According to the National Institute of Diabetes and Digestive and Kidney, digestive diseases affect nearly 70 million people every year. And around 48.3 million people access ambulatory care for digestive disease emergency annually. These statistics are reflective of the incessantly increasing and persistent digestive disorders that have plagued human life due to lifestyle changes and highly prevalent unhealthy food. In the earlier days, invasive methods alone existed to diagnose the digestive disease that a person might be suffering from. But with the advent and development of endoscopy, this has transformed and made diagnosis easier for doctors and patients both. Endoscopy devices are therefore in high demand and experiencing a prolific increase in their production and sales. In the year 2020, the endoscopy market earned a noticeable market revenue of $11.4 billion, which has been evaluated to increment at a healthy compound annual growth rate (CAGR) of 6.43% during the forecast period of 2020-2025.
Endoscopy devices have undergone a considerable development in the continent of North America. Telesurgery and virtual reality simulators are some of the newer forms of endoscopy that are being regularly used here. This is the reason why the continent led the endoscopy market geographically with a regional share of 54% in the year 2020. Since hospitals are the most primary end users of endoscopy devices, this application segment has been evaluated to grow with a CAGR of 6.10% through to 2025.
Endoscopy Devices Market Growth Drivers and Trends:
The reason why endoscopy devices market has seen a noticeable rise in the recent past is due to several pros of endoscopy which have made it popular amongst surgeons. Endoscopy is minimally invasive which causes little or no pain to the patients. It is also useful in the treatment of mucosal disorders that occur inside the gastrointestinal tract. Another growth driver that has led to the development of endoscopy devices market is low morbidity and mortality associated with this procedure. Since the development of newer forms of endoscopy such as telesurgey, surgeons can even cure patients while sitting at a completely different site.
With the advancement of technology, endoscopy devices market has also made leaps in its innovation. This market has been disrupted with improvement of image quality obtained from the endoscopes. High definition imaging has been introduced in the endoscopes which helps in obtaining images that are clearer with improved contrast. Consistent system review and improvement in medical staff as well as hiring more professionals for endoscopic activity are other trends that are helping key market players in combating the preexisting disproportionate ratio of demand versus the delivered capacity of the process of endoscopy.
Endoscopy Devices Market Key Players Perspective:
Key market players operating in the endoscopy devices market and holding majority shares include Stryker Corporation, Smith & Nephew PLC, Olympus Corporation, Boston Scientific, KARLSTORZ GMBH, Cook Medical Inc., Pentax Medical, Richard Wolf GMBH, Cogentix Medical and Fuji Film Holdings corporation.
Olympus Corporation’s Indian division has come up with a multitude of endoscopy devices which have become highly popular in the healthcare industry including gastroscopes, colonoscopes, duodenoscopes, enteroscopes, capsule endoscopes, bronchoscopes, laparoscopes, resectoscopes, cystoscopes, ureterorenoscopes, hysteroscopes, and others.
Endoscopy Devices Market Research Scope
The base year of the study is 2020, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Endoscopy Devices Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cheese in the Endoscopy Devices Market, and their specific applications in different areas.
Endoscopy Devices Market Report: Industry Coverage
The endoscopy devices market can be segmented into product, end-user, and application. Based on products, the market can be divided into by type, by documentation system, accessory, mechanical endoscopy equipment, and others. By end user industry, the market can be bifurcated into hospital and clinic. By application, the market can be fragmented into bronchoscopy, arthoscopy, laparoscopy, and others.
The Endoscopy Devices Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions.
The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
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