According to Stratistics MRC, the “Global Endoscopy Devices Market” is accounted for $23.42 billion in 2017 and is expected to reach $46.13 billion by 2026 growing at a CAGR of 7.8%.
Some of the factors influencing the market growth include rising prevalence of diseases that require endoscopy, favorable government initiatives, growing healthcare market in emerging economies and technological advancements.
However, the high cost of endoscopy procedures & equipment and limited reimbursement in developing countries are restricting market growth.
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Endoscopy is a minimally invasive medical procedure that diagnoses prevent and treats the complications associated with the visceral organs.
Endoscopes are used in this procedure to examine interior hollow organs or cavities in the body. The device is either placed in the body through natural openings or cavities (such as anus and mouth) or through incisions, especially in the case of arthroscopy.
Endoscopy devices are equipped with several other parts such as a camera or light source at the tip of endoscopes that help physicians or medical professionals (endoscopists) to analyze the internal organs of interest. Endoscopy may be used to investigate symptoms in the digestive system, including nausea, vomiting, abdominal pain, difficulty swallowing, and gastrointestinal bleeding.
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Based on the product, Visualization Systems segment is likely to have a huge demand due to increasing preference for HD visualization systems by medical professionals, as they can help in diagnosis & treatment of complex diseases such as cancer, GI disorders, lung disorders, & urinary disorders and during minimally invasive surgical procedures.
By application, the Urology/Gynecology Surgeries segment is estimated to have a lucrative growth due to an increase in factors such as the overall geriatric population, prevalence of urinary disorders, the number of ureteroscopic interventions performed and introduction of advanced endoscopic techniques in urology, such as robot-assisted endoscopes or disposable endoscopes.
On the basis of the end-user, ambulatory surgery centers/clinics segment is going to have a lucrative growth during the forecast period due to increasing preference for outpatient surgeries, an increase in minimally invasive surgeries, and cost-effectiveness of ASC-based endoscopic procedures.
By Geography, North America is likely to have a huge demand owing to the high prevalence of diseases such as bladder & colon cancers, an increase in preference for minimally invasive surgeries, and a rise in the elderly population.
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Some of the key players in the global Endoscopy Devices market include Johnson & Johnson, Boston Scientific Corporation, Richard Wolf GmbH, Medtronic PLC, Stryker Corporation, Fujifilm Holdings Corporation, Karl Storz GMBH & CO.
KG, Olympus Corporation, Intuitive Surgical, Inc., Smith And Nephew PLC, Cogentix Medical, Conmed Corporation, Hoya Corporation, Cook Mediacal, Inc., Covidien PLC, Arthrex, Inc., B. Braun Melsungen AG, Integrate Endoscopy, Shaili Endoscopy, and Micro-Tech Endoscopy.
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