The North America Endoscopy Devices Market was worth $12.40 billion in 2016 and estimated to be growing at a CAGR of 6.95%, to reach $17.35 billion by 2021. Endoscopy consists of methods which are cost-effective ensuing in fewer complications post-surgery and negligible scars in the body.
These surgeries also decrease the length of stay of the patient at the hospital. Devices such as endoscopes, visualization systems, and operative devices give direct insight inspection of the organs, unlike other medical imaging tools.
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The growth of the North America Endoscopy Devices Market is mainly driven by factors such as increasing investments, and grants by administration bodies worldwide. In addition, growing patient predilection for minimally invasive operations, technological advancements, favourable reimbursement coverage, growing geriatric population are some of the other important factors contributing towards the market growth. However, the issue of strict regulation of endoscopic devices is one of the major reason hindering the growth of the market.
The North America Endoscopy Devices market is segmented based on product and application. The market for Endoscopy Devices, on the basis of product, is segmented into Endoscopes, Visualization Systems, other endoscopy Equipment, and Accessories. Endoscopes are further segmented into flexible, rigid, and capsule endoscopes. On the basis of Application, the North America Endoscopy Devices market is segmented into Laparoscopy, Bronchoscopy, GI Endoscopy. The endoscopes segment accounts for the largest share of the market in 2015. This is attributed to the invention of technologically innovative endoscopes by manufacturers and increased public awareness.
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The North America market has been geographically segmented into segmented into US and Canada. North America holds the largest share of the global Endoscopy Devices market and this is attributed to a number of factors such as favourable reimbursement situation in the U.S., growing incidences of cancer in the U.S. and Canada, study on new technologies in the U.S., and new funding model for Canadian hospitals.
The major companies dominating the market in this region are Ethicon, Stryker Corporation, Karl Storz GmbH, Boston Scientific Inc., Olympus Corporation, Covidien Plc, Smith and Nephew Inc., Fujifilm Holding Corporation.
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