Endoscopy allows both operations on more fragile patients, notably the elderly, and the treatment of more complex diseases, such as cancer. Other benefits of endoscopy include reduced post-operative pain and risks of complications, rapid healing, lighter anesthesia, and a shorter period of hospital stay. Surgery, interventional radiology, and advanced endoscopy have all developed minimally-invasive techniques to effectively treat a variety of diseases, in order to bring about a positive impact on patients' postoperative outcomes. The growing preference for minimally-invasive surgeries, increasing adoption of endoscopes for treatment and diagnosis, and technological advancements leading to enhanced applications are the major factors that are leading to the growth of the market. However, the lack of skilled technicians and infections caused by few endoscopes are hindering the market growth.
Key Market Trends
Endoscopy Visualization Systems Segment is Expected to Witness Rapid Growth in the Market Studied
Based on the product, the global market is segmented into endoscopes, visualization equipment, endoscopic operative devices, others. Endoscopy visualization systems are estimated to grow at the highest CAGR during the forecast period. The growth rate of this segment can be primarily attributed to the rising adoption of minimally invasive procedures, increasing technological advancements, and improving healthcare infrastructure in the region. The increasing preference for HD visualization systems by medical professionals is due to assistance that they provide in the diagnosis and treatment of complex diseases such as cancer, gastrointestinal disorders, cardiovascular disorders, urinary disorders, and during minimally invasive surgical procedures. Therefore, the rising geriatric population, increasing the patient pool is boosting the segment growth.
Application wise Gastrointestinal segment has the highest growth rate in the forecast period. Rising geriatric population, improving healthcare infrastructure, and increasing the number of colonoscopy procedures in the country is boosting the segment. Increasing cases of colorectal cancers in the country is boosting the segment. According to Globocan 2018, there were 5914 new cases of colorectal cancer are registered for the year.
Competitive Landscape
The Chile Endoscopy Devices Market is moderately competitive with several major players. Some of the strategies implemented include agreements, collaborative models, business expansion, and product developments. Some of the major players are Boston Scientific Corporation, Medtronic PLC, Johnson and Johnson, Pentax Medical.
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