The expanding requirement for endoscopic devices in therapeutic and diagnostic procedures, as well as the increased prevalence of age-related illnesses, are some of the factors driving market growth. With the constant surge in global geriatric population, medical conditions requiring endoscopic intervention, such as pelvic abscess, liver abscess, endometriosis, gall stones, and intestinal perforation, have become more common. These factors have been necessitating the demand for endoscopy devices.
Global Endoscopy Devices Market is expected to reach a market size of US$ 48.5 Bn by 2022.
The Gastrointestinal (GI) Endoscopy segment, is expected to have the highest CAGR rate of 10.0% during the forecast period.
United states projected to remain the most dominant country with absolute dollar growth opportunity of US$ 20.4 Bn.
The market in Japan is expected to experience the highest CAGR of 12.7% during the 2022-2032 forecast period.
“Endoscopy allows for surgeries on more vulnerable patients, such as the elderly, as well as treatment of more difficult conditions, such as cancer. Endoscopy has a number of advantages, including reduced post-operative pain and complications, a faster recovery, a lighter anesthetic, and a shorter hospital stay.” comments a Fact.MR analyst.
Competitive Landscape
The market is fiercely competitive, and major competitors have used a variety of techniques to boost their endoscopic device market share. Product introduction, product development, product approval, and acquisition have been the key initiatives to expand market hold.
Besides, firms are also attempting to develop distinct differentiation in endoscopic systems based on their use as the industry progresses. Various client groups are migrating toward optimum vision systems that integrate endoscope and camera due to the demands of high-quality imaging and operative capabilities.
In 2021, Fujifilm Holdings Corporation announced the introduction of the ELUXEO 7000X System, an innovative audiovisual imaging technology. This platform facilitates real-time visualization of the haemoglobin-oxygen saturation levels in tissues during the endoluminal imaging and/or laparoscopic procedures.
In 2020, Pentax Medical announced the 2020 launch of a new line of ultrasound video gastroscopes known as the J10. This food tool has ergonomic shape and ease of handling, enhanced maneuverability, and better image quality to help meet both market and clinical needs.
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Revenue of Endoscopy Devices Markets from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032
The growing preference for less invasive procedures, the increased acceptance of endoscopes for treatment and diagnostics, and technical improvements resulting in better applications are the primary factors driving the market’s rise. However, the market’s expansion is hampered by scarcity of qualified technicians and infections induced by a paucity of endoscopes.
Owing to this, Endoscopy Devices Market is projected to grow at a CAGR of 9.0% over the coming 10 years.
As per the Endoscopy Devices Market research by Fact.MR – a market research and competitive intelligence provider, historically, from 2017 to 2021, market value of the Endoscopy Devices Market increased at around 7.6% CAGR.
Endoscopy Devices Market was valued at US$ 44.8 Bn in 2021. According to Fact.MR, Endoscopy Devices Market revenue would increase 2.3X between 2022 and 2032, reaching roughly US$ 113.8 Bn by 2032.
In terms of Application, Gastrointestinal (GI) Endoscopy accounts for the highest projected growth rate of 10.0% as compared to other segments and sub segments.
In terms of segment Endoscopy Devices, sub segment Endoscopes accounts for the highest projected CAGR of 11.1% over the other sub segments during the forecast period.
U.S. is the dominant region in Endoscopy Devices Markets with absolute dollar growth opportunity of around US$ 20 Bn.
Covid-19 impacted the market’s growth during the pandemic with mixed results owing to changing rules about surgical treatments, especially minimally invasive procedures, and supply chain disruptions. According to an international study of endoscopists published in Elsevier Public Health Emergency Collection in 2020, during the COVID-19 pandemic, approximately 85% of consumers who participated in the study reduced procedure volume by more than 50%, and approximately 2.45% completely stopped their endoscopy services.
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Endoscopy Devices Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Endoscopy Devices Market in terms of Endoscopy Devices (Endoscopes, Endoscopy Visualization Systems, Endoscopy Visualization Component, Operative Devices), Application (GI Endoscopy, Laparoscopy, Gynaecology Endoscopy, Arthroscopy, Urology Endoscopy, Bronchoscopy, Mediastinoscopy, Otoscopy, Laryngoscopy, Other Applications), End Use (Hospitals, Ambulatory Surgery Centers, Other end-uses) across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Key Points Covered in Endoscopy Devices Market Survey:
Market Estimates and Forecasts (2017-2032)
Key Drivers and Restraints Shaping Market Growth
Segment-wise, Country-wise, and Region-wise Analysis
Competition Mapping and Benchmarking
Market Share Analysis
COVID-19 Impact on Endoscopy Devices Market and How to Navigate
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