Cholangioscope Market: Technological Innovations are driving the market
Cholangioscope Market Introduction
Cholangioscope is a device used for non-invasive endoscopic procedure for direct visual diagnostic evaluation of the bile ducts. Cholangioscopy is performed when endoscopic retrograde cholangiopancreatography is not sufficient to provide a clear diagnostic image. Reaction to sedatives, sore throat, gas, and cramps are some of the side effects of cholangioscope.
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Cholangioscope Market Dynamics
The global cholangioscope market is driven by various factors at regional, national, as well as global level. Aging population and increase in trend of minimally invasive surgeries are the major factors contributing to the growth of the global market. Moreover, surge in technological innovations and investment by public and private sectors for the advancement of health care are projected to propel the global market during the forecast period. However, high cost of cholangioscope devices and lack of skilled surgeons are likely to restrain the global market during the forecast period. Cholangioscope requires highly sophisticated technology and expertise in manufacturing and adding technological advancements in it. These factors increase the overall cost of cholangioscope and accessories. This acts as a major restraint of the global cholangioscope market.
Technological Innovations are driving the Cholangioscope Market
Technological innovations in medical cholangioscope have increased the scope of the market and therefore increased the customer base. For instance, in 2015, Boston Scientific launched SpyGlass DS II Direct Visualization System which provides high resolution imaging during cholangiopancreatography procedure.
Less Number of Skilled Professionals would Restraint the Market for Cholangioscope
Cholangioscope requires highly sophisticated technology and extreme expertise in manufacturing and adding technological advancements. Low awareness, high cost of technology and huge gap in number of physicians available for population, there is always scarcity of trained healthcare professional for handling endoscopic devices. According to World Bank data, in 2010 there were 2.4 and 2.7 physicians per 1,000 people in the United States and United Kingdom whereas China, India and Indonesia have 1.8, 0.6 and 0.3 physicians including general and specialist medical practitioners respectively. Brazil and Mexico have 1.8 and 2.0 physicians per 1,000 people respectively. Lesser number of physicians in emerging and developing market forms major restraint for the growth of cholangioscope market.
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Cholangioscope Market - Competitive Landscape
Key players operating in the global cholangioscope market are Arthrex, Inc., B. Braun Melsungen AG, Boston Scientific Corporation, Cook Medical, Inc., Medtronic plc, Johnson & Johnson, FUJIFILM Holdings Corporation, HOYA Corporation, KARL STORZ GmbH & Co. KG, and Olympus Corporation. Suppliers in the global cholangioscope market include manufacturers of components of various electronic devices such as visualization systems, energy devices, and other medical grade devices. Increase in mergers & acquisitions, strategic collaborations, and new product launches are expected to drive the global market during the forecast period. Additionally, strong product portfolio, high brand recognition, and wide geographic presence are likely to propel the global cholangioscope market during the forecast period. The global market for cholangioscope is highly competitive, with presence of large number of players facing cut throat price competition from small distributors and local players. Various organizations also offer original equipment manufacturing (OEM) services. This has enabled global companies to meet local demand.
KARL STORZ GmbH & Co. KG
KARL STORZ GmbH & Co. KG is one of the leading medical devices companies which designs, manufactures and sells endoscopic equipment for cholangioscopy, arthroscopy, laparoscopy, gynecology, urology, and others. The company also offers product range in veterinary and industrial application. The company majorly operates in Europe and North America. KARL STROZ is a privately held company and is headquartered in Tuttlingen, Germany.
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