Market Trends of Australia Endoscopy Devices Industry
This section covers the major market trends shaping the Australia Endoscopy Devices Market according to our research experts:
Cardiology Segment is Expected to Witness a Significant Market Share Over the Forecast Period
Cardiology endoscopy is used for performing minimally invasive cardiac surgeries and examining the chambers of the heart.
The increasing number of cardiovascular diseases in Australia is projected to increase the adoption of endoscopy procedures for diagnostic purposes, thereby driving the segment's growth. For instance, according to the Australian Bureau of Statistics, an estimated 571,000 Australians aged 18 and over (2.9% of the adult population) had chronic heart diseases in 2021. The high burden of cardiovascular diseases in the country is projected to boost segment growth.
Furthermore, in April 2021, the Australian Government invested around USD 12.0 million to support and expand the Heart of Australia program, including the delivery of mobile medical clinic services across northern Queensland. The mobile medical clinic provides access to cardiology, cardiac monitoring, and other services. The government investment in providing easy and effective cardiovascular services is projected to boost the demand for cardiac endoscopy, thereby propelling the segment growth over the forecast period.
Flexible Endoscope is Expected to Hold a Significant Market Share Over The Forecast Period
Flexible endoscopes are minimally invasive devices inserted into natural openings of the body, to observe the internal organ or tissue in detail. The flexible endoscope segment is expected to rise during the forecast period owing to the enormous burden of chronic diseases, the increasing geriatric population, technological advancements, and the increasing preference for minimally invasive surgical treatment.
Besides, the technological advancements in products and launches by key players are anticipated to boost the segment's growth in the country. For instance, in December 2021, PENTAX Medical expanded its offering by launching ONE Pulmo single-use bronchoscope, a flexible endoscope. The company also planned to launch Slim DEC Duodenoscope (ED32-i10; OE-A65) across Europe in the upcoming year. The Slim DEC is a flexible duodenoscope that provides consistent therapeutic performance, and outstanding visualization reduces the risk of cross-contamination and helps pediatric patients and adults with narrow anatomies. Such launches are expected to propel the segment's growth during the forecast period.
