Global endoscopy device market was valued at USD 35.14 million in 2018. It is projected to grow at a compound annual rate (CAGR of 7.4%) between 2019 and 2025. Endoscopes are in high demand due to the growing preference for minimally invasive procedures and an aging global population. Market growth is also driven by the rise in the prevalence of gastrointestinal, urinary, gynecological and respiratory conditions. This necessitates endoscopic treatment. The rise in use of endoscopes in healthcare settings and technological advances is driving growth.
The market is driven by a significant increase in the prevalence of age-related illnesses and a rise in demand for endoscopy equipment in therapeutic and diagnostic procedures. Because it allows for minimal intervention and a quicker recovery, this device is crucial in diagnosing and treating multiple conditions. Endoscopic procedures are required for medical conditions such as endometriosis and pelvic abscess. A study done by Population Reference Bureau found that the U.S. population aged 65 and over was 52.0 million in 2018. It is projected to rise to 95 million by 2060. This will increase the demand for endoscopic procedures in the future.
The increasing use of minimally invasive surgery has led to the increased usage of endoscopes in surgical procedures such as and arthroscopy, laparoscopy and cystoscopy. These procedures are quicker than open surgeries and cause less trauma. Minimally invasive surgery is preferred to open/invasive procedures. This will likely increase the demand for minimally invasive devices in the future. Patients are more satisfied with minimally invasive surgery, which can be attributed to lower hospital stays, greater economic viability, reduced post-surgical complications, and higher patient satisfaction. In the future, minimally invasive endoscopic surgery is expected to grow in demand.
The growing demand for preventive healthcare and an increase in cancer incidence, as well as the increasing prevalence of obesity and endoscopic bariatric surgery are key factors driving this market's growth. International Agency for Research on Cancer estimates that the global cancer burden will reach 18.1 millions new cases in 2018 and 9.6 million deaths from cancer. The cancer burden is expected to rise to 22 million in 2034.
Lung, colorectal and female breast cancers rank among the top five most common cancers. Endoscopic procedures such as colonoscopy and laryngoscopy are used to diagnose the disease. This will also increase the demand for endoscopic devices. The market is also benefiting from the increased awareness of early cancer diagnosis through various initiatives.
Endoscopy visualization systems had the largest revenue share in 2018. Medical professionals are increasingly turning to HD visualization systems for help with complex diseases like cancer, GI disorders, lung conditions, and urinary disorders. They also have the ability to assist in minimally invasive surgery procedures. The market is seeing positive changes from manufacturers that offer HD visualization systems that can switch images between 2D and 3D.
Over the forecast period, the lucrative segment of endoscopes is expected to grow at 8.8% CAGR. In 2018, flexible endoscopes had the largest revenue share due to their greater ergonomics, safety and efficacy than rigid endoscopes. The market will benefit from a greater focus by manufacturers on providing training to optimize the use of flexible endoscopes.
The market for endoscopy visualization components saw a significant increase in 2018, with HD monitors accounting for the largest revenue. The global market is being aided by technological modifications such as optical zoom camera heads that allow magnification adjustment without affecting image resolution.
GI endoscopy accounted for 54.6% of the total revenue in 2018. It was the largest segment. Due to the growing number of GI diseases and the aging population, GI endoscopy is in high demand. Globally, GI cancers account for the second-leading cause of death from cancer. Endoscopy is the best method to diagnose GI cancers. The market is likely to see a significant increase in endoscopic procedures that allow for early diagnosis of GI Cancers.
Cystoscopy (or urology endoscopy) is predicted to grow at 9.0% during the forecast period. These devices have seen a rise in demand due to factors like the aging population, the prevalence of urinary conditions, and the increasing number of ureteroscopic procedures performed. The American Cancer Society published a 2019 report that estimated that 80,470 Americans are diagnosed annually with bladder cancer. In 2019, bladder cancer is expected to cause approximately 17,670 deaths. In 2019, an estimated 17,670 deaths from bladder cancer are expected.
The market is also being driven by the introduction of advanced urological techniques, such as robot-assisted or disposable endoscopes. The market will be driven by ongoing FDA product approvals for urological Endoscopy (such as the single-use cystoscope Uro-V from UroViu Corporation).
Hospitals were the most popular end-user segment in 2018. Hospitals are the main health system in most countries. Therefore, hospitals perform more endoscopic procedures than other health systems like ASCs or specialty clinics. Hospitals have a higher demand for endoscopy equipment than other end-use sectors. The above-mentioned factor will ensure that hospitals continue to be the dominant segment.
Over the forecast period, ASCs will experience significant growth. This segment is expected to grow in value due to increasing demand for outpatient surgery, a rise in minimally invasive procedures, and the cost-effectiveness ASC-based endoscopic procedures. ASCs will be in demand because of the lower number of post-surgical complications that can be expected in minimally invasive surgery. Diagnostic centers, research centres, and specialty clinics are all other end users. The demand for endoscopy equipment is increasing due to the increased use of endoscopic procedures in early diagnosis of cancer. These advances include microendoscopy and HD imaging that are portable and allow for accurate diagnosis. This is positively impacting the demand for endoscopic procedures at diagnostic centres.
North America was the top-earning country in revenue in 2018, due to its high incidence of bladder and colon cancers, preference for minimally invasive surgery, and growing elderly population. Market growth is also being driven by the increasing use of robot-assisted surgical endoscopes for diagnosing and performing surgery procedures.
The largest North American revenue share is held by the United States. The country's largest revenue share can be attributed in part to an increase in laparoscopies, colonoscopies, and other services. American Cancer Society reports that colorectal cancer is third most commonly diagnosed cancer. In 2019, there are expected to be 101,420 new cases. The region's top revenue share is also due to increased awareness of the benefits of endoscopy, and strong presence by domestic manufacturers.
Asia Pacific is expected to be the most lucrative, with a CAGR of 8.6% over the forecast period. This region will see significant contributions from China and India, both of which are growing economies. This is due to significant economic growth, rising cancer prevalence, improved healthcare infrastructure and a growing demand for advanced diagnostic treatments.
Olympus is responsible for 70% of the revenue share in GI Endoscopy. To gain a competitive edge, players use a variety of strategies to increase their market share, including mergers and acquisitions, high R&D investments, new product development or modifications, as well as high R&D investment. The following are some of the most prominent players in endoscopy device market:
Olympus Corporation
Fujifilm Holdings Corporation
Ethicon Endo-Surgery, LLC
Stryker Corporation
Richard Wolf GmbH
Boston Scientific Corporation
Karl Storz
Up Market Research published a new report titled “Endoscopy Devices Market research report which is segmented by Application (GI Endoscopy), by End Use (Hospitals), by Product (Endoscopy Visualization Systems), By Players/Companies Fujifilm Holdings Corporation, Olympus Corporation, Ethicon Endo-Surgery LLC, Richard Wolf GmbH, Boston Scientific Corporation, Stryker Corporation, Karl Storz”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Endoscopy Devices Market Research Report |
By Application | GI Endoscopy |
By End Use | Hospitals |
By Product | Endoscopy Visualization Systems |
By Companies | Fujifilm Holdings Corporation, Olympus Corporation, Ethicon Endo-Surgery LLC, Richard Wolf GmbH, Boston Scientific Corporation, Stryker Corporation, Karl Storz |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 232 |
Number of Tables & Figures | 163 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Application (GI Endoscopy), by End Use (Hospitals), by Product (Endoscopy Visualization Systems).
Endoscopy Devices Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Endoscopy Devices Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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