Endoscopy Devices Market
Several products, such as endoscopes, endoscopic visualization equipment or accessories are highly used for chronic disorders like lung or colon cancer visualization. These products provide better imaging results for visualization of inside of the body or organ which ultimately enhances the chances of better diagnosis. The different types of endoscopy devices include flexible endoscopes or capsule endoscopes and are in high demand due to huge investments in research and development and a high rate of product launches.
Endoscopy Devices Market Size Growth Rate Analysis
According to the research report by DataM Intelligence, the Global Endoscopy Devices Market size was valued at USD YY billion in 2022; it is projected to reach USD YY billion by 2030, with growth at a CAGR of 7.3% over the forecast period 2023-2030.
Endoscopy devices are utilized for proper visualization or imaging of inside of the organ or cavity. These devices are widely used for diagnosis or treatment of any disorder linked with gastroenterology, urology, gynecology or bronchoscopy. Along with novel product launches and technological advances, the rising demand for endoscopy devices, owing to rising chronic disorders, will further support market trends for endoscopy devices through 2030.
Recent Developments in the Industry:
- In February 17, 2021, Olympus Corporation announced the launch of SIF-H190 single balloon enteroscopy solution for deep imaging of small intestine. This product aims to support efficient and safe Bronchoscopy or treatment via enhanced maneuverability.
- In November 28, 2022, Arthrex announced its U.S.-based partnership with Richard Wolf, minimally invasive surgical technology and solutions provider, to provide comprehensive product and technology offerings in gynecology, urology and general surgery.
The market has experienced significant growth, ascribed to the increasing programs or initiatives for screening of cancer, growing incidences of chronic disorders globally such as colon or lung cancer and rising research and development. The healthcare infrastructure modernization in emerging nations is funded by their governments, which will expand access to healthcare. There is a high need for endoscopy devices for better diagnosis and treatment of patients with various diseases. The global market for endoscopy devices has attractive potential due to the rise in the frequency of novel product launches and high investment in research and development in emerging nations.
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The market for global endoscopy devices needs to be improved as there are few risks associated with endoscopy devices. The high cost and risks involved in the endoscopy procedures may hinder the market’s growth. Risks like feeling bloated after the procedure, persistent pain in the endoscopy area, mild cramping, complications linked with preexisting conditions and the stringent regulatory rules for the approval of these products restrains the market in the forecast period.
Research and medical experts are developing advanced approaches to improve the outcomes of endoscopy devices. The major area of research is the latest technological advancements, such as improved technologies providing better results like capsule or disposable endoscopes, and new product launches. Increasing government organization funding in healthcare sectors is boosting the market. Growing investments is helping end users use novel technologies. Infrastructure development and rising investments are expected to provide huge opportunities for the endoscopy devices market. This will provide a lucrative opportunity for the growth of the market.
COVID-19 Impact Analysis:
The health system is under extreme strain due to the COVID-19 pandemic. The number of increasing cases due to strict regulations during COVID, such as lockdowns, caused postponed appointments and surgical procedures, leading to huge losses. Prioritizing the treatment of patients with a serious chronic disorder, increasing the use of endoscopy devices for diagnostic/treatment purposes, and enhancing the number of products with the latest technology for better treatment are a few ways that need to be reorganized in terms of priorities.
According to the research analysis, the global endoscopy devices market is segmented by product as endoscopes, endoscopic visualization equipment and accessories. By type it is further segmented into rigid endoscopes, flexible endoscopes, disposable endoscopes and capsule endoscopes. Further it is bifurcated by application into gastroenterology, bronchoscopy, laparoscopy, hysteroscopy, arthroscopy, gynecology, cystoscopy, sigmoidoscopy, laryngoscopy and others. By end user, the market is divided into hospitals, ambulatory surgical centers and specialty clinics.
Based on the application, the gastroenterology segment accounted for the largest market share of around YY% in 2022 and is expected to grow at a CAGR of YY% during the forecast period (2023-2030). It is a branch of medicine involving digestive system and its diseases. The digestive system includes the gastrointestinal tract, occasionally referred to as the GI tract. The study of the normal function or disorders of the stomach, esophagus, small intestine, pancreas, colon and rectum, gallbladder, liver and bile ducts is known as gastroenterology. Upper gastrointestinal endoscopes are utilized for proper imaging or visualization of upper digestive tract. Major Key players are researching and developing several advanced novel technologies and product launches. Additionally, it is anticipated that rising chronic conditions incidences and rising FDA product approvals will fuel the global market expansion.
The global endoscopy devices market is segmented into major regions: North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
North America Endoscopy Devices Market:
This large revenue share is mainly due to the rising investments in research and development and the abundance of highly qualified surgeons, among other things. North America is one of the biggest markets for endoscopy devices. This region showcases a significant CAGR owing to the rising adoption and awareness regarding devices or equipment used for visualization of inside of organs, the increasing prevalence of several chronic diseases such as colon cancer or lung cancer and the growing geriatric population combined with the increasing demand for endoscopy devices. The significant market share is attributable to the high disorder knowledge in the area and the numerous programs initiated to increase awareness about these endoscopy devices along with disorders or conditions requiring endoscopy that can help clinicians with improved visualization for better Bronchoscopy and treatment of certain disorder driving the market for these novels and advanced endoscopy devices.
Due to the region’s growing geriatric population and chronic disorders such as lung cancer owing to high smoking and alcohol or tobacco consumption, which is driving up demand for endoscopy devices in patients as for proper Bronchoscopy better visualization of organs is required which utilizes endoscopy. Various other disorders associated with urology or gastroenterology is also increasing in this region. Asia Pacific is predicted to have the quickest increase throughout the analyzed period. By 2029, Japan’s market for endoscopy devices is anticipated to be worth over YY million dollars. Due to numerous aspiring industry players in the area, the China endoscopy devices market is predicted to provide a CAGR of around YY percent, accounting for revenue generation of over USD YY billion by the conclusion of the projected year.
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Endoscopy Devices Market Competitive Insights
However, it is expected to grow rapidly in the next couple of years with intense competition among the players and a rising number of cases. A few key players are already being observed adopting strategies, such as collaboration for developing novel technologically advanced products, which may make the market crowded with new products in the next couple of years.
Major companies contributing to the market’s growth include Olympus Corporation, Boston Scientific Corporation, Fujifilm Holdings Corporation, Cook Medical, Medtronic PLC, Arthrex Inc., Conmed Corporation, Ethicon (Johnson & Johnson Surgical Technologies), Hoya Corporation and Hitachi Ltd.
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The Full Report has the following insights:
The report comprehensively evaluates the market in terms of Market Value (US $) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2021-2022), and verifiable projections about market size during the forecast period (2023-2030).
Visualize the composition of the global endoscopy devices market segmentation by product, type, application, end-user, and region, highlighting the key commercial assets and players.
By Product: Endoscopes, Endoscopic Visualization Equipment and Accessories
By Type: Rigid Endoscopes, Flexible Endoscopes, Disposable Endoscopes and Capsule Endoscopes
By Application: Gastroenterology, Bronchoscopy, Laparoscopy, Hysteroscopy, Arthroscopy, Gynecology, Cystoscopy, Sigmoidoscopy, Laryngoscopy and Others
By End user: Hospitals, Ambulatory Surgical Centers and Specialty Clinics
By Region: North America, South America, Europe, Asia Pacific, and the Middle East & Africa
Identify global endoscopy devices market commercial opportunities by analyzing trends and co-development deals.
The report also covers data insights on various industry forces such as porter’s five forces analysis, supply chain analysis, and pricing analysis.
Excel data sheet with thousands of global endoscopy devices market-level 4/5 segmentation data points.
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
Product mapping in excel for the key product of all major market players
The report will provide access to approximately 61 market data tables, 64 figures, and close to 180 pages.
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