Global Endoscopy Devices Market - 2023-2030

Market Overview

Endoscopy Devices Market is expected to grow at a CAGR 7.3% during the forecasting period (2023-2030).

An endoscope is a medical imaging device with an attached light. It is utilized to look inside an organ or body cavity. From the natural opening like mouth at the time of bronchoscopy or rectum during sigmoidoscopy, the scope is inserted. A medical procedure utilizing any kind of endoscope is known as endoscopy.

Market Dynamics

The major factors driving the global endoscopy devices market are the rising demand for endoscopy devices owing to increasing incidences of disorders requiring imaging techniques for diagnosis and treatment, surging awareness initiatives, advancements in technologies leading to novel product launches.

The increasing awareness and diagnostic initiatives and programs and growing population with colon cancer are expected to drive the market's growth.

The endoscopy devices market is driven by increasing demand of endoscopes for better imaging, rising advancements in technology, an increase in the geriatric population, a surge in research and development investments, an increasing number of chronic diseases and improvements in novel products using the latest technology along with improvements in medical infrastructure in emerging markets.

The endoscopy devices are used widely for imaging purpose. The adoption of these devices is increasing, leading to rising government initiatives and funds. These funds will help produce more developed products such as capsule or disposable endoscopes. The market for these endoscopy devices is increasing worldwide due to the enhanced number of people suffering from chronic disorders. Moreover, the availability of technologically advanced products by key players is also expected to play a vital role in the market's growth.

Various novel product launches, research studies, and rising awareness initiatives related to these endoscopy devices contribute to the market's growth. For instance, in July 15, 2022, Medtronic plc, a healthcare technology provider company and the American Society for Gastrointestinal Endoscopy announced about expansion of Medtronic Health Equity Assistance Program for screening of colon cancer in medically underserved communities over the United States, along with Health Equity Initiative by Amazon Web Services's (AWS) support. The GI Genius units offered as part of the program have been increased to 133 from 50. These systems are being placed at around 62 facilities.

Risks associated with endoscopy procedures are expected to hamper the market's growth.

However, strict rules and regulations for the approval of the endoscopes utilized for diagnosis or treatment of several disorders or conditions is the major factor hindering the growth of the endoscopy devices market. High costs of highly advanced endoscopy procedures such as capsule endoscopy are also a limiting factor.

The risks related to these endoscopy procedures are likely to hinder the growth. Various risks such as feeling bloated after the procedure for a short time, mild cramping, persistent pain in the endoscopy area, complications linked with preexisting conditions, a numb throat for a few hours, perforation of the stomach or esophagus lining, infection of the investigation area, internal bleeding ( treatable by endoscopic cauterization).

COVID-19 Impact Analysis

The pandemic has negatively impacted global financial expectations, operations and crisis response strategy. The COVID-19 outbreak has severely impacted the healthcare industry. The endoscopy devices market has experienced huge losses due to COVID. Key manufacturers have started various research and clinical trials. Various initiatives, product launches, collaborations and mergers are happening worldwide, boosting the market's growth. For instance, May 17, 2022, FUJIFILM Healthcare Americas Corporation, an endoscopic imaging and endosurgical solutions provider, announced about showcasing various novel U.S. innovations for the diagnosis, detection, and treatment of digestive diseases at Digestive Disease Week (DDW) exhibition and annual conference 2022, going to held in San Diego on May 21-24. Fujifilm will be showcasing its entire endoscopic imaging solutions portfolio for core gastrointestinal (GI), interventional, therapeutic, and third space endoscopy.

Segment Analysis

The endoscopes segment is expected to grow at the fastest CAGR during the forecast period (2023-2030)

The endoscopes segment is the highest market holder in the global endoscopy devices market. The global endoscopy devices market is segmented based on product as endoscopes, endoscopic visualization equipment and accessories. The endoscopes segment is the largest market shareholder due to the increasing number of procedures utilizing endoscopes globally for diagnosis and treatment of diseases, increasing technological advancements and novel product launches.

Upper gastrointestinal endoscopes are the most commonly used endoscopes for the visualization of the digestive track which is easy to insert owing to its flexibility. These endoscopes are widely utilized due to the increasing gastrointestinal disorders such as stromal tumors. Upper endoscopy utilizes a long, thin tube with a light on the end. Endoscopic ultrasound also uses an endoscope with an ultrasound probe on the scope's tip. The ultrasound probe utilizes sound waves to provide pictures of the tumor and its size.

The growing number of regulatory approvals, technological advancements, product launches, and research/clinical trial studies drives the market's growth. For instance, in October 20, 2021, FUJIFILM Healthcare Americas Corporation, an endoscopic imaging and endosurgical solutions provider announced its dual-channel endoscope, El-740D/S's launch. EI-740D/S of Fujifilm is the first dual-channel endoscope receiving clearance from the U.S. Food and Drug Administration (FDA) for upper and lower gastrointestinal applications. The endoscope provides high imaging quality and features 3.7mm and 3.2mm dual channel diameters, enabling usage of a range of endo-therapy devices.

Geographical Analysis

North America holds the largest market share in the global endoscopy devices market.

North America dominates the global endoscopy devices market primarily due to its large population, excellent medical infrastructure, and high-income levels. The market is expected to grow at a relatively moderate pace during the forecast period due to healthcare expenditure in the US. The market's significant size is attributed to the high medical expenditure.

Increasing expenditure on healthcare and raising awareness among people is also contributing to the market's growth in this region. Advancement of endoscopy devices such as laparoscopes, capsules endoscopes or disposable endoscopes, increase in pharmaceutical establishment across the region and government approvals, and the presence of key players in the region are contributing to the growth of the endoscopy devices market.

Moreover, the growing number of product launches is responsible for the market's growth. Many key developments, technological advancements, collaborations, and agreements are taking place in this region. For instance, in May 13, 2022, Medtronic plc, a healthcare technology provider company announced about completely acquiring the Intersect ENT. This acquisition will help in expansion of comprehensive portfolio of ear, nose, and throat of the company with innovative products utilized in sinus procedures for improving post-operative outcomes and treatment of nasal polyps.

Competitive Landscape

The endoscopy devices market is moderately competitive with local and global companies' presence. Olympus Corporation, Boston Scientific Corporation, Fujifilm Holdings Corporation, Cook Medical, Medtronic PLC, Arthrex Inc., Conmed Corporation, Ethicon (Johnson & Johnson Surgical Technologies), Hoya Corporation, Hitachi Ltd and among others. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the market's growth. For instance, in January 6, 2021, Hitachi, Ltd. announced about signing a five-year contract with Olympus Corporation to jointly develop Endoscopic Ultrasound Systems (EUS). Under this contract, Hitachi will continuously supply diagnostic ultrasound systems and associated parts to Olympus that will be utilized in EUS. The EUS consist of ultrasound flexible endoscopes and diagnostic ultrasound system.

Olympus Corporation.

Overview: Olympus Corporation Inc. is a multinational biopharmaceutical company. In 1919, Olympus was founded as a microscope manufacturer and guarded its lens polishing technology secret. From generation to generation, they passed down this technology as the result of painstaking long efforts.

Product Portfolio:

Endoscopic Ultrasound Systems (EUS): EUS is the system consisting ultrasound flexible endoscopes and diagnostic ultrasound system.

Key Development: In December 20, 2022, Olympus Corporation announced about signing a definitive acquisition agreement with Odin Vision, a London-based cloud-AI endoscopy company having strong portfolio of a deep innovative cloud-enabled applications pipeline in upfront or milestone-based payments and commercially available computer-aided diagnostic/detection (CAD) solutions.

The global endoscopy devices market report would provide access to approx.: 45+market data table, 40+figures and 200 (approximate) pages.