDP allocated to healthcare hovers between 4% and 6%. A lack of trained hands is yet another weak spot – World Bank data shows that in 2010, China had only 1.8 physicians (generalists and specialists) per 1,000 people.
However, the steep year-on-year growth projects for China make it a country that companies in the Asia Pacific endoscopy devices market simply cannot afford to ignore. The 2015 healthcare reforms announced by the Chinese government will create a veritable change in the dynamics in the endoscopy devices market in the country. A growing demand for laparoscopy procedures in China will continue to supply the market with growth opportunities. Thus, with a 1.3-bn-strong population that is increasingly suffering from chronic and acute health concerns, China is well-poised to emerge as an attractive market for endoscopy devices not just in Asia Pacific but also globally.
TMR discusses the Asia Pacific endoscopy devices market in detail in its new report, Endoscopy Devices Market - (Device - Endoscope Devices, Endoscopic Operative Devices, and Visualization Systems); Application - Urology/Gynecology Surgeries, ENT Surgeries, Neuro/Spinal Surgeries, Laparoscopy Surgeries) - Asia Pacific Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.