Portland, OR, Nov. 18, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Endoscopy Devices Market generated $31.78 billion in 2019, and is expected to garner $43.82 billion by 2027, witnessing a CAGR of 4.1% from 2019 to 2027. The report provides a detailed analysis of changing market trends, key investment pockets, major segments, product performance, and competitive scenario.
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Technological advancements, increase in prevalence of diseases requiring endoscopy devices, and preference of patients for minimally invasive surgeries drive the growth of the global endoscopy devices market. However, scarcity of trained physicians and risks related to infections hinder the market growth. Contrarily, favorable FDA approvals and reimbursement policies and unmet medical demands in developing countries create new opportunities in the coming years.
Covid-19 Scenario:
- The demand for endoscopy devices reduced significantly during the Covid-19 pandemic. One of the major reasons is the significant reduction in the number of procedures performed. According to the U.K.’s National Endoscopy Database (NED), total number of procedures carried out per week averaged 35,478 during the pre-Covid period. However, by the end of March 2020, this number dropped to 1,800 per week.
- A lot of patients postponed their endoscopy procedures to ensure safety and avoid the risk of cross-transmission. In addition, hospitals carried out these procedures in extreme cases only as they redirected their staff to coronavirus-infected patients.
The report provides detailed segmentation of the global endoscopy devices market based on product type, hygiene, application, end user, and geography.
Based on product type, the endoscope segment accounted for the largest market share in 2019, accounting for nearly three-fifths of the total market share, and is expected to maintain its lead position throughout the forecast period. Moreover, this segment is projected to portray the highest CAGR of 5.8% from 2019 to 2027. The report also provides detailed analysis of segments including mechanical endoscopic equipment, visualization & documentation systems, accessories, and others.
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Based on application, the gastrointestinal endoscopy segment held the highest market share, contributing to around one-fourth of the total share of the global endoscopy devices market in 2019, and is expected to witness its highest contribution by 2027. However, the laparoscopy segment is estimated to register the highest CAGR of 6.7% during the forecast period.
Based on geography, North America accounted for the largest share of the market, contributing to more than one-third of the total share in 2019, and will maintain its leadership position during the forecast period. However, Asia-Pacific is projected to grow at the highest CAGR of 6.2% from 2019 to 2027.
Leading players of the global endoscopy devices market discussed in the research include HOYA Corporation, Stryker Corporation, Olympus Corporation, Fujifilm Holdings Corporation, Boston Scientific Corporation, Johnson & Johnson, Medtronic Plc, CONMED Corporation, Smith & Nephew, Plc, Karl Storz GmbH & Co. KG, and Medrobotics Corporation.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.