Endoscopy Device Market Overview
The endoscopy device market is growing pervasively, mainly due to the technological advances that have improved the performances of these devices. Besides, factors such as increasing funding & reimbursement for screening & treatment with endoscopic techniques are promoting the endoscopy device market growth. Moreover, the growing prevalence of chronic diseases such as cancer, gastrointestinal disorders, and obstetrics/gynecology diseases escalates market growth to furthered height.
According to Market Research Future (MRFR), the global endoscopy device market size is poised to reach USD 42,342.4 MN by the end of 2023. In its recent endoscopy device market forecast, MRFR also asserts that the market would register a 6.3% CAGR throughout the review period (2017 – 2023). Additionally, well-spread awareness towards the availability and benefits of endoscopy devices are substantiating the market growth.
Endoscopy Device Market Drivers and Restraints:
- Rising demand for effective diagnostic & therapeutic options.
- Shift towards less invasive treatment methods.
- Increasing geriatric population.
- Infections and complications caused by endoscopy devices.
- High cost of endoscopy devices.
- Lack of knowledge about the availability & benefits of endoscopy devices.
Global Endoscopy Device Market – Segments
The analysis has been segmented into six main dynamics to widen the scope of understanding,
By Type : Rigid Endoscopes, Flexible Endoscopes, Capsule Endoscopes, Robot-Assisted Endoscopes, Surgical Endoscopes, and other Endoscopes.
By Therapy: Colonoscopy, Arthroscopy, Gastroscopy, Laparoscopy, Endoscopic Retrograde Cholangiopancreotography, Sigmoidoscopy, Cholangiopan Creotography, Ureteroscopy, Cystoscopy, and others.
By Treatment & Procedure: Abdominal, Gynecologic & Pelvic Organ Conditions, Joint & Orthopedic Conditions, Lung & Airway Conditions, Lower Gastrointestinal Conditions, Upper Gastrointestinal Conditions, Urinary System Conditions, and others.
By Application : Gastrointestinal Endoscopy, Arthroscopy, Obstetrics/Gynecology Endoscopy, Urology Endoscopy, Bronchoscopy, Mediastinoscopy, Otoscopy, and others.
By End-User : Critical Care, Gastroenterologists, General & Pediatric Surgeons, Obstetricians-Gynecologists (ob/gyns), Orthopedic Surgeons, and others.
By Regions : Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Global Endoscopy Device Market – Regional Analysis
North America dominates the global endoscopy device market. The largest share of the market attributes to the strong economic conditions, massive development in the healthcare domain, and the focus of research institutions on updating technology for new & advanced diagnosis & treatment methods. Moreover, factors such as the presence of advanced hospital infrastructures and skilled healthcare professionals are increasing the region’s endoscopy device market share in the global market. The North American endoscopy device market is estimated to retain its leading position throughout the assessment period.
Europe stands second in the global endoscopy device market, heading with the increasing emphasis on rapid diagnosis & treatment of cancer and gastrointestinal diseases. Besides, factors such as the rising government support for R&D activities and growing focus on the development of new devices in the region are contributing to endoscopy device market growth. Driven by the growing numbers of specialty services offered by various healthcare providers, the European endoscopy device market is likely to grow at a significant CAGR during the review period.
The Asia Pacific endoscopy device market is rapidly emerging as a promising market globally. Rapidly developing countries like India and China are encouraging the growth of the regional market. Furthermore, the increasing patient population of cancer and gastrointestinal diseases is creating a vast market demand for various diagnosis & treatment methods. Moreover, the augmenting demand for quality devices, proliferating healthcare technology, and increasing uptake of endoscopy devices in the region are providing impetus to market growth. The APAC endoscopy device market is estimated to register a phenomenal CAGR throughout the analysis period.
Global Endoscopy Device Market - Competitive Analysis
Highly competitive, the endoscopy device market appears to be diversified with the presence of a large number of players. These players make substantial investments in R&D to drive innovations and strategic initiatives. To gain a larger competitive advantage in the market, players adopt strategies such as mergers & acquisitions, expansion, collaboration, and product launch. To increase their global footprints, players acquire small yet promising companies from the emerging markets.
They compete against each other based on the quality, reliability, and cost of the devices. Looking at the huge demand for innovative technologies that can help clinicians to provide the best possible treatments to the patients in need, manufacturers create unique solutions that can meet the challenging needs of consumers. They work with physicians, nurses, and technicians around the world, which further helps them to identify unaddressed needs.
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Endoscopy Device Market Major Players:
Players leading the endoscopy device market include Integrate Endoscopy, Cogentix Medical, J&J services Inc, Interscope Inc., Shaili Endoscopy, Cantel Medical, Cognetix, Micro-Tech Endoscopy, Stryker, Karl Storz Gmbh & Co. KG, Olympus, Fujifilm, Richard Wolf, and Pentax Medical, among others.
Endoscopy Device Industry/Innovation/Related News:
January 16, 2020 --- Hoya Corp. (the US), a subsidiary Pentax Medical, announced the FDA 510(k) clearance for its Imagina endoscopy system, launching the device in the U.S. The Imagina system is designed to perform gastrointestinal procedures at ambulatory surgery centers (ASCs). The Imagina i10c series is the only endoscope platform with a real-time, digital image enhancement system that offers an enhanced view of the texture of the mucosal surface and blood vessels.