The Global Endoscopy Devices Market is anticipated to grow at a CAGR of 5.7% from 2016 to 2022, and reach $40,854 million by 2022 from $27,273 million in 2015. 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.
The key players that operate in the global endoscopy devices market include Olympus Corporation, HOYA Corporation, Fujifilm, Holdings Corporation, Boston Scientific Corporation, CONMED Corporation, Stryker Corporation, Smith & Nephew Plc, Medtronic Plc, KARL STORZ GmbH & Co. KG, and Johnson & Johnson. Other players in the value chain include B. Braun Melsungen AG, Cook Medical, Arthrex Inc., Frontier Healthcare, Minntech Corporation (Subsidiary of Cantel Medical Corp.), Advanced Sterilization Products Services Inc., Richard Wolf GmbH, STERIS Corporation, Siemens Healthcare, US Endoscopy Group, and others
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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. In addition, growth in baby boomer generation with high risk of targeted diseases, rise in awareness about novel endoscopy devices, and patient preference for the minimally invasive nature of endoscopy devices propel the market growth. Modern endoscopy techniques have revolutionized the examination and treatment of upper gastrointestinal tract (including esophagus, stomach, and duodenum) and the colon. Increase in adoption of innovative endoscopy devices such as capsule endoscopes and robot-assisted endoscopy along with ultra-high-definition visualization systems further augments the market growth. However, the dearth of skilled physicians & endoscopists, high cost of the sophisticated endoscopy devices, and infections caused by a few endoscopes impede the market growth.
North America accounted for the major share in the endoscopy devices market in2015, and is expected to maintain this trend throughout the forecast period. This is due to the rise in prevalence of chronic diseases coupled with increase in geriatric population, high adoption rate of technologically advanced endoscopy devices, and high awareness regarding the benefits of endoscopy interventions. In addition,presence of highly sophisticated healthcare infrastructure, rise in measures for preventive healthcare, and favorable reimbursement scenario propelled the market growth.
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Endoscopy devices have other end users such as standalone diagnostic laboratories and academic & research centers. Different hospitals and contract research organization (CROs) frequently collaborate to share their respective services so as to execute rapid and precise endoscopy operations. Academic and research laboratories are tertiary users of endoscopic services.
Academicians, scientists, and researchers involved in the field of health and medicine utilize the endoscopic technologies to study the onset of diseases such as cancer. The researchers study endoscopy procedures through laboratory programs that focus on clinical trials. Research in these laboratories primarily targets design and development of new tools and techniques to improve the diagnosis and treatment of several endoscopic challenges.
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