The Mexico endoscopy devices market size is expected to register at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing prevalence of endoscopy for treatment and diagnosis.
Endoscopy is a minimally invasive procedure that is used for diagnosis, prevention, and treatment of the internal organs of the human body. The endoscopy is sometimes used in case of chronic diseases. During the procedure, an endoscope is inserted into the body either through natural cavities.
The endoscope can be inserted by making a small incision at the affected body part. The endoscope works effectively in conjunction with a camera system. The camera system is used by surgeons to view a highly magnified image of the affected area. Benefits of endoscopy include low cost, speedy recovery, and less diagnosis time. The rigid endoscopes are available in various sizes. Rigid endoscopes are small tubular telescopes that allow the physician to look inside body cavities and joints. Therefore, the rigid endoscope aids in avoiding the invasive procedures. The rigid endoscopes are widely used for procedures such as endoscopic examination, arthroscopy, examination of the thorax, biopsy for the diagnosis of cancer, and biopsies of organs.
The COVID-19 pandemic has affected almost every industry including the healthcare industry. The high risk of developing serious illness due to coronavirus disease has made it challenging for several other healthcare problems. The outbreak situation resulted into nationwide lockdowns, which disrupted the supply of healthcare facilities and manufacturing of medical devices. The stringent regulations and slowdown in economy hampered the growth of the endoscopy devices market.
Market Trends, Drivers, Restraints, and Opportunities
• Rising demand for minimally invasive surgeries is the major factor propelling the market growth during the projected period.
• Growing technological advancements leading to enhanced applications is estimated to contribute to the market expansion during the forecast period.
• Increasing applications of surgical equipments in distinctive surgical techniques is estimated to positively influence the market growth in the coming years.
• High cost associated with the endoscopic treatments is expected to hamper the growth of market during the projected timeline.
• Growing industrial investments and increasing research & development activities for innovative product launches are the factors anticipated to create lucrative opportunities for the market in the coming years.
Mexico Endoscopy Devices Market Segment Insights
Capsule endoscope sub-segment is projected to dominate the market
Based on type of devices, the market is segregated into visualization devices, endoscopy devices, and endoscopic operative devices. The endoscopy devices segment is further categorized as flexible endoscope, capsule endoscope, rigid endoscope, and others. The capsule endoscope sub-segment is projected to dominate the market during the forecast period owing to the favorable reimbursement policies and increasing technological advancements. Moreover, the increasing number of new players in the market is anticipated to propel the growth of the market segment in the coming years. On the other hand, the rigid endoscope sub-segment is anticipated to hold a significant market share during the forecast period due to the rising prevalence of chronic diseases and increasing elderly population.
Urology segment is anticipated to register at substantial CAGR
On the basis of applications, the market is segmented into cardiology, gastroenterology, gynecology, urology, pulmonology, and others. The urology segment is anticipated to register at substantial CAGR during the forecast period owing to the increasing prevalence of urinary incontinence, pelvic organ prolapse, and overactive bladder and rising expenditure on medical surgeries. Furthermore, the increasing number of reconstructive surgeries is estimated to fuel the growth of the market in the coming years. However, the cardiology segment is anticipated to exhibit a substantial growth during the projected period owing to the rising incidences of congenital heart defects, coronary artery disease, heart failure, valve disease, and electrophysiology. Moreover, the growing consumer disposable income, unhealthy diet, and changing lifestyle are some of the factors to boost the market segment growth in the coming years.
The key players competing in the Mexico endoscopy devices market are STERIS Corporation; Boston Scientific Corporation; Medtronic PLC; Conmed Corporation; and Fujifilm Holdings. Companies are focusing on growing manufacturing facilities, along with forming strong distribution networks with other industry players in order to expand their market shares.
In November 2021, Medtronic PLC planned to set up a global research & development center involving an investment of around USD 159 million at Hyderabad, India. The initiative facilitated the research work for medical products to treat over 70 health conditions that include cardiac devices, cranial & spine robotics, surgical tools, insulin pumps, patient monitoring systems, and others.
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