According to a new report published by Allied Market Research, titled, "Global Endoscopy Devices Market by Product, Hygiene, Application, and End User: Opportunity Analysis and Industry Forecast, 2018-2026," The global endoscopy devices market was valued at $30.01 billion in 2018, and is projected to reach $45.39 billion by 2026, at a CAGR of 5.4% from 2019 to 2026. The endoscope segment garnered more than one-third of the total endoscopy devices market share in 2018.
Endoscopy is an indispensable technique facilitated to visualize, understand, and study the internal organ system of the body. Endoscope is a medical device that is used to execute a significant medical procedure for both diagnostic and therapeutic purposes. Endoscopy devices are used for numerous applications, including visualization, diagnosis, and therapeutic intervention of different visceral organs such as brain, lungs, esophagus, stomach, intestinal tract, rectum, urethra, and others.
The growth of the global endoscopy devices market is driven by factors such as rise in prevalence of diseases that require endoscopy procedures such as cancers and gastrointestinal diseases. In addition, increase in adoption of innovative endoscopy devices such as capsule endoscopes and robot-assisted endoscopy along with ultra-high-definition visualization systems further augments the market growth.
Capsule endoscopy emerged to be a highly preferred technology due to its minimally invasive nature and is designated as a breakthrough in endoscopy device technology to diagnose various diseases. Despite numerous advancements in the endoscopy devices field, the flexible endoscopes segment is expected to maintain its lead in the global market, due to its high precision, sensitivity, specificity, and safety as compared to other at economical cost.
The laparoscopic intervention segment is anticipated to generate the highest revenue of $9.97 billion in the near future, owing to surge in prevalence of diseases related to abdomen, which, in turn, has led to increase in demand for laparoscopy intervention. However, the gastrointestinal endoscopy interventions are expected to grow at the fastest rate of 6.9% during the analysis period, owing to surge in geriatric population and rise in prevalence of diseases related to the GI tract across the world.
By end sure, the hospitals segment is expected to maintain its lead in the overall endoscopy devices market, due to the availability of diverse endoscopy services and favorable reimbursement policies. Most hospitals are well-equipped with technologically advanced endoscopic facilities in developed economies. However, low awareness, lack of skilled professionals, and unmet medical needs at economical cost hamper the market growth in developing economies.
The endoscopy devices market has witnessed significant growth on North America and Europe, due to high prevalence rate of diseases such as cancer, rapid increase in geriatric population, and well-established healthcare infrastructure.
Major players operating in the market include HOYA Corporation, Olympus Corporation, Stryker Corporation, Boston Scientific Corporation, Fujifilm Holdings Corporation, CONMED Corporation, Medtronic Plc, Karl Storz GmbH & Co. KG, Smith & Nephew, Plc, Johnson & Johnson, and Medrobotics Corporation.
Key Findings of the Endoscopy Devices Market:
- Based on product, the endoscope segment was the major revenue contributor in 2018, and is anticipated to continue this trend during the forecast period.
- Depending on hygiene, the single-use segment is expected to exhibit the highest CAGR with 6.2% during the forecast period.
- By application, the laparoscopy segment was the largest revenue contributor in 2018, and expected to continue this trend from 2019 to 2028.
- U.S. generated the highest revenue in the global endoscopy devices market in 2018, accounting more than one-third of the global market in 2018.
- Asia-Pacific is anticipated to grow at a highest CAGR during the forecast period.