According to The Insight Partners market research study titled ‘Endoscopy Devices Market – Global Analysis and Forecasts By Product, Application and End User. The global endoscopy devices market is expected to reach US$ 45,612.3 Mn in 2025 from US$ 26,333.3 Mn in 2017. The market is estimated to grow with a CAGR of 7.5% from 2018-2025. The report highlights the trends prevalent in the global endoscopy devices market and the factors driving the market along with those that act as deterrents to its growth.
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Global endoscopy devices market, based on the product class is segmented into endoscopes, visualization systems, other endoscopy equipment, and accessories. The endoscopes segment has been further divided as rigid endoscopes, flexible endoscopes as well as capsule endoscope. In 2017, the endoscopes segment held the largest share in the market, by product. Moreover, the segment is also anticipated to grow at a significant rate during the forecast period.
The market for endoscopy devices is expected to grow in the coming years, owing to the technological advancements made by the players operating in the market. These technological advancements have made the procedure of endoscopy more easy as well as the results obtained are more accurate.
Some of the prominent players operating in endoscopy devices market are Olympus Corporation, STRYKER, Medtronic, KARL STORZ SE & Co. KG, Ethicon US, LLC., Richard Wolf GmbH, Boston Scientific Corporation, Smith & Nephew, Cook, and FUJIFILM Holdings Corporation. Various players in the market have obtained approvals for their products launches. These approvals have helped the patients as well as the healthcare professionals to get better services. For instance, Cook received FDA approval for Cellvizio Confocal Laser Endomicroscopy (CLE) System and the Confocal Miniprobes in March, 2018.
Rising Prevalence of Diseases Requiring Endoscopy
In recent years, there has been a substantial rise in the number of cases of cancer and other diseases needing endoscopy. As per WHO, around 8.8 million deaths were caused due to cancer in 2015, making it the second leading cause of death globally. The most common cancers to claim lives in 2015 were, lung cancer, liver cancer, colorectal cancer, stomach cancer and breast cancer. The American Cancer Society estimates 1,735,350 new cancer cases and 609,640 cancer deaths in the US alone, during 2018. The procedure of endoscopy is highly preferred during the detection as well as treatment of cancer.
Favourable Government Initiatives
The Endoscopy Action Plan implemented by the Queensland Government was aimed towards improving the health of Queenslanders by means of delivering sustainable access to better quality gastrointestinal endoscopy services. The demand for gastrointestinal endoscopy has been increasing rapidly due to national bowel screening program and a growing geriatric population. As per the plan, US$ 160 million would be invested over four years to deliver better services and improve the access across Queensland health system. Under the plan, the services will be expanded to deliver 50,000 more endoscopy procedures. Due to the implementation of this plan, the waiting time for endoscopy procedure has significantly reduced and better services have been made available across the state.
The report segments the global endoscopy devices market as follows:
Global Endoscopy Devices Market – By Product
Wireless Displays and Monitors
Transmitters & Receivers
Other Endoscopy Equipment
Endoscopy Fluid Management Systems
Other Electronic Devices
Torcars and Cannuals
Other Mechanical Instruments
Fluid Flushing Devices
Needle Holders/needle forceps
Global Endoscopy Devices Market – By Application
Global Endoscopy Devices Market – By End User
Ambulatory Surgical Centers
Other End Users
Global Endoscopy Devices Market – By Geography
Asia Pacific (APAC)
Middle East & Africa (MEA)
South & Central America (SCAM)
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