Fortune Business Insights predicts the advancement in hysteroscopes worldwide to boost the market for fiberscope in their new report, titled, “Fiberscope Market Size, Share and Global Trend by Procedure (Bronchoscopy, Arthroscopy, Cystoscopy, Colonoscopy), by End User (Hospitals, Ambulatory surgical centers, Others) and Geography Forecast till 2026”. The report covers all important aspects of the market including growth drivers and major insights during the forecast period, 2018 to 2026.
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The major companies covered in the Global Fiberscope Market report include
- Olympus Medical Systems Corp.
- Edmund Optics Inc.
- Braun Melsungen AG
- Clarus Medical LLC.
- Precision Optics Corporation
- Pentax Medical and others.
In terms of end user, the hospitals’ segment accounts for the largest share in the market because of the rising adoption of nonsurgical procedures worldwide.
North America, followed by Europe to Register Larger Growth Rates on Account of Availability of Better Therapeutic Facilities
Geographically, North America is dominating the global fiberscope market followed closely by Europe. This is attributable to the advancement in medical technology and the advent of better medical facilities for various therapeutics. The National Center for Health Statistics (NCSH) stated about 6.2 million endoscopic procedures of both small and large intestines were performed in the U.S. in 2010. In addition to this, the American Society of Gastrointestinal Endoscopy estimates an approximate of 75 million endoscopic procedures conducted in the U.S. in 2017.
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On the other side, the increasing awareness and rising prevalence of endoscopic procedures in developing nations of Asia Pacific are anticipated to bring lucrative growth opportunities for the market in the long run. However, due to the limited number of skilled technicians for endoscopic procedure available in the Middle East and Africa, this region is predicted to show a slower growth rate in the near future.
Low Risks Associated with Endoscopic Procedure to Boost Market
Healthcare providers and patients are demanding fiberscopes because of the technological advancement in medical science and improvements in digital nonsurgical solutions. Companies are also focusing on developing better fiberscopes in the coming years in order to maintain their foothold in the market. For instance, the development of Rhino-Laryngo Fiberscope by Olympus Medical Systems is anticipated to generate greater revenues in the future. The product is a pharynx and nasal cavity observational fiberscope capable of delivering high-resolution images with the help of a 300 mm scope. Such innovations are likely to bode well for the global fiberscope market.
Additionally, the low risk associated with the endoscopic procedures is helping medical practitioners opt for fiberscopes, which ultimately is boosting the global market for fiberscopes.
However, the market may face certain challenges in terms of lack of awareness about endoscopic techniques and use of fiberscopes. In addition to that, fiberscope has certain drawbacks of its own such as infection risk, lack of image clarity, and device malfunction, that may negatively impact the growth of the market in the long run.
Earlier in January 2018, the Food and Drug Administration gave a Class-2 device recall to Uretero-reno fiberscope URF-P6RP6, that was manufactured by Olympus Medical Systems Corp. This was due to the complaints raised by many consumers with regard to the breakage of the endoscopes insertion tube bending section while performing surgical procedures. Surely, the company had to replace the item with better versions of fiberscopes but the damage was all repaired with company funds and this resulted in the economical loss of the company. Such incidents, if takes place again in future may affect the market negatively.
KEY QUESTIONS ANSWERED:
What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?
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