As per our report, the global endoscopy devices market size is predicted to worth USD 45.54 billion by 2026 from USD 32.78 billion in 2021 and estimated to be expanding at a CAGR of 6.80% during the forecast period.
Endoscopy is a technology that can alter the viewpoint of identifying diseases and how surgeries were achieved previously and are receiving attention across the world. Procedures of endoscopy are a less invasive and affordable expenditure in pre- and post-operational care and length of stay at hospitals. In particular countries, these processes are increasing due to covering by health insurance provident. Moreover, there is a spike in preferring endoscopy procedures among physicians and patients.
Y-O-Y growth in the prevalence and incidence of chronic disorders such as diabetes, heart, and cancer in elderly people worldwide primarily promotes the global endoscopy devices market growth.
Chronic diseases are the leading causes of disability and death worldwide. According to the WHO, CVDs infected about 17.9 million people in 2016, accounting for 31% of all global deaths. Cancer is the leading cause of death globally, responsible for almost ten million deaths in 2020. In low- and middle-income countries, prevalence has increased faster than in high-income countries. Diabetes was directly responsible for an estimated 1.5 million deaths in 2019. As per CDC, the prevalence of chronic illnesses is significantly growing in the Americas, and 6 in every 10 Americans have at least one.
The rising incidence of GI diseases and digestive diseases globally is another significant factor boosting the global endoscopy devices market.
According to the statistics published by the CDC, there are about 7.9 million visits to emergency departments with digestive system disorders as the primary diagnosis. In 2015, an estimated 1.3% of adults in the United States (3 million) were diagnosed with IBD (either ulcerative colitis or Crohn's disease). IBD has a global prevalence of 0.5-24.5 cases per 100,000 person-years for ulcerative colitis and 0.1-16 cases per 100,000 person-years for Crohn's disease. The overall prevalence of IBD is 396 cases 100,000 people per year.
Usage of endoscopy procedures is increasing due to major chronic diseases like cardiovascular diseases, cancer, neurological disorders, GERD (gastroesophageal reflux disorder), and orthopedic disorders. As per cancer research in the UK, nearly 17 million cancer cases were diagnosed worldwide in 2017 and estimates that this number will reach 27.5 million by 2040. A rise in the incidence of target health conditions is also expected to drive the endoscopy market demand.
Y-O-Y growth in the number of medical devices in various countries across the globe is a plus to the global endoscopy devices market.
In 2019, the volume of medical device manufacturing in Japan reached about 2.57 trillion Japanese yen, while imports totaled near 2.72 trillion yen. Therapeutic equipment and devices have had the largest market share in Japan in recent years, both domestic and imported.
A rising number of minimally invasive surgeries worldwide is expected to support the global endoscopes market.
Surgery is now performed on a large scale worldwide, in both rich and poor environments and despicable. The implications are important. This underappreciated global growth demonstrates the critical need for public-health efforts to improve the surveillance, availability of surgical services, and safety, particularly in light of their high risk and cost.
High costs associated with the endoscopy procedures and equipment and limited reimbursement in developing countries are expected to restrain the global endoscopy devices market.
Stringent regulatory criteria for new technological products have stifled the market’s growth. Endoscope market demand is being hampered by the high cost of medical devices and the high cost of IBD diagnosis. The system was unable to function due to a shortage of professional and skilled personnel. Unavailability of home care is in remote areas, lack of skilled endoscopists and physicians, and limitations of endoscopy are some of the restricting factors for the growth of the endoscopes market.
Many countries that are growing, like India, Mexico, and Brazil are having low finance to invest in sophisticated technologies. Wear and tear of insertion and light guide tubes will be caused during the disinfection processes if continually heating and cooling, which is majorly hampering the growth of the endoscopy devices market.
The major challenge for the global endoscopes market is product recalls due to defects in manufacturing processes. For instance, a large player-Olympus recalled four of its products in 2019 itself. Frequently recalls of product is posing a significant challenge for the endoscopy devices market.
Impact of Covid-19 on the global endoscopy devices market:
The novel extreme acute respiratory syndrome coronavirus 2 (SARS-CoV-2) caused coronavirus disease 2019 (COVID-19), which infected over 4.5 million people in 213 countries and was declared a pandemic the World Health Organization on March 11, 2020. There have also been claims that SARS-CoV-2 can be found in biopsy and stool specimens, and it has been suggested that fecal-oral transmission is possible. Gastrointestinal symptoms have been identified in 17.6% of COVID-19 patients, and transmission through gastrointestinal secretions is possible in this community of patients. There was confusion and anxiety during the early stages of the pandemic, which led to a decrease in endoscopic procedures. Endoscopy has been restricted to emergency procedures in many hospitals. Endoscopy units showed an increase in comparison to the baseline. During the COVID-19 pandemic, gross endoscopy volumes were reduced by 83% on average. Upper endoscopy procedures (endoscopic retrograde cholangiopancreatography, ultrasonography, and esophagogastroduodenoscopy) were reduced by 82%, whereas lower endoscopy procedures were reduced by 85% (colonoscopy and flexible sigmoidoscopy).
Due to current constraints, endoscopy units in India are performing less than 10% of their normal volumes. There are not enough resources to meet existing international standards, such as using negative pressure rooms and PPE. Furthermore, there has been a significant economic, emotional, and social effect, as well as uncountable ongoing suffering. Endoscopy services are available to patients, and restricting them can result in major harm such as delayed diagnosis, poor outcomes, and psychological distress. Alternative solutions are needed to keep the programs running. The proportion of endoscopy units reporting infected staff has been low in general.
Market Size Available
2020 to 2026
2021 to 2026
By Product, Application, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
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:
Based on product type, the endoscopes segment accounts for the largest share of the market in 2020. The rise in the adoption of minimally invasive procedures, growing technological advancements in this area, and disposable endoscopes are the attributing factors for the endoscopes segment. It is additionally driven by the invention of technologically innovative endoscopes by manufacturers and increased public awareness. Furthermore, factors like better ergonomics, safety, and efficacy over rigid endoscopes. Manufacturers' growing attention in providing optimal use of advanced flexible endoscopes is likely to surge the market growth over the analysis period.
Visualization systems account for remarkable growth in the global endoscopy devices market due to advanced technologies and funds, and investments from private & public organizations fuel the market growth over the period.
Endoscopy Devices Market - By Application:
Based on the application, the GI endoscopy segment is anticipated to account for the most significant share in terms of revenue. The growth of this segment is due to factors like the growing burden of GI diseases and the increasing geriatric population. Also, growing endoscopic procedures for early diagnosis of GI cancer are expected to provide considerable growth opportunities over the period. Furthermore, improvement of healthcare infrastructure in developing countries, a rise in the geriatric population, and an increase in the number of colonoscopy procedures performing in developed countries are propelling the growth rate of the market.
Endoscopy Devices Market - By Region:
Currently, North America leads the global endoscopy devices market with nearly half of the share, followed by Europe. North America is expected to dominate and continue its dominance throughout the review period. Some of the attributing factors are the high prevalence of diseases like bladder & colon cancers, the increment of preference for minimally invasive surgeries, and the rise in old citizens. Moreover, the increment of adoption of robot-assisted endoscopes used for diagnostic and surgical processes is also an attributing factor in the North American region. Significantly, the US country in the North American region accounts for the largest revenue share due to many advantageous factors like an increase in demand for laparoscopies and colonoscopies and an increase in the prevalence of colorectal cancer. Moreover, awareness about the advantages of endoscopy is increasing, and the strong presence of domestic manufacturers is also attributing factors in the endoscopy devices market in the North American region.
Europe is expected to stand as the second-largest share in the endoscopy devices market over the period. Factors like increasing patient importance for minimally invasive operations boost the market growth in this European region. Germany is leading the market with the largest share of the market, followed by the UK and France.
However, the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period due to increased demand for less invasive surgeries. In countries like China and India, economies are growing up, contributing to the region. Attributing factors in the Asia-Pacific region are an increase in cancer prevalence, improvement in healthcare infrastructure, growth in the economy, and an increase in demand for advanced diagnosis therapies. China and India are the two major contributors to the endoscopy devices market. In India, rising investments in innovative products with the latest technology are anticipated to fuel the market demand. In China, improving healthcare infrastructure and growing demand for advanced diagnostics procedures are accelerating the market's growth.
The endoscopy device's growth in the Latin America region has got a stable growth rate from the past few years due to unmet medical needs for diagnosing life risk diseases, particularly cancer. Brazil and Mexico are the major contributors to the market with a high share. Mexico is expected to have a quick growth rate followed by Brazil due to factors like fast progress in utilizing endoscopy devices and the new launch of medical device firms.
The endoscopy devices market of the MEA region is estimated to have slow and least share over the forecast period, which owes to early detection of diseases and a moderate increase in the rate of conditions that need endoscopy devices over the forecast period. South Africa is expected to lead this region's market, followed by UAE, Israel, and Nigeria.
KEY MARKET PLAYERS:
Owing to the market's speedy progress in the use of endoscopes, medical device firms that can launch new innovative devices will be rewarded with high gains. The major companies dominating the Endoscopy Devices market are Ethicon, Stryker Corporation, Karl Storz GmbH, Boston Scientific Inc., Olympus Corporation, Covidien Plc, Smith and Nephew Inc., Fujifilm Holding Corporation.
HAPPENINGS IN THIS MARKET IN THE RECENT PAST:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Product
5.1.1 By Endoscopes
126.96.36.199 Flexible Endoscopes
188.8.131.52 Rigid Endoscopes
184.108.40.206 Capsule Endoscopes
5.1.2 Visualization Systems
5.1.3 By Other Endoscopy Equipment
220.127.116.11 Electrical Endoscopy Equipment
18.104.22.168 Mechanical Endoscopy Equipment
5.2 By Application
5.2.3 GI Endoscopy
6. Geographical Analysis
6.1 North America
6.1.2 United States
6.3.5 South Korea
6.4 Latin America
6.4.5 Rest of Latin America
6.5 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Stryker Corporation
8.3 Karl Storz GmbH
8.4 Boston Scientific Inc.
8.5 Olympus Corporation
8.6 Covidien Plc
8.7 Smith and Nephew Inc.
8.8 Fujifilm Holding Corporation
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
a) List of Tables
b) List of Figures