Orbis Research shares report on Global Endoscopy Devices Market which provides the company profile, product specifications, capacity, production value, and market shares for each company
Endoscopy is a minimal invasive medical procedure used for diagnosis, prevention, and treatment of complications in the visceral organs. The device is either placed in the body through the natural openings or cavities (such as anus and mouth) or through incisions, especially in the case of arthroscopy. Endoscopy devices are equipped with several other parts such as camera or light source at the tip of endoscopes that help the physicians or medical professionals (endoscopists) to analyze the internal organs of interest. Endoscopy is used to evaluate various conditions such as stomach pain, ulcers, gastritis, digestive tract bleeding, cancerous growth in colon, and changes in bowel habits. Moreover, endoscopy is categorized based on the area of the body that are investigated such as knee & joints (arthroscopy), lungs (bronchoscopy), colon (colonoscopy), abdominal & pelvic areas (laparoscopy), and others. Increase in the incident rate of targeted diseases such as colon cancer and gastrointestinal disorders propel the demand for endoscopic devices.
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Geriatric population is at a higher risk of diseases such as orthopedic diseases, gastrointestinal conditions, ophthalmic diseases, GI cancer, and others. The demand for endoscopy devices is anticipated to grow correspondingly with the growth in the number of aforementioned cases. In addition, availability of favorable reimbursement policies and FDA approvals in developed regions coupled with the growth in preference for minimally invasive procedures supplement the market growth. Moreover, the emerging endoscopy technologies such as capsule endoscopes and robot-assisted endoscopes with lower complications, minimal scarring, reduced hospital stay, and rapid recovery propel the demand for technologically advanced endoscopy devices. However, dearth of skilled endoscopic technicians, risk of infection associated with endoscopy, and high price of endoscopy devices restrain the growth of this market. The global endoscopy devices market is projected reach $40,854 million by 2022 from $27,273 million in 2015, growing at a CAGR of 5.7% from 2016 to 2022.
The global endoscopy devices market is segmented on the basis of product, application, end user, and geography. Based on product, the global market is categorized into endoscopes, visualization & documentation systems, mechanical endoscopy equipment, accessories, and other endoscopy equipment. The endoscope segment is further classified into endoscopy devices, capsule endoscopy, and robot-assisted endoscopy. The flexible endoscopes holds the largest market share owing to the technological advancements, a wide array of applications, and fastest recovery time. This segment is thereby expected to generate a revenue of $9,340 million by 2022. The capsule endoscopy is anticipated to show highest growth rate in the endoscope type segment, expanding at a CAGR of 8.7%. Aforementioned product devices are further subcategorized in various segments. Based on application, the endoscopy devices market is classified into bronchoscopy, arthroscopy, laparoscopy, urology endoscopy, neuroendoscopy, gastrointestinal endoscopy, obstetrics/gynecology endoscopy, ENT endoscopy, and others. Among these, the laparoscopy application is the highest revenue contributor, while gastrointestinal endoscopy section is anticipated to grow at a fastest rate. Laparoscopic interventions are deemed to benefit the global endoscopy devices market, as most laparoscopy procedures are executed through minimally invasive surgical interventions that are preferred by the patient and the physicians. Moreover, the surge the need for laparoscopic surgeries for weight reduction (bariatric surgeries) in obesity and a larger geriatric population are projected to further boost the demand for laparoscopy devices.
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On the basis of end user, the endoscopy devices market is segmented into hospitals, clinics, and others. Geographically, the market is segmented across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest market share in the endoscopy devices market, and is expected to retain its dominance. Well-equipped & better financed hospitals & clinics, high adoption rate for technologically advanced products, and sophisticated healthcare infrastructure are the factors that fuel the market growth in this region. Moreover, U.S. is the target area for the top players in the market, owing to preventive measures taken by the population base and high prevalence rate of diseases such as cancer and GI diseases. However, Asia-Pacific is expected to emerge as a lucrative area with maximum growth potential, owing to the improvement in healthcare facilities, available disposable income, and rapidly developing economic conditions. However, dearth of skilled & trained endoscopists and high cost of the technologically advanced endoscopy devices hampered the market penetration in developing and underdeveloped economies.
Product development and expansion are the key strategies adopted in the endoscopy devices market. The report provides a comprehensive analysis of the key players that operate in the global endoscopy devices market.
KEY PLAYERS PROFILED
Boston Scientific Corporation
Fujifilm Holdings Corporation
KARL STORZ GmbH & Co. KG
Smith & Nephew, Plc
Johnson & Johnson
KEY MARKET BENEFITS
The study provides an in-depth analysis of the global endoscopy devices market with current trends and future estimations to elucidate the imminent investment pockets in the market.
The report provides a quantitative analysis from 2014 to 2022 to enable the stakeholders to capitalize on prevailing market opportunities.
Extensive analysis of the global endoscopy devices market, by product, helps to understand the various types of devices used for endoscopy.
Competitive intelligence highlights the business practices followed by leading market players across various geographic regions.
SWOT analysis enables to study the internal environment of the leading companies for strategy formulation.
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