查看購物車
  • English
  • Japanese
  • Korean
封面
市場調查報告書
商品編碼
1943677

十二指腸鏡市場 - 全球產業規模、佔有率、趨勢、機會及預測（按產品、應用、最終用戶、地區和競爭格局分類），2021-2031年

Duodenoscopes Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product, By Application, By End User, By Region & Competition, 2021-2031F
出版日期: | 出版商: TechSci Research | 英文 185 Pages | 商品交期: 2-3個工作天內

價格

We offer 8 hour analyst time for an additional research. Please contact us for the details.

簡介目錄

全球十二指腸鏡市場預計將從 2025 年的 1.818 億美元成長到 2031 年的 2.5053 億美元，複合年成長率為 5.49%。

這些專用側視鏡主要用於內視鏡逆行性造影（ERCP），以觀察和治療胰管和膽管內的病變。市場成長主要受胃腸道疾病盛行率上升和人口老化對微創手術需求增加的推動。美國癌症協會預測，到2024年，美國將新增約66,440例胰臟癌病例，凸顯了對強大的診斷和治療性內視鏡設備的迫切需求。

市場概覽
預測期 2027-2031
市場規模：2025年 1.818億美元
市場規模：2031年 2.5053億美元
複合年成長率：2026-2031年 5.49%
成長最快的細分市場 軟性十二指腸鏡
最大的市場 北美洲

然而，可重複使用醫療器材的再處理過程中持續存在的細菌感染風險，嚴重阻礙了市場擴張。這些內視鏡複雜的機械設計使得徹底清潔和消毒變得困難，從而增加了潛在的感染風險和患者安全隱患。這個問題導致醫療機構加強監管審查，操作流程也更加複雜，大大限制了傳統可重複使用十二指腸鏡的廣泛阻礙因素。

市場促進因素

全球胰膽及消化器官系統疾病發病率的上升是市場成長的主要促進因素，持續推高了治療性介入的需求。膽管結石和惡性腫瘤等疾病發生率的增加，推動了內視鏡逆行性造影（ERCP）手術數量的成長，因此需要穩定的高性能器械供應。這種需求的激增也反映在主要企業的財務表現中。例如，波士頓科學公司在2024年3月發布的2023年度報告中指出，其內視鏡部門的淨銷售額達到24.82億美元，較前一年成長11.7%。此外，胰臟癌行動網在2024年1月的一篇報導中指出，預計2024年將有約51,750名美國人死於胰臟癌，凸顯了對高效內視鏡介入工具的迫切需求。

同時，為降低交叉感染風險，一次性十二指腸鏡的快速普及正在重塑市場格局。可重複使用的十二指腸鏡由於其複雜的升降機構難以徹底消毒，持續存在患者間細菌傳播的風險。出於安全考慮，醫療機構擴大採用無菌一次性內視鏡，從而避免了重複處理，並降低了感染風險。這一轉變也獲得了顯著的商業性動力。 Amb A/S 在 2024 年 11 月發布的 2023/24 年度報告中指出，其內視鏡解決方案業務的有機收入成長了 19.7%，這主要得益於一次性技術的日益普及。這一趨勢反映了整個行業向一次性平台的轉變，以確保符合日益嚴格的感染控制監管標準。

市場挑戰

可重複使用器械的再處理過程中持續存在的細菌傳播風險是限制全球十二指腸鏡市場發展的主要阻礙因素。這些器械複雜的機械設計為清潔和消毒帶來了巨大挑戰，顯著增加了病患感染的可能性。這項安全隱患迫使醫療機構實施嚴格且耗時的滅菌通訊協定，導致手術量減少和營運成本增加。因此，日益嚴格的監管和責任風險阻礙了傳統重複使用模式的大規模推廣，並限制了整體市場成長。

為了支持這項限制，ECRI 將不充分或繁瑣的設備清潔程序列為 2024 年第二大醫療技術危害。這項分類說明了整個產業在再處理複雜醫療設備所面臨的挑戰，並顯示了限制可重複使用十二指腸鏡領域擴充性的高營運負擔。

市場趨勢

新一代膽道影像視覺化技術的開發正在改變臨床標準，顯著提升複雜內視鏡手術中黏膜結構的顯像效果。先進的影像處理和高清對比模式等創新技術正在取代傳統的白光成像，使內視鏡醫師能夠更清晰地觀察乳頭和胰膽管的解剖結構，從而提高插管成功率。隨著醫院更新設備以支援更強大的診斷能力，這項技術變革正迅速獲得商業性認可。例如，Olympus Corporation在2024年5月發布的「2024會計年度合併會計」公告中指出，其先進的EVIS X1系列產品在第四季度的銷售額約佔胃腸內鏡總銷售額的30%，這表明市場對先進成像平台的需求強勁。

同時，針對一次性內視鏡手術的特定報銷代碼的擴展，正在消除先前阻礙一次性器械普及的財務障礙。隨著臨床實務中無菌器材的普及，過渡期內實施的轉付支付和單獨計費代碼對於使這些高成本耗材在醫療機構中具有經濟可行性至關重要。這種財務支持與一次性十二指腸鏡使用量的增加直接相關，因為醫院利用這些經濟框架來平衡預算。為了佐證這一趨勢，波士頓科學公司在2024年10月的第三季財報電話會議上宣布，其內鏡部門的Exalt Model D一次性十二指腸鏡實現了兩位數的銷售成長，這表明改進的報銷結構正在加速一次性解決方案的商業性擴充性。

目錄

第1章概述

第2章調查方法

第3章執行摘要

第4章：客戶評價

第5章 全球十二指腸鏡市場展望

  • 市場規模及預測
    • 按金額
  • 市佔率及預測
    • 依產品分類（軟式十二指腸鏡、硬式十二指腸鏡）
    • 透過應用（診斷、治療）
    • 按最終使用者（醫院/診所、門診護理中心、其他）
    • 按地區
    • 按公司（2025 年）
  • 市場地圖

第6章 北美十二指腸鏡市場展望

  • 市場規模及預測
  • 市佔率及預測
  • 北美洲：國家分析
    • 美國
    • 加拿大
    • 墨西哥

7. 歐洲十二指腸鏡市場展望

  • 市場規模及預測
  • 市佔率及預測
  • 歐洲：國家分析
    • 德國
    • 法國
    • 英國
    • 義大利
    • 西班牙

8. 亞太地區十二指腸鏡市場展望

  • 市場規模及預測
  • 市佔率及預測
  • 亞太地區：國家分析
    • 中國
    • 印度
    • 日本
    • 韓國
    • 澳洲

9. 中東和非洲十二指腸鏡市場展望

  • 市場規模及預測
  • 市佔率及預測
  • 中東和非洲：國家分析
    • 沙烏地阿拉伯
    • 阿拉伯聯合大公國
    • 南非

第10章 南美洲十二指腸鏡市場展望

  • 市場規模及預測
  • 市佔率及預測
  • 南美洲：國家分析
    • 巴西
    • 哥倫比亞
    • 阿根廷

第11章 市場動態

  • 促進要素
  • 任務

第12章 市場趨勢與發展

  • 併購
  • 產品發布
  • 最新進展

第13章 全球十二指腸鏡市場：SWOT分析

第14章：波特五力分析

  • 產業競爭
  • 新進入者的可能性
  • 供應商電力
  • 顧客權力
  • 替代品的威脅

第15章 競爭格局

  • Custom Ultrasonics, Inc.
  • Fujifilm Holdings Corporation
  • Hoya Corporation
  • KARL STORZ GmbH & Co. KG
  • Olympus Corporation
  • PENTAX Medical Company
  • Ambu A/S
  • Boston Scientific Corporation
  • EndoMed Systems
  • HOYA Corp.

第16章 策略建議

第17章：關於研究公司及免責聲明

簡介目錄
Product Code: 23724

The Global Duodenoscopes Market is projected to expand from USD 181.80 Million in 2025 to USD 250.53 Million by 2031, reflecting a CAGR of 5.49%. These specialized lateral-viewing endoscopes are primarily used during Endoscopic Retrograde Cholangiopancreatography to visualize and treat pathologies within the pancreatic and bile ducts. Market growth is largely driven by the rising prevalence of digestive disorders and an aging population that requires minimally invasive interventions. Underscoring this demand, the American Cancer Society projected that an estimated 66,440 individuals in the United States would be diagnosed with pancreatic cancer in 2024, highlighting the necessity for robust diagnostic and therapeutic endoscopic capacities.

Market Overview
Forecast Period2027-2031
Market Size 2025USD 181.80 Million
Market Size 2031USD 250.53 Million
CAGR 2026-20315.49%
Fastest Growing SegmentFlexible Duodenoscopes
Largest MarketNorth America

However, market expansion is significantly impeded by the persistent risk of bacterial transmission associated with reprocessing reusable devices. The intricate mechanical design of these scopes makes thorough cleaning and disinfection difficult, leading to potential infections and patient safety concerns. This issue has resulted in heightened regulatory scrutiny and operational complexities for healthcare facilities, thereby acting as a critical restraint on the broader adoption of traditional reusable duodenoscopes.

Market Driver

The rising global prevalence of pancreaticobiliary and gastrointestinal disorders serves as the primary catalyst for market growth, creating sustained demand for therapeutic interventions. As the incidence of conditions such as bile duct stones and malignancies increases, the volume of Endoscopic Retrograde Cholangiopancreatography (ERCP) procedures rises, necessitating a consistent supply of high-performance devices. This surge in demand is evident in the financial results of major industry players; for instance, Boston Scientific reported in its '2023 Annual Report' from March 2024 that its Endoscopy segment achieved net sales of $2.482 billion, an 11.7% increase from the prior year. Additionally, the Pancreatic Cancer Action Network noted in a January 2024 article that approximately 51,750 Americans were projected to die from pancreatic cancer in 2024, reinforcing the critical need for effective endoscopic intervention tools.

Concurrently, a rapid shift toward single-use duodenoscopes is restructuring the market landscape to mitigate cross-contamination risks. Reusable devices, due to their complex elevator mechanisms, are difficult to disinfect completely, creating a persistent threat of patient-to-patient bacterial transmission. This safety concern is driving healthcare facilities to adopt sterile, disposable scopes, which eliminate reprocessing requirements and reduce infection liability. This transition is gaining significant commercial traction, as evidenced by Ambu A/S in its 'Annual Report 2023/24' from November 2024, where the company reported organic revenue growth of 19.7% in its Endoscopy Solutions business, attributed to the widening adoption of its single-use technologies. This trend reflects a broader industry move towards disposable platforms to ensure compliance with tightening regulatory infection control standards.

Market Challenge

The persistent risk of bacterial transmission associated with reprocessing reusable devices constitutes a significant restraint on the Global Duodenoscopes Market. The intricate mechanical design of these instruments creates substantial difficulties in cleaning and disinfection, which significantly increases the potential for patient infections. This safety challenge compels healthcare facilities to implement highly rigorous and time-consuming sterilization protocols that reduce procedural throughput and escalate operational costs. Consequently, the heightened scrutiny and liability concerns discourage the widespread uptake of traditional reusable models and hamper overall market growth.

Substantiating this restraint, ECRI ranked insufficient or onerous device cleaning instructions as the second highest health technology hazard in 2024. This classification highlights the industry-wide struggle with reprocessing complex medical instruments, validating the high level of operational burden that restricts the scalability of the reusable duodenoscope segment.

Market Trends

The development of next-generation visualization technologies for biliary imaging is shifting clinical standards by enhancing the visualization of mucosal structures during complex endoscopic procedures. Innovations such as advanced image processing and high-definition contrast modes are increasingly replacing standard white-light imaging, enabling endoscopists to better visualize the papilla and pancreatobiliary anatomy for improved cannulation rates. This technological shift is gaining rapid commercial acceptance as hospitals upgrade their capital equipment to support superior diagnostic capabilities. Highlighting this adoption, Olympus Corporation noted in its 'Consolidated Financial Results for Fiscal 2024' presentation in May 2024 that the sales ratio of the company's advanced EVIS X1 series rose to approximately 30 percent of its total gastrointestinal endoscopy sales in the fourth quarter, signaling a strong market preference for enhanced imaging platforms.

Concurrently, the expansion of specific reimbursement codes for disposable endoscopic procedures is dismantling the financial barriers that historically impeded the uptake of single-use devices. While the clinical shift toward sterile instruments is recognized, the recent implementation of transitional pass-through payments and distinct billing codes has been the decisive factor in making these high-cost consumables economically viable for healthcare providers. This financial enablement is directly correlating with increased utilization rates of disposable duodenoscopes as hospitals leverage these economic frameworks to balance their budgets. Validating this trend, Boston Scientific reported in October 2024 regarding its third-quarter results that its Endoscopy segment achieved double-digit revenue growth for the Exalt Model D single-use duodenoscope, demonstrating how improved reimbursement structures are accelerating the commercial scalability of disposable solutions.

Key Market Players

  • Custom Ultrasonics, Inc.
  • Fujifilm Holdings Corporation
  • Hoya Corporation
  • KARL STORZ GmbH & Co. KG
  • Olympus Corporation
  • PENTAX Medical Company
  • Ambu A/S
  • Boston Scientific Corporation
  • EndoMed Systems
  • HOYA Corp.

Report Scope

In this report, the Global Duodenoscopes Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Duodenoscopes Market, By Product

  • flexible duodenoscopes
  • rigid duodenoscopes

Duodenoscopes Market, By Application

  • diagnostics
  • therapeutics

Duodenoscopes Market, By End User

  • Hospitals & Clinics
  • Ambulatory Care Centers
  • Others

Duodenoscopes Market, By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • France
    • United Kingdom
    • Italy
    • Germany
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
  • South America
    • Brazil
    • Argentina
    • Colombia
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Duodenoscopes Market.

Available Customizations:

Global Duodenoscopes Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Table of Contents

1. Product Overview

  • 1.1. Market Definition
  • 1.2. Scope of the Market
    • 1.2.1. Markets Covered
    • 1.2.2. Years Considered for Study
    • 1.2.3. Key Market Segmentations

2. Research Methodology

  • 2.1. Objective of the Study
  • 2.2. Baseline Methodology
  • 2.3. Key Industry Partners
  • 2.4. Major Association and Secondary Sources
  • 2.5. Forecasting Methodology
  • 2.6. Data Triangulation & Validation
  • 2.7. Assumptions and Limitations

3. Executive Summary

  • 3.1. Overview of the Market
  • 3.2. Overview of Key Market Segmentations
  • 3.3. Overview of Key Market Players
  • 3.4. Overview of Key Regions/Countries
  • 3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Duodenoscopes Market Outlook

  • 5.1. Market Size & Forecast
    • 5.1.1. By Value
  • 5.2. Market Share & Forecast
    • 5.2.1. By Product (flexible duodenoscopes, rigid duodenoscopes)
    • 5.2.2. By Application (diagnostics, therapeutics)
    • 5.2.3. By End User (Hospitals & Clinics, Ambulatory Care Centers, Others)
    • 5.2.4. By Region
    • 5.2.5. By Company (2025)
  • 5.3. Market Map

6. North America Duodenoscopes Market Outlook

  • 6.1. Market Size & Forecast
    • 6.1.1. By Value
  • 6.2. Market Share & Forecast
    • 6.2.1. By Product
    • 6.2.2. By Application
    • 6.2.3. By End User
    • 6.2.4. By Country
  • 6.3. North America: Country Analysis
    • 6.3.1. United States Duodenoscopes Market Outlook
      • 6.3.1.1. Market Size & Forecast
        • 6.3.1.1.1. By Value
      • 6.3.1.2. Market Share & Forecast
        • 6.3.1.2.1. By Product
        • 6.3.1.2.2. By Application
        • 6.3.1.2.3. By End User
    • 6.3.2. Canada Duodenoscopes Market Outlook
      • 6.3.2.1. Market Size & Forecast
        • 6.3.2.1.1. By Value
      • 6.3.2.2. Market Share & Forecast
        • 6.3.2.2.1. By Product
        • 6.3.2.2.2. By Application
        • 6.3.2.2.3. By End User
    • 6.3.3. Mexico Duodenoscopes Market Outlook
      • 6.3.3.1. Market Size & Forecast
        • 6.3.3.1.1. By Value
      • 6.3.3.2. Market Share & Forecast
        • 6.3.3.2.1. By Product
        • 6.3.3.2.2. By Application
        • 6.3.3.2.3. By End User

7. Europe Duodenoscopes Market Outlook

  • 7.1. Market Size & Forecast
    • 7.1.1. By Value
  • 7.2. Market Share & Forecast
    • 7.2.1. By Product
    • 7.2.2. By Application
    • 7.2.3. By End User
    • 7.2.4. By Country
  • 7.3. Europe: Country Analysis
    • 7.3.1. Germany Duodenoscopes Market Outlook
      • 7.3.1.1. Market Size & Forecast
        • 7.3.1.1.1. By Value
      • 7.3.1.2. Market Share & Forecast
        • 7.3.1.2.1. By Product
        • 7.3.1.2.2. By Application
        • 7.3.1.2.3. By End User
    • 7.3.2. France Duodenoscopes Market Outlook
      • 7.3.2.1. Market Size & Forecast
        • 7.3.2.1.1. By Value
      • 7.3.2.2. Market Share & Forecast
        • 7.3.2.2.1. By Product
        • 7.3.2.2.2. By Application
        • 7.3.2.2.3. By End User
    • 7.3.3. United Kingdom Duodenoscopes Market Outlook
      • 7.3.3.1. Market Size & Forecast
        • 7.3.3.1.1. By Value
      • 7.3.3.2. Market Share & Forecast
        • 7.3.3.2.1. By Product
        • 7.3.3.2.2. By Application
        • 7.3.3.2.3. By End User
    • 7.3.4. Italy Duodenoscopes Market Outlook
      • 7.3.4.1. Market Size & Forecast
        • 7.3.4.1.1. By Value
      • 7.3.4.2. Market Share & Forecast
        • 7.3.4.2.1. By Product
        • 7.3.4.2.2. By Application
        • 7.3.4.2.3. By End User
    • 7.3.5. Spain Duodenoscopes Market Outlook
      • 7.3.5.1. Market Size & Forecast
        • 7.3.5.1.1. By Value
      • 7.3.5.2. Market Share & Forecast
        • 7.3.5.2.1. By Product
        • 7.3.5.2.2. By Application
        • 7.3.5.2.3. By End User

8. Asia Pacific Duodenoscopes Market Outlook

  • 8.1. Market Size & Forecast
    • 8.1.1. By Value
  • 8.2. Market Share & Forecast
    • 8.2.1. By Product
    • 8.2.2. By Application
    • 8.2.3. By End User
    • 8.2.4. By Country
  • 8.3. Asia Pacific: Country Analysis
    • 8.3.1. China Duodenoscopes Market Outlook
      • 8.3.1.1. Market Size & Forecast
        • 8.3.1.1.1. By Value
      • 8.3.1.2. Market Share & Forecast
        • 8.3.1.2.1. By Product
        • 8.3.1.2.2. By Application
        • 8.3.1.2.3. By End User
    • 8.3.2. India Duodenoscopes Market Outlook
      • 8.3.2.1. Market Size & Forecast
        • 8.3.2.1.1. By Value
      • 8.3.2.2. Market Share & Forecast
        • 8.3.2.2.1. By Product
        • 8.3.2.2.2. By Application
        • 8.3.2.2.3. By End User
    • 8.3.3. Japan Duodenoscopes Market Outlook
      • 8.3.3.1. Market Size & Forecast
        • 8.3.3.1.1. By Value
      • 8.3.3.2. Market Share & Forecast
        • 8.3.3.2.1. By Product
        • 8.3.3.2.2. By Application
        • 8.3.3.2.3. By End User
    • 8.3.4. South Korea Duodenoscopes Market Outlook
      • 8.3.4.1. Market Size & Forecast
        • 8.3.4.1.1. By Value
      • 8.3.4.2. Market Share & Forecast
        • 8.3.4.2.1. By Product
        • 8.3.4.2.2. By Application
        • 8.3.4.2.3. By End User
    • 8.3.5. Australia Duodenoscopes Market Outlook
      • 8.3.5.1. Market Size & Forecast
        • 8.3.5.1.1. By Value
      • 8.3.5.2. Market Share & Forecast
        • 8.3.5.2.1. By Product
        • 8.3.5.2.2. By Application
        • 8.3.5.2.3. By End User

9. Middle East & Africa Duodenoscopes Market Outlook

  • 9.1. Market Size & Forecast
    • 9.1.1. By Value
  • 9.2. Market Share & Forecast
    • 9.2.1. By Product
    • 9.2.2. By Application
    • 9.2.3. By End User
    • 9.2.4. By Country
  • 9.3. Middle East & Africa: Country Analysis
    • 9.3.1. Saudi Arabia Duodenoscopes Market Outlook
      • 9.3.1.1. Market Size & Forecast
        • 9.3.1.1.1. By Value
      • 9.3.1.2. Market Share & Forecast
        • 9.3.1.2.1. By Product
        • 9.3.1.2.2. By Application
        • 9.3.1.2.3. By End User
    • 9.3.2. UAE Duodenoscopes Market Outlook
      • 9.3.2.1. Market Size & Forecast
        • 9.3.2.1.1. By Value
      • 9.3.2.2. Market Share & Forecast
        • 9.3.2.2.1. By Product
        • 9.3.2.2.2. By Application
        • 9.3.2.2.3. By End User
    • 9.3.3. South Africa Duodenoscopes Market Outlook
      • 9.3.3.1. Market Size & Forecast
        • 9.3.3.1.1. By Value
      • 9.3.3.2. Market Share & Forecast
        • 9.3.3.2.1. By Product
        • 9.3.3.2.2. By Application
        • 9.3.3.2.3. By End User

10. South America Duodenoscopes Market Outlook

  • 10.1. Market Size & Forecast
    • 10.1.1. By Value
  • 10.2. Market Share & Forecast
    • 10.2.1. By Product
    • 10.2.2. By Application
    • 10.2.3. By End User
    • 10.2.4. By Country
  • 10.3. South America: Country Analysis
    • 10.3.1. Brazil Duodenoscopes Market Outlook
      • 10.3.1.1. Market Size & Forecast
        • 10.3.1.1.1. By Value
      • 10.3.1.2. Market Share & Forecast
        • 10.3.1.2.1. By Product
        • 10.3.1.2.2. By Application
        • 10.3.1.2.3. By End User
    • 10.3.2. Colombia Duodenoscopes Market Outlook
      • 10.3.2.1. Market Size & Forecast
        • 10.3.2.1.1. By Value
      • 10.3.2.2. Market Share & Forecast
        • 10.3.2.2.1. By Product
        • 10.3.2.2.2. By Application
        • 10.3.2.2.3. By End User
    • 10.3.3. Argentina Duodenoscopes Market Outlook
      • 10.3.3.1. Market Size & Forecast
        • 10.3.3.1.1. By Value
      • 10.3.3.2. Market Share & Forecast
        • 10.3.3.2.1. By Product
        • 10.3.3.2.2. By Application
        • 10.3.3.2.3. By End User

11. Market Dynamics

  • 11.1. Drivers
  • 11.2. Challenges

12. Market Trends & Developments

  • 12.1. Merger & Acquisition (If Any)
  • 12.2. Product Launches (If Any)
  • 12.3. Recent Developments

13. Global Duodenoscopes Market: SWOT Analysis

14. Porter's Five Forces Analysis

  • 14.1. Competition in the Industry
  • 14.2. Potential of New Entrants
  • 14.3. Power of Suppliers
  • 14.4. Power of Customers
  • 14.5. Threat of Substitute Products

15. Competitive Landscape

  • 15.1. Custom Ultrasonics, Inc.
    • 15.1.1. Business Overview
    • 15.1.2. Products & Services
    • 15.1.3. Recent Developments
    • 15.1.4. Key Personnel
    • 15.1.5. SWOT Analysis
  • 15.2. Fujifilm Holdings Corporation
  • 15.3. Hoya Corporation
  • 15.4. KARL STORZ GmbH & Co. KG
  • 15.5. Olympus Corporation
  • 15.6. PENTAX Medical Company
  • 15.7. Ambu A/S
  • 15.8. Boston Scientific Corporation
  • 15.9. EndoMed Systems
  • 15.10. HOYA Corp.

16. Strategic Recommendations

17. About Us & Disclaimer