The global endoscopy equipment market was valued at US$ 26.9 billion in 2020 and is expected to reach over US$ 54.9 billion by 2030 with a registered CAGR of 7.4% from 2021 to 2030.
Endoscopy is a type of imaging that allows doctors to look within the body’s organs and veins. This technique is useful not only for detecting damage, but also for surgical and therapeutic procedures. The endoscopy equipment market is being driven by factors such as an ageing population with an increase in the prevalence of cancer, gastrointestinal, and other chronic disorders, an increase in the number of hospitals, and technological advancements in endoscopy.
Endoscopes are one of the most commonly used medical imaging instruments. Endoscopes are introduced directly into the organ by a clinician or surgeon, as opposed to other imaging instruments. The endoscope has a camera and light on one end and the doctor may view the visual on a screen in real time. Instead of cameras, ultrasound endoscopes employ sound waves to produce detailed views of the intestinal wall and adjacent organs. This endoscopy equipment can be used for more than just imaging. They can also be used to place endoscopic implants.
During the projected period, the endoscopy equipment market is expected to rise due to an increase in the incidence of age-related disorders and an increase in the need for endoscopic equipment in diagnostic and therapeutic operations. The increased use of the endoscopy equipment for the diagnosis and treatment of a variety of illnesses is significant because it allows for less intervention and recovery time. As a result, the endoscopy equipment market expansion is expected. The rise in the senior population, who are more susceptible to a variety of medical disorders requiring endoscopic operations, such as gall stones and endometriosis, is fueling the endoscopy equipment market expansion.
On the other hand, the endoscopy equipment market is expected to be hampered by the high cost of endoscopic equipment and procedures, as well as inadequate compensation in developing countries. In the approaching years, factors such as product recalls and infections caused by endoscopes are projected to stifle the endoscopy equipment market growth. The healthcare industry in developing economies is expected to grow at a rapid pace, providing several chances for the endoscopy equipment market expansion.
Furthermore, biopsy instruments are frequently employed to obtain tissue samples for diagnostic testing. During the projected period, the endoscopy equipment market is expected to be driven by the rising adoption of low-cost disposable endoscopes. The endoscopy equipment market is expected to grow slowly in some locations due to a dearth of qualified endoscope operators.
Due to the growing need for endoscopy equipment for various therapeutic and diagnostic procedures, there is fierce competition among the existing manufacturers. Furthermore, prominent market players’ technological developments in the field of endoscopy equipment are raising the stakes even higher during the forecast period.
Scope of the Endoscopy Equipment Market
|Market Size||USD 54.9 Billion by 2030|
|Growth Rate||CAGR of 7.4% from 2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Application, End User, Region,|
|Companies Mentioned||Olympus Corporation, KARL STORZ SE & Co. KG, Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson, Fujifilm Holdings Corporation, Hoya Corporation, Nipro Corporation, Richard Wolf GmbH, Cook Medical|
The endoscopy visualization systems segment dominated the endoscopy equipment market in 2020. This is due to the advantages of high-definition visualization systems for the treatment and diagnosis of complex health conditions like gastrointestinal disorders, urinary disorders, cancer, and lung disorders, as well as the growing preference of healthcare professionals for using endoscopy visualization systems for better treatment and diagnosis.
The endoscopes segment is fastest growing segment of the endoscopy equipment market in 2020. This is attributed to an increase in endoscopic procedures and biopsies, as well as the availability of various types of endoscopes for improved diagnostics and treatment.
The gastrointestinal endoscopy segment dominated the endoscopy equipment market in 2020. Due to the increased incidence of gastrointestinal disorders and the growing elderly population, the gastrointestinal endoscopy segment had the biggest revenue share in 2020.
The urology endoscopy segment, on the other hand, is predicted to develop at a rapid rate over the projection period. The increased burden of urological diseases, as well as an increase in urology surgeries, is predicted to fuel demand for urology endoscopies.
End Use Insights
In 2020, the hospitals segment dominated the endoscopy equipment market. This is due hospitals having a much higher uptake and utilization of endoscopic devices than other healthcare systems, as well as advantageous payment rules. In addition, because hospitals are often the primary healthcare providers in many nations, the number of surgeries performed in hospitals is higher, indicating high adoption and demand.
The ambulatory surgery centers segment, on the other hand, is predicted to develop at the quickest rate in the future years. Some of the important aspects that are boosting the need for endoscopic interventions or procedures in ambulatory surgery centers include little discomfort due to microscopic surgeries, the shorter time required for endoscopy, and faster recovery time. As a result, endoscopy equipment market growth is influenced positively.
North America dominated the endoscopy equipment market in 2020. Due to growing preference for minimally invasive surgeries, rising adoption of advanced technologies, and improved healthcare infrastructure, the North America dominated the global endoscopy equipment market.
Asia-Pacific, on the other hand, is expected to develop at the fastest rate during the forecast period. This is due to the region’s increasing need for endoscopy-related technologies. Other factors include an ageing population and improved health infrastructure.
The major players in the endoscopy equipment market are constantly inventing and developing improved equipment and devices, as well as extending their product offerings. To help healthcare organizations to combat the pandemic and preserve competitive advantage in the endoscopy equipment market, the companies are focused on their alliances, technology collaborations, and product launch strategies.
Some of the prominent players in the global endoscopy equipment market include:
Segments Covered in the Report
By End Use
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