Growing Need for Surgeries Is Expected To Propel the Overall Growth of the Global Endoscopy Device Market
This procedure uses endoscopes to examine hollow internal organs or body cavities. These instruments are placed in the body through natural openings or cavities or through an incision, especially arthroscopy. Endoscopy equipment is equipped with several other components, for example a camera or a light source at the end of the endoscope, which assists physicians or healthcare professionals in analyzing internal organs.
One of the main reasons for the growth of the endoscopy device market is the increasing spread of diseases that require endoscopic procedures, such as cancer and gastrointestinal diseases. In addition, the rise of boomerang-targeted diseases in high-risk children, the introduction of new endoscopic devices, and the advantage of the minimally invasive endoscopic device are driving market growth. Innovation with the help of pioneering endoscopic devices such as capsule endoscopes and robots, as well as ultra-high definition visualization systems, is driving market growth.
In July, 2021, Olympus announced that it backs the updated US Food and Drug Administration (FDA) safety recommendations, including new recommendations for single use of disposable bronchoscopes and reprocessing of bronchoscope.
The global endoscopy device market is broadly diversified based on based on types, treatments & procedures, therapy, application, and end user. By type, it is classified into flexible endoscopes, rigid endoscopes, robot-assisted endoscopes, surgical endoscopes, and capsule endoscopes. The global market for endoscopy device market is also segregated based on application gastroscopy, colonoscopy, endoscopic retrograde, arthroscopy, laparoscopy, sigmoidoscopy, cholangiopancreotography, ureteroscopy, and cystoscopy. On the basis of treatment, it is divided into lower gastrointestinal conditions, joint and orthopedic conditions, upper gastrointestinal conditions, abdominal, gynecologic pelvic organ conditions, urinary system conditions, lung and airway conditions.
North America holds largest share of the endoscope device market and this trend is expected to continue over the forecast period. This is due to the increased prevalence of chronic diseases associated with the growth of the geriatric population, the high rate of adoption of technologically advanced endoscopic devices, and the high awareness of the usefulness of endoscopic interventions. At the same time, Asia-Pacific is expected to grow rapidly due to the various opportunities for growth, the medical need to diagnose potentially fatal diseases in the region, and the quest for a better quality of life in developing countries.
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The key players contributing to the growth of the global endoscopy device market include Olympus Corporation, Fujifilm Holdings Corporation, HOYA Corporation, Smith & Nephew Plc, Stryker Corporation, Johnson & Johnson, Medtronic Plc, Boston Scientific Corporation, KARL STORZ GmbH & Co. KG, and CONMED Corporation.
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