Endoscopy Device Market Is Expected to Exhibit 6.3% CAGR By 2023 | Trends Analysis, Regional Outlook and Future Insights

Endoscopy Device Market Scope

Endoscopy devises Market Report, published by Market Research Future, forecasts that the global endoscopy device market might garner revenue more than what it gained in previous years while recording 6.3% CAGR in the analysis period 2017-2023. The COVID-19 pandemic has been posing assessable impact on the global economy and, in turn, on the endoscope device market. The situation of quarantines, social distancing measures, and travelling constraints on a wide-scale coerce an abrupt decline in business and expenditure. With MRFR’s research work, the analysts intend to offer market players with a perspective on the changing scenario and implications for the market players.

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Endoscopy Device Market Drivers And Restraints

In current years, there has been a significant rise in the number of cases of cancer and other diseases needing endoscopy. WHO estimates that approximately 8.8 million deaths were caused due to cancer in the year 2015, making it the second primary cause of death worldwide. The most common cancers to claim lives in 2015 were liver cancer, lung cancer, stomach cancer, colorectal cancer, and breast cancer. The American Cancer Society anticipates 1,735,350 novel cancer cases and 609,640 cancer deaths in the US alone, in the year 2018. The procedure of endoscopy is exceedingly preferred during the detection as well as treatment of cancer.

Fast technological advancements in the healthcare industry, as well as enhanced access to medical services, have led to a boost in demand for endoscopic devices. Endoscopic devices are characteristically used during laparoscopy (a minimally invasive surgery) and enable the surgeon to conduct small incisions between 3 to 5 mm. Endoscopy is linked to austerely invasive surgical techniques, and show advantages in open surgeries, counting fewer incisions in surgery, shorter hospital stays, less painful, quicker recovery post-surgery. The aggressive edge proposed by such advantages serves as an explicit driver for the growth of the endoscopy devices market size.

Other factors propelling the market include increasing demand for healthcare facilities, technological advancements, incorporation of robotic endoscopy devices, advanced endoscopy equipment, increasing geriatric population, rising chronic disease rates, and superior demand for minimally invasive surgeries. These factors have also served positively in the growth trajectory of the robotic endoscopy devices market.

On the contrary, certain factors are showing the potential to hamper the growth of the endoscopy devices market. The factors are lack of trained surgical professionals, lack of reimbursement in the emerging markets, and a high learning curve for device use.

Endoscopy Device Market Segmental Analysis

The report on the endoscopy devices market is segmented through types, therapy, treatments & procedures, application, accessory & processors, and end-user.

By the segment of type, the market includes rigid endoscopes, flexible endoscopes, surgical endoscopes, capsule endoscopes, and robot-assisted endoscopes.

By the segment of therapy, the market includes gastroscopy, colonoscopy, laparoscopy, arthroscopy, endoscopic retrograde cholangiopancreatography, sigmoidoscopy, ureteroscopy, and cystoscopy.

By the segment of treatments & procedures, the market includes gynecologic and pelvic organ conditions, abdominal, lower gastrointestinal conditions, joint and orthopaedic conditions, upper gastrointestinal conditions, lung and airway conditions, and urinary system conditions. Abdominal, gynaecological, and pelvic organ conditions are further segmented into removal of the appendix, hernia repair, spleen, gallbladder, endometrial tissue, uterine fibroids, and ectopic pregnancy.

By the segment of applications, the market includes arthroscopy, gastrointestinal endoscopy, urology endoscopy, obstetrics/gynaecology endoscopy, mediastinoscopy, bronchoscopy, and otoscopy.

By the segment of accessory & processors, the market includes accessory and processors.   

By the segment of technology, the market includes video and fibre.

By the segment of end-user, the market includes gastroenterologists, critical care, obstetricians-gynaecologists (ob/gyns), general and pediatric surgeons, and orthopaedic surgeons.

Endoscopy Device Market Regional Framework

The United States leads the market for endoscopy devices, and it is expected to persist its stronghold for more years. An escalating number of treatments, along with an increasing population that exhibits an advanced prevalence of GI disorders, are motivating the growth of the market.

Furthermore, Colon cancer is projected to be the third leading cause of cancer deaths in the United States, which is probable to cause about 53,200 deaths in 2020 in the United States, as per the American Cancer Society. The number of annual gastro-intestinal procedures is also possible to expand, due to the increasing incidence of digestive disorders affecting the population and the expanding therapeutic capabilities of endoscopy devices.

North America grabbed the foremost share in the endoscopy devices market in 2015 and is likely to maintain the trend throughout the analysis period. This is due to the mount in the prevalence of chronic diseases coupled with a boost in geriatric population, the high adoption rate of technologically advanced endoscopy devices, and elevated awareness about the benefits of endoscopy interventions.

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Endoscopy Device Market Top Players

The top players in this market are Integrate Endoscopy, FUJIFILM, Shaili Endoscopy, Cantel Medical, Cognetix, Stryker, KARL STORZ Gmbh & Co. KG, and RICHARD WOLF.

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