Endoscopy Equipment Market is projected to reach USD 40.6 billion by 2027 from USD 28.9 billion in 2022, at a CAGR of 7.0%.
Endoscopy Equipment Market by Product (Endoscope (Flexible, Rigid, Capsule, Robot-assisted, Disposable), Visualization Systems (Video Converters, Recorders, Processors), Other endoscopic, Accessories), Application, End User – Global Forecast to 2027
The growth in this market is driven by Surging requirement for endoscopy to diagnose and treat target diseases, increasing investments, funds, and grants by governments and other organizations worldwide to improve healthcare infrastructure and research areas of endoscopy and Increasing preference for minimally invasive surgeries.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=689
Based on product, the endoscopes segment is expected to account for the largest share of the endoscopy equipment market
The endoscopes segment accounted for the largest share of the global endoscopy equipment market in the forecast period. The large share of this segment can be attributed to the rising preference of patients and doctors for minimally invasive procedures, higher adoption rate of these equipment by end users, and ongoing advancements in endoscopy technologies.
On the basis of application, gastrointestinal endoscopy segment is expected to account for the largest share of the endoscopy equipment market
Based on application, the gastrointestinal endoscopy segment accounted for the largest share of the endoscopy equipment market in the forecast period. This segment is also expected to witness the highest CAGR of 7.8% during the forecast period. The highest growth rate of this segment can be subjected to the increasing geriatric population in Asia Pacific region, rising incidence of colorectal cancer (CRC) in younger adults in US and Canada, which leads to growing screening using GI endoscopy of the target population for CRC screening.
Based on end user, hospitals segment holds the highest market share in the endoscopy equipment market
Based on end user, the hospitals segment is likely to dominate the endoscopy equipment market during the forecast period owing to the increasing government and private funding in the healthcare sector, rising adoption of endoscopy equipment in hospitals, as well as the greater availability of skilled healthcare professionals and technologically advanced facilities.
Based on Region, North America to dominate the endoscopy equipment market during the forecast period
The endoscopy equipment market in North America dominated the endoscopy equipment market in the forecast period. The largest share of North America in the global market is attributed to increased prominence of IBD, high investments by hospitals to purchase new endoscopic equipment for screening of cancers, polyps and other indications, as well as the implementation of a new funding model by Canadian hospitals.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=689
Endoscopy Equipment Market Dynamics:
Drivers:
- Surging requirement for endoscopy to diagnose and treat target diseases
- Increasing investments, funds, and grants by governments and other organizations worldwide
- Growing focus of hospitals to invest in technologically advanced endoscopy instruments and expand endoscopy units
- Ongoing advancements in endoscopic technologies to ensure patient safety and achieve more accurate treatments
- Rising requirement of endoscopy procedures due to increased incidence of chronic diseases
- Increasing preference for minimally invasive surgeries
- Adoption of single-use endoscopy instruments to prevent infectious diseases and offer increased safety
- Rising focus of medical specialists to shift from manual to automated endoscopy reprocessing
Restraints:
- Unfavorable healthcare reforms in US
- High overhead costs of endoscopy procedures with limited reimbursement in developing countries
- High risk of viral infections during endoscopic procedures
Opportunities:
- Booming healthcare sector in developing economies
Challenges:
- Product recalls witnessed by major market players
- Infections caused by some endoscopy products offered by giant companies
- Shortage of trained physicians and endoscopists
Key Market Players:
Prominent players in the endoscopy equipment market include Olympus Corporation (Japan), KARL STORZ SE & Co. KG (Germany), Stryker Corporation (US), Boston Scientific Corporation (US), JOHNSON & JOHNSON (US), Fujifilm Holdings Corporation (Japan), Medtronic, Inc. (Ireland), HOYA Corporation (Japan), Nipro Corporation (Japan), Intuitive Surgical, Inc. (US) and Smith & Nephew plc (UK).
Recent Developments:
- In February 2021. Olympus Corporation (Japan) launched SIF-H190 single balloon enteroscopy solution, a endoscopy system to reach deep into the small intestine.
- In June 2021, Johnson & Johnson (US) Launched the ENSEAL X1 Curved Jaw Tissue Sealer, an advanced bipolar energy device that increases procedural efficiency and provides stronger sealing and better access to more tissues.
- In May 2019, FUJIFILM Corporation built a new smart manufacturing facility in the site of FUJIFILM Techno Products Co., Ltd., which is one of Fujifilm’s production bases for endoscopy products. The new manufacturing facility is fully operational from September 2019. This new manufacturing facility will utilize AI and IoT technologies to achieve high production efficiency.
Browse Adjacent Market: Medical Devices Market Research Reports & Consulting
Related Reports:
Endoscope Reprocessing Market – Global Forecasts to 2027
Laparoscopic Instruments Market – Global Forecasts to 2026
Minimally Invasive Surgical Instruments Market -Global Forecasts to 2026
Medical Camera Market – Global Forecasts to 2026
Infection Control Market – Global Forecasts to 2026
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/endoscopy-devices-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/endoscopy.asp
