The key factors driving the growth of endoscopy equipment market include favorable government initiatives, rising number of hospitals and growing hospital investments in endoscopy facilities, technological advancements, and rising prevalence of diseases that require endoscopy.
According to a new market research “Endoscopy Equipment Market by Product (Endoscope (Flexible, Rigid, Capsule) Visualization Systems, Endoscopic Ultrasound, Insufflator)), Application (GI Endoscopy, Laparoscopy, Cystoscopy, Bronchoscopy, Colonoscopy, Arthroscopy) – Global Forecast to 2024“, published by MarketsandMarkets™, the global endoscopy instruments market is projected to reach USD 35.2 Billion by 2024 from an estimated USD 25.6 Billion in 2019, at a CAGR of 6.6% during the forecast period.
Browse 454 market data Tables and 44 Figures spread through 385 Pages and in-depth TOC on “Endoscopy Equipment Market”
By product, the endoscopes segment is expected to account for the largest share of the endoscopy instruments market in 2018
On the basis of product, the Endoscopy Equipment Market is segmented into endoscopes, visualization equipment, other endoscopy equipment, and accessories. In 2018, the endoscopes segment is expected to account for the largest share of the global market. The large share of this segment can be primarily attributed to rising adoption of minimally invasive procedures, increasing technological advancements, and disposable endoscopes along with the corresponding need to repeat the purchase of single-use products.
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By application, the GI endoscopy segment is estimated to dominate the market in 2018
Based on application, the endoscopy instruments market is segmented into laparoscopy, gastrointestinal endoscopy, arthroscopy, obstetrics/gynecology endoscopy, urology, bronchoscopy, mediastinoscopy, otoscopy, laryngoscopy, and other applications (endoscopies for facelifts, forehead lifts, abdominoplasty procedures, and breast augmentation). GI endoscopy applications are expected to command the largest share of the Endoscopy Equipment Industry in 2017. The large share of this segment can be attributed to the rising geriatric population, improving healthcare infrastructure in developing countries, and the increasing number of colonoscopy procedures performed in developed countries.
Hospitals are expected to hold the largest market share in 2018
Based on end users, the endoscopy instruments market is segmented into hospitals, ambulatory surgical centers (ASCs)/clinics, and other end users (diagnostic centers, mobile endoscopy facilities, and office endoscopy services). The hospitals segment is expected to command the largest share of the Endoscopy Equipment Market in 2017. The large share of this segment can be attributed to increasing government and private funding and the growing preference among physicians and patients to perform endoscopic procedures in a hospital-based environment.
North America to dominate the endoscopy instruments market in 2018
In 2017, North America is expected to account for the largest share of the Endoscopy Equipment Market, followed by Europe. Factors such as a favorable reimbursement scenario in the US, rising incidence of cancer, increasing investments by hospitals to purchase new endoscopic equipment, increasing research activities to improve endoscopy, and implementation of a new funding model for Canadian hospitals are contributing to the large share of North America.
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The key players in the global Endoscopy Equipment Market are Olympus (Japan), KARL STORZ (Germany), Stryker (US), Boston Scientific (US), Ethicon (US), Fujifilm (Japan), Medtronic (Ireland), Hoya (Japan), CONMED (US), Richard Wolf GmbH (Germany), Smith & Nephew (UK), Cook Medical (US), Cogentix Medical (US), and B. Braun (Germany).
The Olympus Corporation dominated the endoscopy equipment industry in 2018. In the field of endoscopy, the company offers endoscopes, visualization systems, other endoscopy equipment, and accessories. These products are provided under categories such as gastroscopes, colonoscopes, laparoscopes, bronchoscopes, hysteroscopes, mobilescopes, laryngoscopes, cystoscopies, ureteroscopes, telescopes, endoscopic ultrasound, sphincterotomy, energy devices, imaging systems, camera heads, capsule endoscope sets, insufflation units, and non-capital equipment, among others.
The company has a widespread presence across the Americas, Africa, Western/Eastern Europe, the Middle East, Asia, and Oceania. The firm also aims to enter new markets by establishing training centers in China and elsewhere in Asia to increase the adoption of endoscopic procedures in rapidly growing emerging nations. Olympus commands the world’s highest market share in gastrointestinal endoscope operations.
Recent Development in Endoscopy Instruments Market:
1. In 2019, Olympus launched small intestine endoscopy system “PowerSpiral” in Europe and parts of Asia, including Hong Kong and India
2. In 2018, Olympus launched ENF-VT3, the world’s first rhino-laryngo videoscope to incorporate 4-direction angulation capability.
3. In 2018, KarlStroz launched 4 mm Endoscopic NIR/ICG Fluorescence Imaging System to enhance minimally invasive neurosurgery