The global endoscopy equipment market is projected to reach USD 34.82 billion by 2022 from an estimated USD 25.58 billion in 2017 at a CAGR of 6.4%.
Growth in the endoscopy equipment market is driven by factors such as favorable government initiatives, rising number of hospitals and growing hospital investments in endoscopy facilities, technological advancements, and rising prevalence of diseases that require endoscopy.
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However, the high cost of endoscopy procedures & equipment and limited reimbursement in developing countries is expected to restrain the growth of this market during the forecast period.
The endoscopy equipment market is segmented on the basis of product, application, end user, and region.
On the basis of product, the market is segmented into endoscopes, visualization equipment, other endoscopy equipment, and accessories. The endoscopes segment is expected to account for the largest share of the global endoscopy equipment market and is expected to register the highest CAGR during the forecast period. The high growth in this segment can be primarily attributed to the rising adoption of minimally invasive procedures, increasing technological advancements and disposable endoscopes. The endoscopes market is further subsegmented into rigid, flexible, and capsule endoscopes.
On the basis of application, the global endoscopy equipment 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). The GI endoscopy applications segment is expected to grow at the highest rate during the forecast period. 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.
On the basis of end users, the endoscopy equipment 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 estimated to grow at the highest rate during the forecast period. The highest growth rate 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.
Geographic segments in this report include North America, Europe, Asia Pacific, and RoW. Of these, the North American segment is expected to account for the largest share of the market in 2017. The large share of this region can primarily be attributed to the 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 the implementation of a new funding model for Canadian hospitals.
