An endoscope is a lighted, medical device used to execute diagnostic and therapeutic interventions inside the hollow cavities and visceral organs of the body such as the brain, esophagus, lungs, abdomen, gastrointestinal (GI) tract, and others.
Rise in prevalence of diseases that require endoscopy procedures such as cancers and gastrointestinal diseases is one of the prime reasons that drives the growth of Endoscopy Devices Market. the global market is expected to garner $40,854 million by 2022 from $27,273 million in 2015, registering a CAGR of 5.7% during the period 2016 to 2022. The flexible endoscopes are expected to dominate the global endoscopy devices market. North America is projected to continue its lead, accounting for more than one-third share of the global endoscopy devices market in 2015.
The endoscopy devices market is segmented based on product into endoscopes, visualization & documentation systems, mechanical endoscopy equipment, accessories, and other endoscopy equipment. Furthermore, endoscope segment is segregated into endoscopy devices, capsule endoscopy, and robot-assisted endoscopy. The flexible endoscopes hold a dominating share in the global endoscopy devices market, and is expected to maintain its lead during the forecast period. This is attributed to the diverse application of these endoscopes to diagnose and treat different diseases and increased adoption of flexible endoscopes across different healthcare settings.
Rise in incidences of cancer, gastrointestinal diseases, and other chronic diseases worldwide, owing to the growth in geriatric population, obesity, and changes in demographics & lifestyle are the major factors that drive the growth of the endoscopy devices market. In addition, technological advancement in visualization, diagnosis, & surgical endoscopic treatment; and increase in awareness of endoscopic technologies & its advantages among the patients & medical professionals stimulate the demand for endoscopic devices, thus boosting the market growth. However, numerous factors are expected to restrain the market development. The impact of the drivers is estimated to be higher than the restraints. Moreover, an increase in the effects of drivers and restraints is anticipated to reveal new market opportunities for key players manufacturing endoscopy devices, especially flexible and capsule endoscopy systems.
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Key Findings of Endoscopy Devices Market:
In the year 2015, Endoscopes was the leading product type,and is projected to grow at a CAGR of 6.0%.
Capsule endoscopy is expected to grow at a remarkable CAGR of 8.7%, owing to the minimal invasive nature, more detailed images, and simple equipment designed of vitamin pill size used widely for imaging entire small intestine specifically.
Gastrointestinal endoscopy application is projected to grow at a high CAGR of 6.8%.
U.S. alone contributed over 94% market share in North America of endoscopy devices market in 2015.
Japan is the major shareholder in Asia-Pacific, accounting for around 54.5% of the Asia-Pacific endoscopy devices market.
North America is expected to dominate the endoscopy devices market, followed by Europe.