The global endoscopy devices market is expected to cross the value of US$ 42.8 Bn by the end of 2030.
The global endoscopy devices market is expected to cross the value of US$ 42.8 Bn by the end of 2030
The global endoscopy devices market was valued at US$ 31.8 Bn in 2022
It is estimated to expand at a CAGR of 3.8% from 2022 to 2030
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Analysts’ Viewpoint on Endoscopy Devices Market Scenario
Increasing prevalence of cancer, rising aging population, and lucrative presence of endoscopic device manufacturers are factors responsible for the rapid expansion of the global endoscopy devices market. Companies in the global endoscopy devices market should accelerate their product development and unlock revenue opportunities to obtain competitive benefits. Market stakeholders are extending their services arms by developing innovative and technologically advanced endoscopy devices to in order to gain revenue benefits. Market contributors in the global endoscopy devices market should focus on the production of cost-efficient endoscopy devices. The high cost of endoscopic devices is a factor hampering the growth of the global endoscopy devices market.
Impact of COVID-19 on Global Endoscopy Devices Market
The coronavirus pandemic has put intense pressure on the healthcare system across the globe due to shortage of hospital beds, medical staff, necessary medical devices, and surgical equipment. Considering risk and safety of patients, non-emergency surgeries have been cancelled or postponed due to rising cases of coronavirus. This factor has negatively affected the global endoscopy devices market.
There is an increasing demand for endoscopic devices for the treatment and diagnosis of neurodegenerative, infectious, immune, metabolic, and cardiovascular diseases. This factor is expected to offer revenue benefits for the device manufacturers across the globe.
After the booming vaccination drives across the globe, the market is recovering from the losses caused due to the COVID-19 pandemic. Manufacturers operating in the global endoscopy devices are focusing on product innovations due to increasing demand at the global level. In addition, endoscopic devices are widely utilized in diagnostic and operative procedures.
Increasing Adoption of Minimally Invasive Procedures Drives Market
Minimal invasive procedures are gaining popularity due to their simplicity, reliability, and efficiency. Minimally invasive procedures are relatively cost-effective than any other traditional surgical procedures. Increasing geriatric population, rising number of surgeries, and growing investments in developing healthcare infrastructure are some of the factors contributing to the global endoscopy market growth.
Endoscopy procedures are minimally invasive, performed by inserting a rod shaped instrument into the area of surgery by making through small incisions in the body. Endoscopic devices are specifically designed for performing complex urological surgeries, gastrointestinal surgeries, ENT, cardiovascular, and joint surgeries. These minimally invasive procedures ensure quick recovery and little chances of infection. This factor is driving the demand for different endoscopy devices.
Moreover, increasing applications of endoscopic devices in oncology is accelerating the market growth. The rising adoption of minimally invasive procedures in patients drives the global endoscopy market growth.
Technological Advancements in Endoscopic Devices Boost Market Growth
The increasing adoption of medical imaging devices due to rising surgical procedures and technological innovations in medical imaging devices. The emergence of artificial intelligence in endoscopic procedures have created beneficial opportunities for device manufacturers. In addition, minimally invasive diagnostic and surgical procedures performed with the help of innovative robotic technology offers various benefits to the patients. The increasing adoption of robotic-assisted endoscopic procedures is anticipated to boost market growth. Manufacturers operating in the global endoscopy devices markets are increasing their production portfolio to fulfill the demand from the healthcare sector. The growth and advancement in the field of medical devices boost the endoscopy devices market.
North America Offers Lucrative Growth Opportunities for Manufacturers
North America shows lucrative growth opportunities in the endoscopy devices market due to the increasing number of surgical procedures, growing geriatric population, and advancement in healthcare and medical devices. Improvement in healthcare facilities and increasing investments in research and development activities in the endoscopic devices in the region are boosting the market growth. In addition, increasing awareness and promotional activities by governments about the pain-free minimally invasive surgical procedures creates revenue streams for manufacturers operating in the North America endoscopy devices market. North America market is also driven by factors such as favorable reimbursement policies for endoscopic procedures, rise in prevalence of cancer, increase in investments by hospitals on innovative endoscopic instruments. Market players in the North America endoscopy devices market are focusing on various strategies to strengthen their position in the global market. However, high cost of advanced endoscopy devices is a factor affecting the growth of the market in North America.
Endoscopy Devices Market: Overview
According to Transparency Market Research’s latest report on the global endoscopy devices market for the historical period 2017–2020 and forecast period 2021–2028, technological innovations offering wider scope of application for endoscopy are projected to drive the global endoscopy devices market during the forecast period
Key Driver
Technological innovations in medical imaging devices have increased the scope of medical devices, and thereby the customer base. Robotic-assisted endoscopic procedures have created a paradigm shift in the endoscopic devices market. Moreover, a minimally invasive diagnostic and surgical procedure performed by robotic technology offers benefits such as less blood loss, less scarring, reduced risk of infection, and faster return to your life. Hence, robotic-assisted endoscopic procedures is anticipated to boost market growth.
Development of chromoendoscopy has added another dimension to the evolving endoscopy market. Three dimensional (3D) camera systems have improved the depth perception and reduced errors during surgery, which has reduced the overall surgery time.
FDA Policies Moving toward Easier Approval Process: Major Driver
The U.S. FDA has been criticized for its long and arduous approval process. However, the regulatory agency has been taking constructive steps in order to ease process time. In a major development, the FDA has classified colon capsule imaging devices as Class II devices. This implies that capsule endoscope manufacturing companies will not have to go through lengthy clinical trials and other pre-market approval requirements.
This would shorten the regulatory approval process and save on resources to get approval. This event is expected to drive the global endoscopy devices market, cost of the devices, and the number of procedures. It also implies that reimbursement could become easier due to lesser risk of side effects.
High Cost Makes Devices Unaffordable to Developing Countries: Key Restraint
Endoscopic devices require highly sophisticated technology and significant expertise in manufacturing and adding technological advancements. These factors increase the overall cost of endoscopic devices and accessories. In emerging and developing countries such as India and China, a small percent of GDP is spent on healthcare. It is much lower in countries such as Indonesia and Malaysia.
On the other hand, the U.S. is estimated to spend high percent of GDP on healthcare related expenses. This ineffectual ability of emerging and developing economies toward healthcare facilities acts as a major restraint of the endoscopic devices market.
Endoscopy Devices Market: Competition Landscape
This report profiles major players in the global endoscopy devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global endoscopy devices market is highly fragmented, with the presence of a number of international as well as regional players
- Leading players operating in the global endoscopy devices market are
- Ethicon Endo-Surgery
- Covidienplc
- Olympus Corporation
- Boston Scientific Corporation
- Intuitive Surgical, Inc.
- Stryker Corporation
- Richard Wolf
- FUJIFILM Holdings Corporation
- KARL STORZ GmbH & Co. KG
- HOYA Corporation
- B. Braun Melsungen AG
- Arthrex, Inc.
- Cook Medical, Inc.
- Smith & Nephew plc, among others
Endoscopy Devices Market: Key Developments
Key players in the global endoscopy devices market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global endoscopy devices market. A few expansion strategies adopted by players operating in the global endoscopy devices market are:
Smith & Nephew plc is a leader in the development and commercialization of endoscopic techniques
Smith & Nephew plc launched a new DYONICS Vision 111 Portable Endoscopy System. It is the world’s first mobile, integrated endoscopic visualization system. It comprises a high quality camera, state-of-the-art high efficiency light source, and LCD flat-panel monitor.
In July 2016, Boston Scientific acquired EndoChoice. EndoChoice manufactures core products such as Full Spectrum Endoscope (FUSE), which offers a 330-degree field of vision for greater visibility in the small intestine. Last year, the company launched a second-generation FUSE, the first flexible endoscopy system to offer 4K Ultra HD monitors.
The report on the global endoscopy devices market discusses individual strategies, followed by company profiles of manufacturers of endoscopic devices. The competition landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global endoscopy devices market.
Key Questions Answered in Endoscopy Devices Market Report
- What is the scope of growth of device companies in the global endoscopy devices market?
- What will be the Y-o-Y growth of the global endoscopy devices market between 2017 and 2028?
- What is the influence of changing trends in technologies on the global endoscopy devices market?
- Will North America continue to be the most profitable market for endoscopy devices providers?
- Which factors are anticipated to hamper the growth of the global endoscopy devices market during the forecast period?
- Which are the leading companies in the global endoscopy devices market?
Endoscopy Devices Market – Segmentation
Device Type
- Endoscope
- Rigid Endoscopy
- Flexible Endoscopy
- Robot Endoscope
- Capsule Endoscopy
- Operative Devices
- Energy Systems
- Suction/Irrigation Systems
- Access Devices
- Operative Hand Instruments
- Others (Insufflation Devices, Wound Protectors, Snares)
- Visualization systems
- Ultrasound Devices
- Standard Definition (SD) Visualization Systems
- Two Dimensional (2D) Systems
- Three Dimensional (3D) Systems
- High Definition (HD) Visualization Systems
- Two Dimensional (2D) Systems
- Three Dimensional (3D) Systems
Application
- Gastrointestinal Surgeries
- Urology
- ENT Surgery
- Cardiovascular Surgery
- Neuro and Spinal Surgery
- Laparoscopy Surgery
- Arthroscopy Surgery
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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