HOME › Research Insight › Ethicon, Olympus Corporation, and Covidien Compete in the Endoscopy Market, Seeking Competitive Advantage through New Product Launches, Acquisitions, Expansions, Agreements, Partnerships, and Joint Ventures
Ethicon, Olympus Corporation, and Covidien Compete in the Endoscopy Market, Seeking Competitive Advantage through New Product Launches, Acquisitions, Expansions, Agreements, Partnerships, and Joint Ventures
Over the years, endoscopy has evolved significantly and is widely used for the diagnosis and treatment of various disorders like cancer, GERD, and obesity, among others. In the past few years, the market has witnessed significant technological advancements, as companies have introduced new endoscopy and camera systems. This has aided in the diagnosis and treatment of diseases and has also helped to increase the efficiency of endoscopy procedures and enable better patient care. This technologically driven market has witnessed a large number of offerings by big as well as small companies. Since most endoscopy systems have a large number of components, the key players dominate the market for different product categories of endoscopy products. For instance, Olympus Corporation (Japan) dominates the market for GI endoscopy products whereas Given Imaging (Israel) dominates the market for capsule endoscopy.
Based on the revenues gained from endoscopy products, the overall endoscopy products market is dominated by six major players contributing to approximately XX% of the endoscopy market. These players include Ethicon (Johnson & Johnson Company) (U.S.), Olympus Corporation (Japan), Covidien Plc (Ireland), Karl Storz GmbH & Co. KG (Germany), Boston Scientific, Inc. (U.S.), and Stryker Corporation (U.S.).
Ethicon—with its comprehensive product portfolio, broad range of services, and a strong sales force—accounts for the largest share of the endoscopy market. The list of products offered by the firm includes Endo devices, suturing devices, endoscopic hand instruments, electrosurgical and irrigation devices, uterine manipulators, laparoscopic bipolar forceps, and ENDOPATH multifeed staplers. The firm primarily focuses on product innovations as a growth strategy. In line with this strategy, the company launched as many as six new products during 2010 to 2012 and was supported by an R&D intensity of nearly XX% in 2012.
Olympus Corporation provides stiff competition by providing cost-saving options on its endoscopy products to its customers. The company has a strong presence in the emerging markets in Asia, which is also the fastest-growing market for endoscopy equipment. With a string focus on innovation, the company launched the world’s first surgical energy device named THUNDERBEAT. The product is capable of simultaneously delivering bipolar high-frequency and ultrasonic energies. THUNDERBEAT is expected to increase the company’s presence in several application areas such as otorhinolaryngology and orthopedics.
Covidien Plc (Ireland) is another upcoming player in the endoscopy equipment market. The company launched XX products from 2010 to 2013, which has helped to expand its product portfolio. Moreover, Covidien has also strategically acquired a number of companies, which has further helped to expand its product offerings. A significant acquisition was that of Given Imaging (a market leader in the capsule endoscopy market). This move helped to strengthen Covidien’s presence in the $X billion gastrointestinal market. Thus, the company closely follows Ethicon and Olympus with its aggressive acquisitions.
The other key players also follow various key growth strategies such as new product launches, acquisitions, expansions, agreements, partnerships, collaborations, and joint ventures. For instance, Smith & Nephew undertook the highest number of acquisitions while Richard Wolf GmbH launched the largest number of new products from 2010 to 2013. Furthermore, Hoya Corporation has been the most aggressive and competent firm in the same period. The firm has actively implemented most of the above mentioned strategies. Thus, companies are investing efforts and resources in these strategies that help them gain a competitive advantage in the endoscopy equipment market.
Endoscopy Equipment Market by Endoscopes (Rigid, Flexible, Capsule), by Visualization Systems (HD, 3D Camera, Wireless Display & Monitor), Others (Endoscopic Ultrasound, Carts), by Application (Colonoscopy, GI Endoscopy) - Global Forecasts to 2018
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