Endoscopy Equipment Market

Endoscopy Equipment Market Size (2023-2028):

The worldwide endoscopy equipment market will reach $ 35.73 billion in 2028 from an estimated $ 25.30 billion in 2022 at a CAGR of 6.3% over the foreseen period.

Key drivers for the expansion of this market include an escalating call for endoscopy, increased investments, funds, and grants, an escalating number of hospitals, and increased investment in hospitals in endoscopy facilities and technological advancements. Endoscopy is minimally invasive and causes little or no pain to patients. It is also useful in treating mucosal disorders that arise within the gastrointestinal tract.

An endoscopy is a procedure that allows doctors or surgeons to look at the internal parts of the organ. The technique is employed for both diagnostic and therapeutic purposes. To perform an endoscopy, a specialized instrument called an endoscope is employed. Different types of endoscopes and the adoption of an endoscope depend on the affected body organ, for example, bronchoscopes are employed for problems related to the lungs, arthroscopes are preferred for problems associated with the joints, and many more. other. Endoscopic surgery is a type of minimally invasive surgery in which an endoscope is inserted into the body through small incisions to examine internal organs.

Endoscopy Equipment Market Trends:

The escalating prevalence of chronic diseases, advances in endoscopy technology, and increased funding and reimbursement for endoscopic detection and treatment are driving the expansion of the worldwide endoscopy device market. Additionally, the growing popularity of minimally invasive surgery is also creating enormous potential for market expansion.

Recent Developments in the Endoscopy Equipment Market:

• Olympus launches a new endoscopy system. Olympus has announced the launch of its new EVIS X1 endoscopy system. It aims to improve the outcomes of stomach, colon, and esophagus disorders, as well as bronchial diseases.
• Ambu, a worldwide manufacturer of medical devices, including single-use endoscopes, today announced that the AmbuaView 2 Advance has been CE-marked and listed by the Food and Drug Administration, allowing it to be placed for sale in Europe and North America in May 2020.

ENDOSCOPY EQUIPMENT MARKET REPORT COVERAGE:

Endoscopy Equipment Market Drivers:

The high escalation in the prevalence of age-related diseases and the escalating call for endoscopy equipment in diagnostic and therapeutic procedures are factors driving the industry. The use of such devices in the diagnosis and treatment of multiple conditions is essential because it allows minimal intervention, resulting in a shorter recovery time. Compared to open surgeries, these procedures result in faster recovery and less trauma for patients. Therefore, minimally invasive surgical procedures are preferred over open/invasive surgeries and therefore the call for minimally invasive endoscopic devices is likely to increase in the coming years. The switch to minimally invasive surgeries can also be attributed to higher patient satisfaction, economic viability, a relatively shorter hospital stay, and a reduction in postoperative complications. Therefore, the call for minimally invasive endoscopic surgeries is predicted to increase in the coming years.

Endoscopy Equipment Market Restraints:

Infections and complications caused by endoscopy devices can hamper market expansion. The main reason for the decrease in endoscopy procedures during the COVID-19 pandemic was the decrease in the volume of patients in hospitals, due to the rescheduling and delay of procedures for safety reasons. Additionally, these delays occurred after a careful review of the patient's history, and, where possible, healthcare providers have rescheduled endoscopic procedures to minimize the risk of COVID-19 exposure during hospital visits. All of these factors are also predicted to affect the endoscopy device market in the future.

Opportunities in the Endoscopy Equipment Market:

The worldwide market for endoscopy devices is predicted to experience significant expansion during the foreseen period, due to technological advancements in endoscopes that can be employed for early detection of disease and the escalating prevalence rate of diseases requiring devices. endoscopy. Additionally, favorable FDA approvals and reimbursement policies for endoscopy devices in developed economies increase patients' preference for minimally invasive surgeries, shorter recovery times, and complications. Postoperative surgery is driving the expansion of the worldwide endoscopy device market. However, the shortage of qualified physicians and endoscopists and infections caused by some endoscopes are limiting market expansion. In contrast, unmet medical calls in developing countries should provide profitable opportunities for market expansion. The escalating prevalence of cancer and obesity and the introduction of bariatric endoscopic surgeries, due to the escalating trend of preventive health care, are key factors contributing to the expansion of this market.

Challenges in the Endoscopy Equipment Market:

In recent years, the market has witnessed several products recalls, mainly for reasons related to defects in the equipment manufacturing processes. Frequent product recalls represent a huge challenge for the expansion of the endoscopy equipment market, especially for the big players: Olympus had to recall four of its products in 2019.

Endoscopy Equipment Market Segmentation:

By Product:

• Endoscope

• Visualization systems

• Endoscopic ultrasound

• Insufflator

Endoscopes accounted for the largest market share in 2020 and this segment is also predicted to grow at the highest CAGR during the foreseen period.

By Application:

• GI Endoscopy

• Laparoscopy

• Cystoscopy

• Bronchoscopy

• Colonoscopy

• Arthroscopy

The GI endoscopy applications segment is predicted to occupy the majority of the market and grow at the highest CAGR during the foreseen period. The increase in the geriatric population, the improvement of the healthcare infrastructure in developing countries, and the increase in the number of colonoscopy procedures performed in developed countries are some of the factors that support the expansion of this segment of applications.

Endoscopy Equipment Regional Analysis:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

The Americas dominate the worldwide market for endoscopy devices due to the presence of a strong economic situation, considerable development in the field of health, and the concentration of research institutes in technology updates. for new and advanced diagnostic and treatment methods. Additionally, advanced hospital infrastructure and the availability of trained healthcare professionals are driving market expansion. Europe ranks second in the market on the basis of the escalating importance given to the rapid diagnosis and treatment of cancer and gastrointestinal diseases, changes in lifestyle, and the escalating prevalence of cancer among the geriatric population. According to the Organization for Economic Cooperation and Development (OECD), Germany spent 11% of its total GDP on healthcare in 2013, up from 10.8% in 2012, driving market expansion in this region.

Asia-Pacific is the fastest growing market due to the greater number of developing countries present in this region, for example, countries like India and China. These countries promote the expansion of the health sector. Furthermore, the growing population of patients with cancer and gastrointestinal diseases in developing countries will directly increase the call for various diagnostic and treatment methods, which in turn will drive market expansion. The Middle East and Africa are predicted to have the smallest market share due to less availability of medical facilities and less health development. However, countries like Qatar and Kuwait are focusing more on the health field and developing medical facilities, which will boost the market in this region.

Endoscopy Equipment Market Key Players:

The major players in this market include Olympus (Japan), KARL STORZ (Germany), Stryker (US), Boston Scientific (US), Ethicon (US), Fujifilm Corporation (Japan), Medtronic (Ireland), Hoya Corporation (Japan), Richard Wolf GmbH (Germany), Smith & Nephew (UK), Cook Medical (US), and B. Braun (Germany).