PUBLISHER: The Business Research Company | PRODUCT CODE: 1429415
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429415
Endoscopy devices and equipment play a crucial role in examining the interiors of organs and body cavities, allowing doctors to visualize the digestive tract on a screen and facilitate the diagnosis of medical conditions.
The primary products within the endoscopy devices and equipment category include endoscopes, endoscopy operative devices, and endoscopy visualization systems. An endoscope, whether rigid or flexible, serves as a lighted optical instrument used for an in-depth examination inside the body, particularly organs such as the throat or esophagus. Various applications encompass bronchoscopy, arthroscopy, laparoscopy, urology endoscopy, neuroendoscopy, gastrointestinal endoscopy, obstetrics/gynecology endoscopy, ENT endoscopy, among others. These applications cater to diverse end-users, including hospitals, clinics, and other medical facilities.
The endoscopy devices and equipment market research report is one of a series of new reports from The Business Research Company that provides endoscopy devices and equipment market statistics, including endoscopy devices and equipment industry global market size, regional shares, competitors with endoscopy devices and equipment market share, detailed endoscopy devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the endoscopy devices and equipment industry. This endoscopy devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The endoscopy devices and equipment market size has grown strongly in recent years. It will grow from $8.37 billion in 2023 to $8.92 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth witnessed in the historical period can be ascribed to the rising incidence of gastrointestinal diseases, a growing acceptance of endoscopic procedures, increased healthcare expenditure, and the expansion of medical tourism.
The endoscopy devices and equipment market size is expected to see strong growth in the next few years. It will grow to $11.52 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The anticipated growth in the forecast period can be attributed to the expanding aging population, the increasing prevalence of chronic diseases, the rise in obesity rates, and the approval of new regulations. Key trends expected during the forecast period include the utilization of artificial intelligence (AI) and machine learning, adoption of single-use endoscopes, advancements in visualization technology, innovations in endoscope disinfection technology, the incorporation of 3D imaging technology, advancements in robotics technology, wireless endoscopes, dual-channel endoscopes, real-time endoscope visualization systems, wireless capsule endoscopy, improved data management systems, and the miniaturization of endoscopes.
The anticipated growth in the rigid endoscope market can be attributed to the increasing prevalence of cancer and gastrointestinal disorders. Cancer, characterized by abnormal cell growth leading to organ and tissue dysfunction, and gastrointestinal disorders, affecting the digestive system, are conditions where endoscopes play a crucial role in diagnosis and treatment. These devices enable clinicians to visualize the patient's body, perform biopsies, and conduct minimally invasive operations, facilitating early diagnosis and effective treatment. For instance, a report from the World Health Organization in February 2022 highlighted that cancer, responsible for over 10 million deaths in 2020, is a leading global cause of mortality. Common types include breast, lung, colon, rectum, and prostate cancers. Consequently, the rising prevalence of cancer and gastrointestinal disorders is a key driver for the growth of the endoscopy devices and equipment market.
The increasing incidence of gastrointestinal diseases is expected to fuel the growth of the overall endoscopy device and equipment market. Gastrointestinal diseases encompass a range of conditions affecting the digestive system, impacting the organs responsible for food breakdown, nutrient absorption, and waste elimination. Conditions such as irritable bowel syndrome, gastritis, and gastrointestinal cancers are becoming more prevalent, leading to a heightened demand for endoscopy devices and equipment. These devices play a critical role in the diagnosis and monitoring of gastrointestinal diseases through minimally invasive procedures, offering accurate visualization and aiding in treatment planning. As of January 2023, the American Cancer Society reported a 3.18% increase in gastrointestinal cancers, reaching 348,840 cases compared to 338,090 in 2021 in the United States. The escalating prevalence of gastrointestinal diseases is poised to drive the growth of the endoscopy devices and equipment market.
The Medicines and Healthcare Products Regulatory Agency (MHRA), serving as the regulatory body for medical devices in the UK, oversees various aspects, including drug and device alerts, drug safety updates, blood regulation and safety, marketing authorizations and licensing guidance, and medical devices regulation and safety. According to safety guidelines established by the MHRA, companies in the medical device manufacturing industry are required to recall their products if any problems or defects are identified. An example of such a recall occurred in April 2022 when KARL STORZ, a German endoscopy device company, issued an urgent medical device recall notice for specific KARL STORZ flexible endoscopes. The recall was prompted by issues detected in product descriptions and instructions for use, raising concerns about the potential risk of injury during the device's usage.
Within the endoscopy devices and equipment market, companies are increasingly focusing on the development of endoscopy robotic systems, which offer greater flexibility and effectiveness compared to conventional devices. These robotic endoscopy devices address challenges in therapeutic endoscopy, enhance vision and reach, reduce labor intensity, and improve communication, control, and the overall ability to perform endoscopy procedures. They find applications in various surgical fields, including gastrointestinal surgeries, urology/gynecology surgeries, ENT surgeries, cardiovascular surgeries, neuro/spinal surgeries, laparoscopy surgeries, and arthroscopy surgical procedures. In 2021, Fujifilm collaborated with SMART Medical Systems to create an innovative solution for colon endoscopy known as the G-EYE 700-series endoscope system. This groundbreaking technology offers exceptional visualization capabilities and delivers high-quality diagnostic images.
Leading companies in the endoscopy devices and equipment market are actively engaged in developing innovative products such as premium video processors and endoscope series to enhance their competitiveness. These premium video processors and endoscope series are designed to provide top-notch imaging quality, advanced features, and versatility for medical professionals conducting endoscopic procedures. For example, in January 2023, Pentax Medical, a US-based supplier of surgical and medical instruments, introduced the i20c video endoscope series along with a new premium video processor. These products aim to elevate the quality of endoscopic procedures and improve the user experience for healthcare professionals. The Inspira premium video processor incorporates 4K imaging technology and customizable settings, while the i20c video endoscope series offers superior ergonomics and exceptional imaging for heightened diagnostic accuracy.
Major companies operating in the endoscopy devices and equipment market report are Olympus Corporation, Boston Scientific Corporation, Stryker Corporation, Fujifilm, Karl Storz SE & Co. KG, Johnson & Johnson, Hoya Corporation, Cook Medical, Smith & Nephew, Conmed Corporation, Healthium MedTech, Leo Medical Co Ltd., Shanghai Aohua Photoelectricity Endoscope Co Ltd., CR Kennedy & Company, GE Healthcare, Transmed, Fisher & Paykel Healthcare India Private Limited, Agappe Diagnostics Ltd., Richard Wolf GmbH, B. Braun, Baxter, Philips, Siemens, Pentax Medical, Lenox Instrument Co, Richard Wolf Industrial, Endo Gatric Solutions Inc, Endo Medical, Medtronic plc, Kimberly-Clark Corporation, Boston Scientific, Cardinal Health Inc, Abu Dhabi Medical Devices Company, Amico Group, Bridgeway Medical Systems, Abbott Dubai and Medtronic
North America was the largest region in the global endoscopy devices and equipment market in 2023. Asia-Pacific was the second largest market in endoscopy devices and equipment market. The regions covered in the endoscopy devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the endoscopy devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The endoscopy devices and equipment market consists of sales of instruments such as biopsy forceps, trocar sleeves, tissue scissors and cutters, burs, cleaning brushes, tube sets (inflow and outflow), tissue staplers, ligation devices, and suturing systems. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Endoscopy Devices And Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on endoscopy devices and equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for endoscopy devices and equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The endoscopy devices and equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.