Australia Endoscopy Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Australia Endoscopy Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Australia endoscopy devices market is expected to register a CAGR of 6.2% over the forecast period.

The outbreak of the COVID-19 pandemic has pushed the medical device industry into action, with a race to develop both therapeutic and diagnostic devices. Exponentially increasing cases of the coronavirus in Australia are leading to the need for the development of novel treatments, with several clinical trials underway. Meanwhile, the manufacturers of medical devices were highly focused on developing vaccines and drugs, which can also be applied in the diagnosis and treatment of COVID-19, increasing the rate of clinical trials to a great extent. During the pandemic, the market witnessed a slight drop due to the decrease in endoscopy procedural volumes in Australia. For instance, according to the study titled, "Endoscopy volumes and outcomes at a tertiary Melbourne center during the 2020 COVID-19 lockdowns" published in May 2022, during the pandemic, elective medical procedures, and population cancer screening programs, including colonoscopy and other public measures were suspended because of lockdowns in Melbourne. It also reported that such a scenario marked declines in endoscopic procedure volumes in the country. Furthermore, the study stated that in Melbourne, two lockdowns restricted non‐urgent endoscopy during 2020. The patients were scheduled for elective endoscopy and were re‐triaged for priority by the Gastroenterological Society of Australia's COVID‐19 guidelines. Therefore, such instances indicate that the market witnessed slow growth during the pandemic.

The increasing preference for minimally invasive surgeries and the rise in the prevalence of diseases that require endoscopy procedures are the major drivers for the market. For instance, as per the Australian Journal of Otolaryngology published in March 2021, endoscopic ear surgery is gaining popularity in recent years in Australia. It also conducted a survey to access the popularity of endoscopic ear surgery in Australia which demonstrated positive results towards the adoption of endoscopic ear surgery in the country. Furthermore, the study titled, "Gastrointestinal Adenocarcinoma Incidence and Survival Trends in South Australia" published in January 2022, indicated a rising incidence of gastrointestinal diseases among the young population (18 to 50 years) in Australia. Since endoscopy devices are one of the essential requirements for the diagnosis of various diseases, therefore, such instances are anticipated to positively impact the market, thereby propelling the market growth over the forecast period.

However, the high cost of sophisticated endoscopy devices is likely to hinder the market growth over the forecast period.

Key Market TrendsCardiology Segment is Expected to Witness Growth Over the Forecast Period

In cardiology, endoscopy is used for performing minimally invasive surgeries and diagnostic procedures. Cardiopulmonary endoscopy is simple, safe, and effective in examining the chambers of the heart and the pulmonary arterial system. It can be performed with a sterilized flexible fiberoptic endoscope. It facilitates pulmonary embolectomy and eliminates procedures and maneuvers that can cause serious complications. It also adds a visual advantage to pulmonary embolectomy. Cardiopulmonary endoscopy has the potential for wider applicability, possibly in minimally invasive and robotic cardiac surgery.

The increasing cases of cardiovascular diseases in Australia and the increasing adoption of endoscopy procedures for cardiovascular diseases are the major factors driving the segment's growth. For instance, according to the self-reported data from the Australian Bureau of Statistics 2020–21 National Health Survey, in the year 2020–2021, an estimated 571,000 Australians aged 18 and over (2.9% of the adult population) had chronic heart diseases. 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. Such support from the government in providing cardiovascular services will rise demand for cardiac endoscopy, thereby propelling the segment growth over the forecast period.

Therefore, owing to the above-mentioned factors, considerable segment growth is anticipated over the forecast period.

Competitive Landscape

The Australian endoscopy devices market is consolidated and consists of a few major players. In terms of market share, few of the major players currently dominate the market. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known including Fujifilm Holdings Corporation, Hoya Group (PENTAX Medical), Stryker Corporation, Medtronic PLC, and Olympus Corporation, among others.

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