The Endoscopy Devices Market in Europe is expected to be worth USD 8.83 billion in 2023 and USD 12.18 billion by 2028, growing at a CAGR of 6.65% during the forecast period.
Endoscopy is a minimally invasive medical procedure that identifies, prevents, and treats issues with the visceral organs. Endoscopes are utilized to see inside hollow organs or cavities in the body during this operation. Through the natural openings or cavities (e.g., the anus and the mouth), these devices are inserted into the body, notably in arthroscopy. Other elements of endoscopy equipment, such as a camera or light source at the tip of the endoscope, assist physicians or medical professionals (endoscopists) in analyzing internal organs of interest.
The endoscopy devices market in the Europe region is expected to expand significantly over the forecast period due to the technical improvements in endoscopes that may be utilized to detect diseases and an increase in the incidence rate of diseases that need endoscopy devices. In addition, other factors such as the usage of new and novel endoscopic equipment, including capsule endoscopes, robot-aided endoscopy, and ultra-high-definition visualization systems, are projected to fuel the endoscopy device market's expansion. Moreover, favorable FDA approvals and refund policies in developed economies for endoscopy equipment, the increased patient choice for minimally invasive surgery, faster recovery periods, and low postoperative complications contribute to endoscopic devices' market growth in the European region.
The shortage of experienced physicians and endoscopists, the high cost of advanced endoscopic devices, and infections caused by a few endoscopes such as excessive bleeding is always a risk, and a rip in the esophagus or stomach wall is a possibility on rare occasions are expected to stymie the growth of the European endoscopy devices market. In addition, market growth may also be hampered by an increase in the number of market competitors and the availability of replacement items.
This research report on the European endoscopy devices market has been segmented and sub-segmented into the following categories:
Over the forecast period, Europe is anticipated to have the second-biggest share of the global endoscopy devices market. Factors such as the growing relevance of minimally invasive surgery among patients boost market expansion in the European area.
The German endoscopy devices market leads the European market with the greatest share, followed by the United Kingdom and France. Over one-fifth of Europe's population is 65 or older, or 20.6 percent. The number of people aged 80 and above in Europe's population is anticipated to increase by two-thirds, from 5.9% to 14.6%. Italy has the largest proportion of elderly persons in Europe once again. 22.8 percent of the population was above the age of 62. The rising patient desire for less invasive treatments, high rates of chronic illnesses, greater awareness, and technical developments contribute to the growth of the German endoscopy devices market. In addition, orthopedic surgery is also more common among the elderly. As a result, the senior population in Germany is large and is anticipated to grow in the future. Furthermore, rising demand for non-invasive operations is projected to contribute to the region's market growth.
On the other hand, the increased demand for minimally invasive treatments in surgeries is accelerating the growth rate of the endoscopy devices market in the United Kingdom. Furthermore, technological developments, an older population, lower healthcare expenses, and enhanced patient quality of life drive market expansion for endoscopic devices in the United Kingdom. In addition, the United Kingdom is more likely to contribute to the European regional market growth. The market growth is expected to be driven by the availability of advanced healthcare facilities, the growing geriatric population, and technological advancements in the healthcare sector.
KEY MARKET PLAYERS:
A few prominent European endoscopy devices market companies profiled in this report are Ethicon, Stryker Corporation, Karl Storz GmbH, Boston Scientific Inc., Olympus Corporation, Covidien Plc, Smith and Nephew Inc., and Fujifilm Holding Corporation.
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