Impact Analysis of Covid-19
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The Global Endoscopes Market, by Product Type (Endoscopes, Visualization System, Endo Therapy Devices, and Others), by Endoscope Type (Rigid, Flexible, and Capsule) by Applications (Gastroenterology, Arthroscopy, General Surgery, Pulmonology, Urology, Gynecology, and Others), by End User (Hospitals, Clinics and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 29,151 million in 2017 and is estimated to exhibit a CAGR of 6.6% over the forecast period (2018-2026).
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The endoscope devices market is expected to witness significant growth over the forecast period, which is attributed to rising adoption of endoscopic procedures, globally for diagnosis and treatment of various disease, especially GI tract associated disease. Moreover, endoscopic procedures are minimally invasive and efficient for diagnosis and surgical purpose. Furthermore, advantages offered by endoscopy include less post-operative pain, lowers risks of complications after surgery, and reduces hospital stay due to rapid healing, and these factors are expected to drive the market growth.
Among regions, North America region is expected to hold a dominant position in the market, over the forecast period, owing to increasing number of endoscopic procedures in the region. For instance, according to the American Society for Gastrointestinal Endoscopy, 2016, around 20 million gastro intestinal endoscopic procedures are performed each year in the U.S. Moreover increasing prevalence of gastro esophageal reflux disease (GERD) is further expected to drive growth of the endoscopes market in the region. For instance, according to a review study published in journal Gut in 2014, North America faces prevalence of GERD in the range of 18-28%, Europe has annual prevalence in the range of 9-26%. Other prominent region include South America (23%) and Middle East (9-33%).
Additionally, Europe is estimated to witness significant growth in the endoscopes market, over the forecast period, owing to rising geriatric population in the region. For instance, according to the United Nations 2017 report, Europe currently has highest percentage (25% of entire population) of old age population. Old age people often suffer from GI tract (Cancer, IBD) and other disease, in addition they are most prone to orthopedic trauma and disease. Therefore, increasing number of endoscope procedures such as GI endoscopy and arthroscopy are expected to propel growth of the endoscope market over the forecast period.
Browse 65 Market Data Tables and 40 Figures spread through 200 Pages and in-depth TOC on “Endoscopes Market”- by Product Type (Endoscopes, Visualization System, Endo Therapy Devices and Others), by Endoscope Type (Rigid, Flexible, and Capsule), by Applications (Gastroenterology, Arthroscopy, General Surgery, Pulmonology, Urology, Gynecology, and Others), By End User (Hospitals, Clinics, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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New product launches, collaboration, and mergers by key players are expected to drive growth of the endoscopes market
Key players in the market are focusing on launching innovative products in the endoscopy market to strengthen their position in the global market. Moreover, these new products offers various benefits such as minimum invasion, better visualization, efficient performance for diagnosis, and treatment. For instance, in December 2017, DePuy Synthes launched PUREVUE Visualization System at the Orthopedic Summit 2017. It is an imaging platform for minimally invasive endoscopic surgery that is equipped with a light source, image processer, local image management, intuitive touch-screen navigation, and customizable settings for various minimally invasive surgery (MIS). Similarly, in March 2017, Olympus Corporation launched the VISERA ELITE II, a surgical endoscope system with an Infra-Red (IR) imaging capability, and announced to expand product in different regions such as in Japan, Europe, and parts of Asia by end of 2017. Additionally, Pentax Medical along with Hitachi Medical Systems in September 2017, jointly launched a new ultrasound video bronchoscope for endo bronchial ultrasound (EBUS).
Furthermore, companies are focusing on strategic mergers and acquisitions, in order to increase market presence and diversify product portfolio. For instance, in February 2018, Stryker Corporation acquired Entellus Medical Inc., a medical technology company that offers products in minimally invasive treatment of various ear, nose and throat (ENT) diseases, imaging solution, HD wireless camera, and surgical instrument section, which would complement Stryker’s portfolio and would strengthen the same. Similarly, in 2015, DePuy Synthes acquired Utah-based Olive Medical Corporation and entered the arthroscopic visualization market to serve patients with knee, hip, and shoulder joint pain or injury.
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Key Takeaways of the Endoscopes Market:
- The global endoscopes market is expected to exhibit a CAGR of 6.6% over the forecast period, attributed to increasing prevalence of GI tract associated and other chronic disease, globally, coupled with rising number of endoscopic procedures. Furthermore rising number of geriatric population is expected to drive growth of the market over the forecast period.
- Among products, endoscopes and visualization segment is expected to hold a dominant position in the market over the forecast period, attributed to new product launches by key players with increased preference for minimally invasive procedures. Flexible endoscopes are expected to dominate the market over other types of endoscopes and capsule endoscopes is steadily gaining market share.
- Amongst applications, GI endoscopy segment is expected to hold a dominant position in the market. Whereas amongst end users, hospitals is expected to account for significant market share over the forecast period due to increased hospitalization and larger benefit of reimbursement with hospitals.
- Among regions, North America is expected to hold a dominant position in the endoscopes market, followed by Europe. The regional growth is attributed to high prevalence of chronic GI tract disease including cancer (Colon, Stomach) in the U.S., which is expected to propel demand for endoscope procedures. Moreover, Europe is expected to gain significant traction over the forecast period, owing to increasing number of geriatric population. Furthermore, countries such as Japan in Asia Pacific region are estimated to witness similar trends such as its western counterpart. Other middle income economies are expected to offer lucrative growth opportunities in the market due to availability of advanced healthcare infrastructure and steady growth in disease management.
- Major players operating in the endoscope market include Medtronic plc. Olympus Corporation, Hoya Corporation, Fujifilm Holdings Corporation, CONMED Corporation, Stryker Corporation, DePuy Synthes, Boston Scientific Corporation, Smith, and Nephew and Cook Medical, Inc.
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