Mexico Endoscopy Market size was valued at USD 513.7 million in 2017 and is expected to witness 6% CAGR from 2018 to 2024.
Mexico Endoscopy Market, 2017 & 2024 (USD Million)
Growing disease burden in Mexico along with rapidly ageing population will serve to be key factor driving Mexico endoscopy market growth during the forecast period. According to the United Nations’ World Population Ageing statistics in Mexico, population aged 60 years and above accounted for 13.0 million in 2017 and is estimated to reach 40 million by 2050. Elderly population prone to suffer from single or multiple chronic ailments will surge the demand for endoscopic procedures thereby augmenting Mexico endoscopy industry growth.
Moreover, increasing demand for non-invasive procedures will positively impact industry growth. Demand for endoscopy devices has witnessed tremendous growth over recent years due to improvisations in endoscopic devices and increasing prevalence of chronic conditions. Development of advanced endoscopes to offer ease and convenience for performing endoscopy procedures coupled with increasing patient preference towards minimally invasive procedures will accelerate the business growth. However, scarcity of skilled endoscopists and physicians may impede Mexico endoscopy industry growth to a certain extent.
Endoscopes segment accounted for more than USD 190 million in 2017 and is projected to show robust CAGR during the forthcoming years. High segment growth is attributable to increasing prevalence of chronic disorders including gastrointestinal diseases and cancer in Mexico. Moreover, rising adoption of technologically advanced endoscopes will augment segmental growth in upcoming years.
Visualization systems segment is poised to show 5.8% CAGR over the analysis timeline. Utilization of these advanced medical display platforms in the endoscopic procedures to obtain enhanced quality images and videos will favour segment growth.
Reusable endoscopes segment accounted for over 75% revenue share in 2017 owing to cost-effectiveness of these endoscopic devices. However, risk of cross-contamination and hospital-acquired infections may lead to increased patient preference towards safe and efficient disposable devices.
Single-use/disposable endoscopes segment is forecasted to witness robust CAGR of 6.4% over the forecast timeframe. Segment growth is attributable to increasing demand for disposable endoscopes to avoid the menace of life-threatening infections. Growing awareness among patients regarding device safety will further foster the business growth.
Arthroscopy segment held more than 12.5% revenue share in 2017 due to high prevalence of bone disorders such as articular cartilage abnormalities in Mexico. Increasing number of knee surgeries and anterior cruciate ligament (ACL) surgeries each year will surge the need for arthroscopic endoscopy offering superior quality images that aid diagnostic decisions pertaining to surgeries.
Obstetrics/gynaecology endoscopy segment is expected to witness 6.0% CAGR over the analysis period. Rising number of gynaecology surgeries such as hysterectomies, hernias and others have increased the demand for non-invasive gynaecological endoscopy procedures over the recent years. Increasing cervical cancer cases amongst women will further augment the segment growth.
Notable players operating in Mexico Endoscopy market include Boston Scientific Corporation, Fujifilm Corporation, Ethicon, B. Braun Melsungen, CONMED Corporation, Olympus Corporation, Karl Storz, Smith & Nephew, Medtronic and Stryker. Industry players are adopting strategies such as novel product offering, partnerships and acquisition to capitalize on market opportunities and sustain market competition. For instance, in May 2017, Ethicon announced launch of ECHELON FLEX GST System, an endo-cutter used in thoracic and colorectal surgeries. This product launch enabled company to enhance its existing product portfolio and broaden its customer base.
Endoscopy is a crucial part of medical diagnostic processes. The progress of endoscopic technologies was determined by the desire to obtain information on patient’s medical status from the optical appearance of body cavities. Introduction of endoscope-like devices can be traced back in 1805, with the development of Lichtleiter, a light guiding instrument to observe the living human body directly through developed by Philip Bozzini. The instrument was developed with an aim to examine the urinary tract, rectum and pharynx. Further, advancement in these instruments led to development of advanced and high-efficiency endoscopes. In less than a decade, around 1960s, societies of endoscopy were established for conducting training, courses for appropriate endoscopic investigation and formal teaching of the techniques involved. For instance, WGO (World Gastroenterology Organization) Mexico City Training Center was inaugurated in 2008 with an aim to provide practical as well as theoretical training in advanced techniques of gastrointestinal motility, gastroenterology and endoscopy.
With the advent of technology, demand for advanced instruments such as flexible and capsule endoscopes is increasing over the last few years. Increasing patient preference towards minimally invasive procedures will surge the demand for advanced endoscopy thereby accelerating industry growth during the forthcoming years.