Published Date : 17 Jun 2022
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.
The endoscopy equipment helps in the procedures on vulnerable patients like the ones suffering with cancer or elderly. The benefits provided by the endoscopy procedures are the reduced postoperative pain and the reduced complication. It also provides faster recovery, has a shorter hospital stay and the use of anesthetics. The traditional open surgery does not provide any of these benefits. So there is a major shift from the traditional surgeries to the surgeries involving endoscopic equipment’s. Other reasons for the growth in this market are the prevalence of the chronic diseases, technological advancements and the aging population.
In terms of region, the North American region is the largest market for the endoscopy equipment market. As this region has a very well established healthcare infrastructure, a sophisticated technology base, and there is good awareness amongst the patients, so the market is growing rapidly. Followed by the North American Market, Asia Pacific region is also expected to grow during the forecast period owing to geriatric population and awareness amongst the patients. Also, the government is investing in the health care facilities provided to the public.
Scope of The Report
|Market Size In 2021||USD 28.87 Billion|
|Revenue Forecast by 2030||USD 54.9 Billion|
|CAGR||7.4% from 2022 to 2030|
|Largest Market||North America|
|Key Players||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 procedure uses tiny cameras, small surgical instruments to perform the surgery through one or more small incisions and provide minimally invasive surgeries. The advantages of the endoscopic procedures is that provides less pain, has a shorter hospital stay and very less complications related to the surgery specially in the elderly patients. Apart from this, it also provides benefits of being more effective. They are less dangerous and also they do not cost a lot as compared to the traditional open surgeries. Many health insurance providers in the developed or advanced economies cover all of these endoscopy procedures. Endoscopy helps in detecting and treating many diseases like the orthopedic disorders, neurological disorders, cancer, and gastro esophageal reflux disease. The use of the endoscopy procedure in cancer and cardiovascular disease is expected to increase during the forecast.
The rules of approval for research and developments on the endoscopy procedures, also there are stringent government regulations. The policy changes happen to raise the cost of developing new products and providing these new products to the consumers. In case there are any delays in approval of these products or procedures, it will negatively impact the investments in the new products and thereby restricting the growth of this endoscopy market.
There's an increased prevalence of chronic diseases in the population of across the globe. Many health insurance companies provide support and coverage for many endoscopic screening and curing procedures. So there is a global demand for the endoscopic equipments. The geriatric population also has a significant impact on the endoscopic equipment demand. As the elderly people are more susceptible to health issues like the gastrointestinal problems, orthopedic diseases, cancer and other complicated medical treatments. The use of these devices is on the rise. The surgery is performed by the use of the endoscopic devices are minimally invasive and have a high rate of recovery. So these are all the opportunities for the growth of the endoscopy equipment market during the forecast.
The performance of surgical procedure, which involves endoscopic devices do not have a lot of specializing physicians or surgeons, so there is a short supply all over the world. The shortage of these surgeons is expected to hinder the growth in developing nations. In order to prevent the spread of infections or any further complications, these surgeries should be performed by the skilled people only. Due to the scarcity of such doctors and physicians, there will be less number of procedures performed every year. So this happens to be a huge challenge for the growth of the endoscopic equipment during the forecast.
The growing demand for the various types of endoscopes is increasing the competition among the key market players. Therefore there are acquisitions, collaborations and mergers undertaken by the top market players to increase their market share. Olympus Corp acquired Quest Photonic devices in January 2021 to widen and strengthen its presence in the surgical endoscopy market.
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