Endoscopy Market Size By Product (Endoscope [Flexible, Rigid, Capsule], Visualization Systems, Endoscopic Ultrasound, Insufflator), By Application (Arthroscopy, Laparoscopy, GI Endoscopy, Obstetrics/Gynecology Endoscopy, ENT Endoscopy, Pulmonary Endoscopy), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Brazil, Mexico, South Africa, Saudi Arabia, UAE), Application Development Potential, Competitive Market Share & Forecast, 2018 - 2024
Endoscopy Market will exceed USD 40 billion by 2024; as per a new research report.
Increasing prevalence of gastrointestinal diseases such as Crohn’s diseases, peptic ulcers, viral hepatitis has positively influenced growth of endoscopy industry. Development of innovative endoscopy devices by integrating advanced technology will escalate adoption rate over other conventional devices.
The newly developed endoscope allows visualization of inner most lining of the gastrointestinal tract. Integration of such new technology in the endoscopy devices has reduced the mortality rate in the people suffering from chronic diseases especially cancer. However, lack of skilled endoscopists and physicians for carrying out endoscopic procedures will hinder industry growth during the forecast period.
Endoscopes segment dominated the overall market in 2017 and is expected to witness more than 6.5% growth over the forecast timeline. Increasing geriatric population susceptible to suffer from various diseases is major growth driving factor endoscopes segment growth. Furthermore, technological advancements in endoscopy devices enabling accurate diagnosis and enhanced endoscopic surgical performance will favor business growth. Modifications in endoscopes that allow detailed examinations of tumors will propel segment growth over the coming years.
Laparoscopy segment was valued at USD 3.2 billion in 2017 and will witness promising growth owing to increasing prevalence of cancer and development of high precision laparoscopic instruments including surgical scopes, needle driver, bowel gasper and surgical mesh. Growing demand for non-invasive procedures will escalate demand for laparoscopes during the forecast period.
U.S. endoscopy market held over 40% of global business share in 2017. Increasing number of obstetrics and gynecology surgeries along with technological advancements in endoscopes will drive the industry growth. More than 500,000 women undergo hysterectomy every year in the United States. Greater adoption of newer technologies will fuel business expansion over the forecast years.
Germany endoscopy market will exceed USD 2.6 billion by 2024 due to development of new endoscopy devices leading to increased adoption rate of these devices. Modifications and development in devices, increasing geriatric population and rising incidences of chronic conditions will drive Germany endoscopy market.
Major industry players operating in endoscopy market are B.Braun, Boston Scientific, Conmed Corporation, Cook Medical LLC, Ethicon US, LLC, Fujifilm Corporation, Hoya Corporation, Storz, Medtronic, Olympus Corporation, Richard Wolf GmbH, Smith & Nephew PLC and Stryker. The competitors are launching new endoscopy devices to consolidate their market position.
Acquisitions and mergers one of the major strategies adopted by industry leaders will create lucrative growth opportunities for companies operating in endoscopy industry. For instance, in April 2015, Boston Scientific Corporation signed an agreement for acquiring Xlumena, Inc., engaged in developing minimally invasive devices for Endoscopic Ultrasound (EUS). The strategy aimed at expanding endoscopy product portfolio of the company.
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