Endoscopy devices are minimally-invasive diagnostic medical devices used to assess the internal organs of the body. Endoscopy devices are used to investigate unusual symptoms and perform certain types of surgery. An endoscopy device has a flexible tube with an attached camera, which allows the doctor to view potential threats without a large incision. Therapeutic endoscopy devices are modified endoscopes with surgical instruments attached to them to carry surgeries to remove kidney stones, fibroids. The simplicity of the procedure with minimal post operation complications makes it the most preferred and pursued procedure in surgery and diagnostics. The diverse applications of endoscopes to diagnose and treat various diseases has increased the adoption of flexible endoscopes across different healthcare settings. These devices include operative devices and visualization systems, which gives direct insight of the organs for efficient treatment, unlike other medical imaging devices.
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Increasing prevalence of chronic diseases in the elderly population will boost the endoscopy device market
According to the World Health Organization in 2011, the world’s population aged 60 years will double from 11% in 2000 to 22% by 2050. A central factor that boosts the endoscopy device market is the increase in number of elderly people prone to cancer, orthopedic, ophthalmic gastrointestinal diseases. With the constant increase in the elderly people, age-linked ailments are expected to escalate sharply, thus driving the demand and consumption of endoscopy devices. Also, endoscopy assures low-risk procedures and are easily covered by health insurance. Additionally, high prevalence of diseases requiring endoscopy for diagnosis and treatment, rising geriatric population, technological advancements, FDA approvals, reimbursement policies are the other factors driving the endoscopy device market.
Visualization systems segment holds the lion share in the endoscopy device market
The global endoscopy device market is segmented on the basis of product type, applications, end user and geography.
On the basis of product type, the global endoscopy equipment market is segmented into:
- Rigid Endoscopes
- Flexible Endoscopes
- Capsule Endoscopes
- Surgical Endoscopes
- Robot-assisted Endoscopes
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On the basis of applications, global endoscopy equipment market is segmented into:
- Gastrointestinal Endoscopy
- Gynecology Endoscopy
- Urology Endoscopy
On the basis of end user, global endoscopy equipment market is segmented into:
- Ambulatory Surgical Centers
The advanced 3D imaging gives depth perception and is expected to dominate North American endoscopy equipment market
Regional segmentation of the global endoscopy equipment market by Coherent Market Insights comprises North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. According to the World Journal of Gastrointestinal Endoscopy in 2016, 7 million people in the U.S. have symptoms of Gastroesophageal Reflux Disorder (GERD) and is expected to reach around 9 million by 2025. North America has therefore dominated the global endoscopy equipment market with the increasing prevalence of diseases and approved government grants. Europe is likely to witness surging demand as a result of rapidly aging population, increased obesity rates, growing incidence of associated disease technological advancements and improved reimbursement status. According to the Journal of Neurogastroenterology in 2011, the prevalence of endoscopic reflux esophagitis in East Asia was 6% in 2005 which has increased to 15% in 2015. Therefore, increasing affluence and number of private hospitals, expansion to rural healthcare facilities play an important role in boosting the demand in China and India in the Asian market.
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Robot-assisted endoscopic devices are expected to increase in demand in the future
The key players in the global endoscopic devices market include Artherx Inc., Boston Scientific Corporation, Conmed Corporation. Covidien has the largest market for capsule endoscopy due to the increased preference amongst physicians globally. Other vendors include Olympus Corporation, Ethicon, Karl Storz GmbH, Fujifilm Holding Corporation, Richard Wolf GmbH.
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