Kenneth Research recently added a report on ‘Endoscope Reprocessing Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Endoscope Reprocessing Market, along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Endoscope Reprocessing Market products.
According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
The Global Endoscope Reprocessing Market was valued at USD 1.11 billion in 2016 and is projected to reach USD 2.20 billion by 2025, growing at a CAGR of 7.9% from 2017 to 2025.With increasing risks of infections and allergies in hospitals and clinics, the healthcare and medical sector have been put under regulations to improve the hygiene and rules regarding patient safety have been made very stringent. Under the same scenario, Reprocessed Endoscopic devices are seeing higher sale ratio and the values are in increasing fashion regarding their market values.
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Market Dynamics:
1. Market Drivers
1.1 High chances of infections due to improper sterilization of endoscopes
1.2 Increasing funds and grants by govt.
1.3 Growing number of hospital investments in endoscopy instrumentation
1.4 Cases of endoscopy needing treatments
2. Market Restraints
2.1 High Cost of endoscopic procedures
2.2 Risks associated with safety of reprocessed devices
Market Segmentation:
1. Global Endoscope Reprocessing Market, by End User:
1.1 Hospitals
1.2 Ambulatory Centers
1.3 Others
2. Global Endoscope Reprocessing Market, by Product:
2.1 High-Level Disinfectants & Test Strips
2.2 Detergents & Wipes
2.3 Automated Endoscope Reprocessors
2.3.1 Single-Basin Automated Endoscope Reprocessors
2.3.2 Double-Basin Automated Endoscope Reprocessors
2.4 Endoscope Drying, Storage, & Transport Systems
2.5 Endoscope Tracking Systems
2.5.1 Advantages of Endoscope Tracking Systems
3. Global Endoscope Reprocessing Market, by Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. Advanced Sterilization Products (A Johnson & Johnson Company)
2. Cantel Medical
3. Laboratories Anios (A Subsidiary of Ecolab Inc.)
4. Olympus
5. Wassenburg Medical (A Member of Hoya)
6. Custom Ultrasonics
7. Steris
8. Steelco
9. Getinge
10. Endo-Technik W. Griesat
11. BES Decon (A Division of BES Rehab Ltd)
12. ARC Healthcare Solutions
13. Metrex Research
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Endoscope Reprocessing Marketwas performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
To know more about the research methodology of verified market research and other aspects of the research study, kindly get in touch with our sales team.
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