Endoscopy Equipment Market is expected to foresee significant growth. North America to lead the growth!
- Vikas Kumar
- July 7, 2022
- HEALTHCARE, NEWS
- Endoscopy Equipment Market, Endoscopy Equipment Market Analysis, Endoscopy Equipment Market Forecast, Endoscopy Equipment Market Growth, Endoscopy Equipment Market Report, Endoscopy Equipment Market Share, Endoscopy Equipment Market size, Endoscopy Equipment Market Trend
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Endoscopy is a medical process that permits a doctor to investigate and observe the body without performing any major surgery. An endoscope is a long, generally flexible tube with a lens at one end and a video camera at the other. Normally, an endoscope is inserted through one of the body’s regular openings, like the mouth. Furthermore, the endoscopy equipment market is expected to witness a CAGR of ~8% during the forecast period (2021–2027). This is mainly due to the rising prevalence of gastroesophageal reflux diseases, celiac disease, cardiology, neurology, orthopedic surgeries, inflammation, and biopsy worldwide. For instance, according to reported data from the Center for Science in the Public Interest, in 2020, unhealthy diets contributed to approximately 678,000 deaths each year in the U.S.
The endoscopy equipment market is negatively impacted to some extent due to the COVID-19 pandemic. The major reason for the decline in endoscopy procedures during the COVID-19 pandemic was a decrease in patient volume in hospitals, hence, all elective surgeries were either canceled or postponed. Moreover, healthcare providers rescheduled endoscopic procedures. Furthermore, supply chain disruption, the shortage of healthcare professionals in the pandemic, and changing regulations to curtail the infection in major geographic regions significantly impacted the global market growth in 2020. However, the market witnessed an upward growth in Q3 and Q4 of 2020.
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Based on product type, the market is classified into the endoscope, visualization system, other endoscope equipment, and accessories. Among them, in 2020, the endoscope category dominated the market and is expected to maintain its dominance throughout the forecast period. This is mainly due to the rising incidence of patients suffering from gastroesophageal reflux diseases (GERD), celiac disease, cardiology, neurology, orthopedic surgeries, inflammation, biopsy, and the rising geriatric population worldwide. For instance, according to the national institutes of health (NIH), researchers estimate that about 20 percent of people in the U.S. have gastroesophageal reflux diseases (GERD).
Based on application, the market is bifurcated into gastrointestinal (GI) endoscopy, laparoscopy, obstetrics/ gynecology endoscopy, arthroscopy, urology endoscopy (cystoscopy), bronchoscopy, ENT endoscopy, mediastinoscopy, and others. Among them, in 2020, gastrointestinal (GI) endoscopy dominated the market. This high share of the segment is inferable from the rising geriatric populace and the increasing cases of gastrointestinal diseases. Also, the rising inclination for endoscopy procedure as a first-line treatment for early detection and diagnosis of gastrointestinal problems coupled with the rising accessibility of technologically advanced endoscopes are some of the major factors driving the growth of the segment. For instance, according to the research in 2019, the global prevalence of peptic ulcer disease (PUD) was approximately 8 million, representing a 25.82% increase from 1990.
Based on end-user, the market is bifurcated into hospitals, ambulatory surgery centers, and others. In 2020, the hospitals category accounted for the majority share during the forecast period owing to the rising adoption of endoscopy equipment in hospitals, increasing government and private funding in the healthcare sector, as well as the greater availability of skilled healthcare professionals and technologically advanced facilities, and the increasing number of hospitals, are further driving the category’s growth.
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For a better understanding of the market adoption of the endoscopy equipment industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America); Europe (Germany, United Kingdom, France, Spain, Italy, Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific); and the Rest of World. In 2020. North America held an extensive market share owing to the rising prevalence of GERD, awareness, and well-established medical infrastructure and facilities. In addition, the APAC region has the fastest growth during the forecast period. Due to the increased cases of cardiac diseases, cancer, ulcer, and rising chronic disease complications in the geriatric population.
Some of the major players operating in the market include Boston Scientific Corporation, Conmed Corporation, Fujifilm Holdings Corporation, Johnson & Johnson, KARL STORZ, Medtronic plc, Stryker Corporation, Olympus Corporation, Richard Wolf Gmbh, and Smith & Nephew plc
Endoscopy Equipment Market Segmentation
Market Insight, by Product Type
- Visualization System
- Other Endoscope Equipment
Market Insight, by Application
- Gastrointestinal Endoscopy
- Obstetrics/ Gynaecology Endoscopy
- Urology Endoscopy (Cystoscopy)
- Ent Endoscopy
Market Insight, by End-User
- Ambulatory Surgery Centers
Market Insight, by Region
- North America
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Boston Scientific Corporation
- Conmed Corporation
- Fujifilm Holdings Corporation
- Johnson & Johnson
- KARL STORZ
- Medtronic plc
- Stryker Corporation
- Olympus Corporation
- Richard Wolf GmbH
- Smith & nephew plc