Endoscopy Devices Market

Endoscopy Devices Market Size (2023 to 2028)

As per our report, the global endoscopy devices market is predicted to be worth USD 48.64 billion by 2027 from USD 35.00 billion in 2023 and is estimated to expand at a CAGR of 6.80% during the forecast period.

Endoscopy Devices Market Share Insights:

• Based on product, the visualization systems segment had 34.8% of the global market share in 2022.

• Based on application, the GI endoscopy segment held 49.8% of the global market share in 2022.

• North America is the biggest regional segment worldwide, capturing 38.6% of the global market share in 2022.

• The Asia Pacific region is expected to grow at a CAGR of 7.32% from 2023 to 2028.

Endoscopy is a medical technological solution through which healthcare professionals can examine the inside parts of a human body. In this medical procedure, a long and flexible tube with a light and camera on the end is used to view the inside environment of a human body. Endoscopy helps identify the diseased organ's condition and aids in surgical procedures. Endoscopy is in the usage from across the world as these procedures are minimally invasive and cost-effective. The tube used in endoscopy procedures is inserted either from the mouth or through the anus and can be used to view the body organs such as the stomach, intestines, and other internal organs. Endoscopy diagnoses and treats various diseases such as GI problems, cancer, and others. In some countries, endoscopy procedures are covered under the health insurance provident; in such countries, the adoption of endoscopy is growing consistently. On the other hand, the preference for endoscopy from doctors and patients is increasing.

MARKET DRIVERS:

The growing patient population suffering from gastrointestinal diseases such as cancer, ulcer, inflammatory bowel disease, and gastroesophageal reflux is one of the key factors propelling the endoscopy devices market growth. An estimated 29.3 million new cancer cases worldwide were recorded in 2020. An estimated 6 million people every year in the United States suffer from peptic ulcers. As per the statistics published by the Centers for Disease Prevention and Control (CDC), an estimated 3.1 million adults have been diagnosed with inflammatory bowel disease (IBD). 20% of the U.S. population has issues with GERD. Using endoscopy, healthcare providers examine the gastrointestinal tract for abnormalities and perform various procedures such as biopsies, removal of polyps, and treatment of bleeding ulcers. The growing prevalence of gastrointestinal diseases is resulting in the rising number of endoscopy procedures and boosting the endoscopy devices market growth.

The rapid adoption of technological developments to develop advanced and effective endoscopy devices is further fuelling the market’s growth rate.

With the help of technological advancements, endoscopy devices have seen several developments improved imaging capabilities, wireless endoscopy devices and greater maneuverability. These technological developments have further helped to improve the effectiveness, accuracy, and safety of endoscopic procedures and resulted in the growing demand for endoscopy devices. The growing aging population is accelerating the growth of the endoscopy devices market. The aging population are much more likely to diagnose with digestive diseases and other conditions that require endoscopic procedures and resulting in an increasing number of endoscopic procedures.

The growing demand for minimally invasive surgeries is another notable factor contributing to the endoscopy devices market growth.

Owing to the reduced trauma and pain to the patient, shorter recovery times, and lower healthcare costs, the number of minimally invasive surgeries is growing significantly. Endoscopic devices play a key role in minimally invasive surgeries as healthcare providers can visualize and access internal organs and tissues using these devices. The growing healthcare expenditure in several countries is boosting the growth of the endoscopy devices market. Several governments and healthcare organizations invest significant amounts in the healthcare industry and medical devices, including endoscopy devices. The rising awareness regarding digestive diseases and the increasing number of screening programs by several governments to detect these diseases early is accelerating the growth of the endoscopy devices market.

In addition, growing preference for outpatient procedures, rising demand for disposable devices, an increasing number of improvements in the healthcare infrastructure in developing countries, and rising adoption of capsule endoscopy are propelling the growth of the endoscopy devices market. Furthermore, rising demand for wireless endoscopy devices, an increasing number of technological advancements in endoscopic accessories and growing usage of endoscopy devices in veterinary medicine are further fuelling the growth rate of the endoscopy devices market.

MARKET RESTRAINTS:

The high costs associated with endoscopic procedures are limiting the adoption of endoscopy devices and hampering the global market growth. Poor reimbursement coverage by some insurance companies in certain countries for endoscopic surgeries is another notable factor hindering the market’s growth rate. The availability of alternative diagnostic and treatment options is impeding the market growth. The scarcity of skilled professionals that can operate the devices, interpret results,

and perform procedures safely is a notable obstacle to the growth of the endoscopy devices market. In addition, concerns about infection transmission, stringent regulatory environment and limited access to endoscopy devices in certain countries are inhibiting the growth rate of the endoscopy devices market.

Impact of Covid-19 on the global endoscopy devices market:

The World Health Organization announced COVID-19 as a pandemic in March 2020. Since then, many countries worldwide have taken measures such as nationwide lockdowns, travel bans, temporary shutdowns, social distancing, and others to curb the spread of the novel coronavirus. However, due to the terrifying situations incurred by COVID-19, priority has been given to addressing COVID-19 patients. All other non-essential medical procedures were kept on hold, including endoscopy procedures, which led to a decline in the market’s growth rate. In addition, due to the announced lockdowns, restrictions on traveling and manufacturing plants resulted in supply chain disruptions and production activities of endoscopes, which negatively impacted the growth of the global endoscopy devices market. As a result, during the forecast period, the usage of endoscopy has been limited to emergency procedures almost in all hospitals.

REPORT COVERAGE:

This market research report on the global endoscopy devices market has been segmented based on the product, application, and region.

Endoscopy Devices Market - By Product:

• Endoscopes
  • Flexible Endoscopes
  • Rigid Endoscopes
  • Capsule Endoscopes
• Visualization Systems
• Other Endoscopy Equipment 
  • Electrical Endoscopy Equipment
  • Mechanical Endoscopy Equipment

Based on product type, the visualization systems segment had the leading share of the worldwide market in 2022 and is expected to showcase significant domination in the global endoscopy devices market during the forecast period owing to the advanced technologies and funds. In addition, investments from private & public organizations fuel the market growth over the forecast period.

On the other hand, the endoscopes segment is predicted to have the fastest CAGR during the forecast period. The rise in the adoption of minimally invasive procedures, growing technological advancements in this domain, and disposable endoscopes are contributing factors for the endoscopes segment. It is also driven by manufacturers' invention of technologically innovative endoscopes and increased public awareness. Furthermore, factors like better ergonomics, safety, and efficacy over rigid endoscopes. Manufacturers' attention to providing optimal use of advanced flexible endoscopes is likely to surge the market growth over the forecast period.

Endoscopy Devices Market - By Application:

• Laparoscopy 
• Bronchoscopy
• GI Endoscopy

Based on the application, the GI endoscopy segment is anticipated to account for the market's most significant share of worldwide endoscopy devices during the forecast period. The segmental growth is driven by the growing patient count suffering from GI diseases and the increasing aging population worldwide. In addition, the rising number of endoscopic procedures for the early diagnosis of GI cancer is another key factor contributing to the segment’s growth. Furthermore, an increasing number of developments in the healthcare infrastructure in emerging countries and a growing number of colonoscopy procedures are expected to aid the segment in growing further.

Endoscopy Devices Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Geographically, the endoscopy devices market in North America led the market in 2021 and accounted for a notable share. North America is expected to continue dominating the endoscopy devices market throughout the forecast period. The region’s dominance can be attributed to the growing prevalence of diseases such as bladder cancer and colon cancer, increasing preference for minimally invasive surgeries, and the growing aging population. In addition, the growing usage of robot-assisted endoscopes in diagnosis and surgical procedures favors the market growth in the North American region. The U.S. captured the most significant share of the North American region in 2021 and continues holding a promising share during the forecast period. The growing number of laparoscopic and colonoscopy procedures and the growing prevalence of colorectal cancer are a few of the factors majorly contributing to the growth of the endoscopy devices market in the U.S. In addition, growing awareness regarding the advantages associated with the usage of endoscopy devices and the presence of key market participants are supporting the market growth in the U.S.

The endoscopy devices market in Europe is another promising region in the worldwide market and is anticipated to register a notable CAGR in the coming years. Factors such as growing preference from people towards minimally invasive procedures are one of the major factors propelling the regional market growth. Germany held the major share of the European market in 2021 and is expected to hold good occupancy in the European market during the forecast period, followed by UK and France.

However, the Asia-Pacific endoscopy devices market is projected to grow at the highest CAGR during the forecast period owing to increasing demand for minimally invasive surgeries. Emerging economies such as China and India are aiding market growth in the Asia-Pacific region. In addition, the growing number of people with cancer and consistent improvements in the healthcare infrastructure are supporting the endoscopy devices market in the Asia-Pacific region. China, followed by India, is currently leading the APAC market. The Indian market is anticipated to showcase a healthy CAGR in the coming years owing to the growing adoption of technological developments to manufacture well-advanced endoscopy devices. On the other hand, the increasingly advanced diagnostic procedures and regular healthcare infrastructure advancements favor the Chinese market.

The endoscopy devices market in Latin America is predicted to witness a steady CAGR during the forecast period owing to the unmet medical needs to diagnose various diseases such as cancer. Therefore, Mexico and Brazil are potential regional markets in Latin America.

The endoscopy devices market of MEA is predicted to hold a moderate share of the worldwide market during the forecast period due to the growing awareness regarding the early detection of diseases and an increasing number of people diagnosed with various diseases that need endoscopy devices.

KEY MARKET PLAYERS:

Ethicon, Stryker Corporation, Karl Storz GmbH, Boston Scientific Inc., Olympus Corporation, Covidien Plc, Smith and Nephew Inc., and Fujifilm Holding Corporation are a few of the notable players in the worldwide endoscopy devices market.

RECENT HAPPENINGS IN THIS MARKET:

• In 2019, "PowerSpiral," a small intestine endoscopy system, was launched by Olympus in Europe and Asia, including Hong Kong and India.
• In 2018, ENF-VT3 was launched by Olympus, the world's first rhino-laryngo video scope, to incorporate 4-direction angulation capability.
• In 2018, to enhance minimally invasive neurosurgery, a 4mm Endoscopic NIR/ICG Fluorescence imaging system was launched by KarlStroz.