Endoscopy Device Market Scope
MRFR (Market Research Future) expects the endoscopy device market to capture a decent growth rate of 6.3% between 2019 and 2027.
Endoscopy Device Market Reputed Companies
J&J Services Inc., OLYMPUS, Interscope Inc., Micro-Tech Endoscopy, Cogentix Medical, Integrate Endoscopy, KARL STORZ Gmbh & Co. KG, Shaili Endoscopy, PENTAX MEDICAL, RICHARD WOLF, Cognetix, FUJIFILM, Stryker, Cantel Medical, are some of the most reputed companies in the global endoscopy devices market.
Prominent Boosters and Barriers
Accelerated cases of age-related ailments and the mounting need for advanced endoscopy devices in therapeutic as well as diagnostic procedures will favor the global market in the coming years. Endoscopy devices facilitate lower intervention, which means reduced recovery time. The expanding elderly patient pool prone to numerous medical disorders has fostered the need for various procedures, including intestinal perforation, gall stones, liver abscess, pelvic abscess and endometriosis. These procedures make extensive use of advanced medical equipment such as endoscopy devices, which will translate into higher demand in the coming years.
The rise in cancer cases along with obesity worldwide and the soaring number of endoscopic bariatric surgeries in line with the growing interest in preventive healthcare should benefit the global industry. Government agencies and firms striving to spread awareness about early cancer diagnosis as well as treatment has pushed the need for cancer screening procedures, and by extension, endoscopy devices are touted to experience robust demand over the review period.
Over the years, the trend noted in the market is the surging preference for minimally invasive surgeries, which raises the use of endoscopy devices such as arthroscopy, laparoscopy, bronchoscopy, and cystoscopy. In a nutshell, growing interest in minimally invasive endoscopic devices should encourage further market growth, as healthcare focuses more on patient satisfaction and on bringing down the hospital stay. Apart from this, acquisitions, increasing R&D spending, mergers and product innovation are the key strategies followed by the players to secure a better market ranking. The intensifying competitive level between the companies will ensure significant market growth in years to come.
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Endoscopy Device Market Segmentation
Endoscopy device market has been considered for types, therapy, treatments & procedures, application, accessory & processors, as well as end user.
The key types of endoscopy devices include flexible endoscopes, rigid endoscopes, robot-assisted endoscopes, capsule endoscopes and surgical endoscopes. Flexible endoscopes are in the lead while capsule endoscopes segment will note the fastest growth in the coming years.
Therapy-wise, the top segments are colonoscopy, sigmoidoscopy, gastroscopy, arthroscopy, laparoscopy, endoscopic retrograde cholangiopancreotography, ureteroscopy and cystoscopy.
The treatments & procedures discussed in the report are abdominal, lower gastrointestinal conditions, urinary system conditions, upper gastrointestinal conditions, lung and airway conditions, gynecologic and pelvic organ conditions, joint and orthopedic conditions, and others.
Applications of endoscopy devices are gastrointestinal endoscopy, obstetrics/gynecology endoscopy, mediastinoscopy, urology endoscopy, arthroscopy, bronchoscopy, and otoscopy.
Accessory & processors analyzed in the market study include accessory as well as processors
Endoscopic technologies covered are fiber and video.
Gastroenterologists, obstetricians-gynecologists (ob/gyns), critical care, general and pediatric surgeons and orthopedic surgeons are the major industry end-users.
Endoscopy Device Market Regional Study
The Americas and APAC or Asia Pacific coupled with MEA or Middle East and Africa and Europe are the major regions where the endoscopy device market will witness growth during the review timeframe.
Americas will most likely remain the highest gainer in the global market during the analysis period, in view of the region’s robust economy and well-developed medical and healthcare system. Research institutes are majorly focused on technological upgradations to come up with more innovative diagnosis and treatment lines, which should further bolster the market size. Well-equipped medical facilities and the vast pool of skilled professionals in healthcare present in the America also strengthen the market position. Veterinary endoscopy devices have been witnessing stellar demand in the region, because of the rising spending on pet care items and treatment, especially in Canada and the United States.
APAC exhibits the potential of capturing the fastest growth in the future, thanks to the significant contribution from developing nations like India and China. These countries house fast-expanding healthcare sectors and are experiencing a surge in cases of cancer and gastrointestinal diseases, which fosters the need for advanced endoscopy devices. A few other growth boosters include the improvements in the healthcare infrastructure as well as the rampant demand for effective diagnostic therapies.
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Endoscopy Device Industry Latest Updates
February 2021: Ambu Inc., a world-renowned firm specializing in single-use endoscopy devices, has received a single-use endoscopy device contract deal expansion with two prominent US Group Purchasing Organizations. This expansion will allow Ambu to expand its services to more than 160 acute care hospitals in the country as well as over 2,600 sites across 20 states. This expanded deal is expected to accelerate Ambu’s growth in the single-use endoscopy devices industry.