Product Launches and Expansions-Major Growth Strategies Adopted by Key Players in the Flexible & Semi-Rigid Ureteroscopy Market
The flexible & semi-rigid ureteroscopy market is expected to reach USD 1,054.1 million by 2023 from USD 809.6 million in 2018, at a CAGR of 5.4%. Factors driving the growth of this market include the increasing incidence of urolithiasis and technological advancements in ureteroscopy devices.
The flexible & semi-rigid ureteroscopy market is consolidated in nature, with a few players holding a dominant share of the market. The major players in this market are Olympus (Japan), Stryker (US), Boston Scientific (US), KARL STORZ (Switzerland), Richard Wolf (Germany), ELMED Medical Systems (Turkey), Rocamed (France), Maxer Endoscopy (Germany), ProSurg (US), and Vimex Endoscopy (Poland).
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The key strategies followed by most companies in the flexible & semi-rigid ureteroscopy market are product launches, acquisitions, and expansions. These strategies accounted for the largest share of the overall growth strategies mapped from 2015 to 2018. Some of the leading players who adopted this strategy include Boston Scientific (US), KARL STORZ (Switzerland), Richard Wolf (Germany), and ELMED Medical Systems (Turkey).
In 2017, Olympus (Japan) accounted for the largest share of the flexible & semi-rigid ureteroscopy market. The company has reported an increase in sales in overseas markets, including important emerging markets such as Central and South America, China, Russia, and the Middle East. Olympus focuses on leveraging its competitive flexible ureteroscopes to expand its share and sales. The company invests heavily in research activities. In 2017, it invested ~10% of its total revenue in R&D to enhance product development. It also has a strong brand image and wide geographic presence in the market.
Stryker (US) accounted for the second-largest share of the flexible & semi-rigid ureteroscopy market in 2017. The company strengthened its position in this market by offering high-quality, advanced products to end users. The R&D expenditure of the company increased from USD 715 million in 2016 to USD 787 million in 2017. This increased spending on R&D activities enhances the company’s product development capabilities.
Boston Scientific (US) held the third position in the flexible & semi-rigid ureteroscopy market in 2017. The company operates through three segments-Cardiovascular, Rhythm Management, and MedSurg. The company operates in the flexible & semi-rigid ureteroscopy market through its MedSurg segment. It focuses on launching new products and technologies to enhance its product line. For example, in 2016, the company launched the LithoVue Single-Use Digital Flexible Ureteroscope.
Related Reports:
Flexible & Semi-rigid Ureteroscopy Market by Product (Flexible Ureteroscopes, Semi-rigid Ureteroscopes), Application (Urolithiasis, Urinary Stricture, Kidney Cancer), End User (ASCS, Hospitals), and Region (US, Canada, Asia, Europe) - Global Forecast to 2023
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