A three-pronged approach was followed for deducing the endoscopes market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for endoscopes market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of endoscopes market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The endoscopes market was categorized into three segments, namely product (Endoscopes, Robot Assisted Endoscopes), end-use (Hospitals, Outpatient Facilities), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
The endoscopes market was segmented into product, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The endoscopes market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; the UK; Germany; Spain; France; Italy; Norway; Sweden; Denmark; China; Japan; India; Australia; South Korea; Thailand; Mexico; Brazil; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The endoscopes market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Olympus Corporation - Olympus Corporation manufactures & sells medical systems, life sciences solutions, camera & audio equipment, and industrial solutions. The company operates in the Americas, Europe, the Middle East, Africa, and Asia. It offers healthcare products through its medical systems business. The medical systems business segment comprises surgical endoscopes, endoscopes, endotherapy products, and ultrasound endoscopes. It has service stations & distribution centers in Asia Pacific, including Australia, China, Hong Kong, Vietnam, India, New Zealand, South Korea, Thailand, and Mongolia.
Boston Scientific Corporation - Boston Scientific Corporation is a multinational medical technology company that designs, develops, and manufactures medical devices used in various medical specialties, such as urology, endoscopy, neuromodulation, & cardiology. It offers a broad range of products and technologies, including implantable devices, surgical instruments, and medical equipment for minimally invasive procedures. Its well-known products include pacemakers, defibrillators, stents, catheters, and urology devices. Boston Scientific Corporation operates in over 100 countries and employs over 35,000 people globally.
PENTAX Medical - PENTAX Medical, a division of HOYA Group, is involved in the development of endo-imaging solutions. HOYA manufactures medical endoscopes for early diagnosis of diseases under the brand name of PENTAX Medical. PENTAX Medical serves the worldwide medical community with its endoscopic imaging devices. The company operates with its innovation and manufacturing centers present in the U.S., Japan, and Europe. The company has collaborations with customers in 4around 120 countries and a long-term partnership with its clients.
Ethicon US, LLC - Ethicon US, LLC provides solutions to healthcare professionals and is an integral part of the Johnson & Johnson family of companies. The company has manufacturing facilities, innovation centers, and sales centers in 50 countries across the globe. It has a unique playlist of videos for its medical devices used in procedures, which help brand and demonstrate their use in various surgical specialties.
FUJIFILM Corporation - FUJIFILM Corporation provides medical informatics solutions and diagnostic imaging products to meet the needs of healthcare providers. The company offers digital X-ray systems with digital radiography and CR technologies. Its imaging solutions include Synapse and RIS/PACS for radiology and cardiology. In addition, its endoscopy and ultrasound solution brands include Fazone CB and FUJINON. Its U.S.-based business operates in 27 states and has a presence in medical, life sciences, chemical, electronic, information systems, and other industries.
Stryker - Stryker operates in three business segments: orthopedics, medical surgeries, and neurotechnology & spine. The company has various products, including joint replacement solutions, trauma-related products, micro & spinal implant systems, powered surgical instruments, endoscopic products, ortho biologics, patient handling equipment, surgical navigation systems, and emergency equipment. The company has a presence in more than 75 countries. It sells products through its sales subsidiaries, branches, and third-party dealers & distributors.
CONMED Corporation - CONMED Corporation is a medical technology company specializing in equipment and surgical devices for minimally invasive procedures. The company’s products cater to surgeons and physicians in a variety of specialties, including general surgery, orthopedics, gynecology, gastroenterology, and neurosurgery. The company manufactures and markets products in arthroscopy, laparoscopy, gastroenterology, powered surgical instruments, critical care, pulmonary, & cardiology. With around 40 years of experience, the company has manufacturing and distribution facilities worldwide.
Karl Storz GmbH & Co., KG - Karl Storz GmbH & Co. KG is a privately held global healthcare company engaged in designing, developing, manufacturing, and selling medical instruments & devices. The company offers medical instruments for various applications, such as neuroendoscopy, emergency medicine & anesthesia, thoracic surgery, photodynamic diagnosis, gastroenterology, urology, gynecology, sports medicine & arthroscopy, proctology, microscopy, pediatrics, and hygiene. In gynecology, the company plays a significant role in manufacturing gynecological endoscopes. It offers around 15,000 endoscopic instruments and provides endoscopes for human medicine, veterinary medicine, & industrial purposes. The company marked its global presence by providing business solutions in 40 countries worldwide.
Richard Wolf Medical Instruments - Richard Wolf Medical Instruments is a privately held company engaged in developing, manufacturing, and marketing medical instruments for minimally invasive surgeries & endoscopies, including extracorporeal shock wave lithotripsy & technical endoscopy. The company offers video scopes, borescopes, blending scopes, and elastoscopes. It markets products in Germany, Asia, Europe, America, Oceania, Africa, and Australia. The company has 18 subsidiaries and 130 distributors scattered across the globe and owns operations in Africa, Asia, the Americas, Australia, Europe, & Germany.
Medtronic Plc - Medtronic Plc is a leading medical technology company that specializes in the production and promotion of a diverse portfolio of medical devices, services, & therapies for the management of chronic conditions, including heart disease, spinal conditions, neurological disorders, vascular diseases, & diabetes. With a presence in the U.S., Europe, and the Asia Pacific, it caters to the needs of physicians, patients, & clinicians. The company’s operating divisions, including cardiovascular, spinal, and neuromodulation, encompass cardiac rhythm disease management, diabetes, and surgical technologies. The company’s global reach extends to over 155 countries, positioning it as a prominent player in the medical technology industry.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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