What? When? Why?

Latest Happenings in Business World

Share on

Dec-2021

Endoscopy Devices Market Size To Grow USD 45.54 Bn by 2026

North America and APAC are together expected to occupy a significant share in the global endoscopy devices market during the forecast period.

As per our research report, the size of the global endoscopy devices market is forecasted to be growing at a CAGR of 6.8% from 2021 to 2026 and worth USD 45.54 billion by 2026 from USD 32.78 billion in 2021.

Endoscopy is a minimally invasive medical procedure for detecting, preventing, and treating disorders of the visceral organs. During this procedure, endoscopes are used to see inside hollow organs or cavities in the body. These devices are implanted in the body through natural holes or cavities (such as the anus and mouth) or incisions, especially in arthroscopy. Other endoscopy elements, such as a camera or light source at the endoscope's tip, aid physicians or medical professionals (endoscopists) in analyzing internal organs of interest.

The COVID-19 pandemic has influenced the global endoscopy devices market. Elective procedures were postponed, and the number of elective surgeries conducted during the pandemic significantly impacted the market. Furthermore, changes in legislation aimed at reducing viral infection and supply chain interruptions have restricted market growth during the pandemic. Because many hospitals and clinics lack the resources and people to comply with and implement the demanding COVID-19 criteria, disposable endoscope sales have increased compared to autoclavable endoscope sales. To reduce the risk of infection, negative pressure suites and personal protective kits should be used for ward isolation. As a result, endoscopic therapy has become more expensive overall. These issues will limit the endoscopy market's growth in 2020. However, with the global distribution of vaccines, the industry is expected to recover in the future years. The decrease in endoscopy procedures during the COVID-19 pandemic was primarily due to reduced patient volume in hospitals due to procedure rescheduling and delays for safety reasons. Furthermore, these delays occurred after a thorough review of the patient's medical history, and if possible, healthcare providers rescheduled endoscopic procedures to reduce the risk of COVID-19 exposure during hospital visits. All of these factors are expected to impact the endoscopic device market in the future.

The rising prevalence of chronic diseases such as cancer, heart disease, and diabetes and growing awareness of the benefits of minimally invasive operations over open invasive surgeries are some of the primary factors driving the global endoscopy devices market. Furthermore, technological developments in endoscopes and increased usage in various diagnosis and treatment processes are among the significant factors driving global endoscope demand. Furthermore, as the senior population grows, so does the number of health difficulties and illnesses, necessitating the use of endoscopes in diagnostic procedures. Furthermore, unhealthy habits such as smoking, drinking, and consuming many carcinogenic substances, among others, are significant drivers of the worldwide endoscopes market. Again, with increased pollution, water contamination, and other factors, the demand for effective diagnostic techniques involving endoscopes is expected to rise in the near future.

The rising cancer burden, quick improvements in healthcare infrastructure, the rapid rise of medical tourism, and the presence of flexible legislation in these nations all encourage endoscopy equipment manufacturers to expand their operations in these countries. For these reasons, the demand for endoscopes is expected to accelerate during the forecast period. The market for biopsies for cancer diagnosis is predicted to rise as the prevalence of cancer rises. In addition, endoscopy for biopsies and endoscopic ultrasound are two of the most prevalent cancer detection methods. As a result, the market is likely to develop faster during the forecast period as demand for diagnostic endoscopic operations rises.

Trained specialists must perform endoscopic procedures to minimize the spread of infections in endoscopy facilities. The global lack of competent endoscopy physicians and nurses is predicted to negatively influence the number of endoscopic procedures performed each year. These instruments may be difficult to get in rural and poor areas, making it challenging to reduce mortality rates in these areas. Furthermore, the difficulties associated with various health conditions could significantly hinder the market's growth. On the other hand, many participants are expected to tackle such concerns by increasing the efficiency of diagnostic methods, thus offsetting most challenges.

KEY MARKET INSIGHTS:

During the forecast period, the endoscopes segment held the most significant share of the worldwide endoscopy devices market based on the product. The high acceptance rate of this equipment by end-users, the growing desire of patients and doctors for minimally invasive procedures, and ongoing improvements in endoscopic technologies can all be linked to this segment's large share.
During the forecast period, North America led the endoscopic equipment market. The United States' favorable reimbursement policies for endoscopic procedures, increased awareness of cancer, high hospital investments in new endoscopic equipment, a strong focus on research activities to improve endoscopy techniques, and the implementation of a new funding model by Canadian hospitals account for North America's most significant share of the global market.
The Asia Pacific is expected to become the fastest-expanding market during the forecast period. The market is expected to grow in developing nations such as China and India, with the increase in cancer cases and strong economic growth. Because of the growing need for endoscopes for various diagnostic and therapeutic procedures and technological advancements, there is fierce competition among endoscope manufacturers. Increased market demand, fueled by increased awareness and acceptance of endoscopes and related technologies, is anticipated to stimulate the entry of new enterprises in the future.
Ethicon, Stryker Corporation, Karl Storz GmbH, Boston Scientific Inc., Olympus Corporation, Covidien Plc, Smith and Nephew Inc., and Fujifilm Holding Corporation are some noteworthy companies operating in the global endoscopy devices market.

MARKET SEGMENTATION:

By Product:

Endoscopes
- Flexible Endoscopes
- Rigid Endoscopes
- Capsule Endoscopes
Visualization Systems
Other Endoscopy Equipment
- Electrical Endoscopy Equipment
- Mechanical Endoscopy Equipment

By Application: