PENTAX Medical , a division of Hoya Group, in collaboration with Shanghai Aohua Photoelectricity Endoscope (AOHUA) has created a joint venture (JV) company to develop products in the field of flexible medical endoscopy.
In addition to providing global endoscopy solutions, the new JV named PENTAX-Aohua Medical Technologies will initially focus on the needs of emerging markets.
According to reports, flexible endoscopy has a global market of $2.5bn and is growing at an average of 5% per annum.
PENTAX Medical chief marketing officer David Woods said: "The complementary nature of PENTAX Medical and AOHUA's capabilities will address key healthcare challenges, and our two companies share a vision of delivering improved healthcare through early detection of cancer and other GI diseases in these growing markets."
Headquartered in Asia, the new JV plans to develop and commercialise products beginning with key emerging markets in Asia, Latin America, Eastern Europe, Middle East and Africa.
PENTAX Medical global president Gerald Bottero said: "Instilling clinical confidence by delivering high performance, reliability and value to our customers is at the core of everything we do.
"Now PENTAX Medical along with AOHUA looks forward to offering endoscopy solutions in the emerging countries all over the world."
According to AOHUA CEO Xiaozhou Gu, the new JV will provide the company with the immediate opportunity to reach more patients across the world.
HOYA Corporate Development global head and chief legal officer Augustine Yee said: "This collaboration brings together combined strengths of PENTAX Medical's global infrastructure and the capabilities and knowledge of the leading endoscope company in China."