New York, United States, June 30, 2022 (GLOBE NEWSWIRE) -- As of 2020, the market value was USD 28.3 billion, and with a Compound Annual Growth Rate of 7.1%, the market is likely to be valued at USD 56.2 billion in 2030. The factors that are ensuring the constant market growth are the surge in demand for endoscopic devices, the cases of functional gastrointestinal disorders increasing at a rapid pace, and a constant increase in the ageing population of most developed countries.
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Pivotal Insights into the Endoscopy Devices Market:
- By Region, North America held the highest share at 42.3% of the total value.
- By Product, the endoscopy visualization systems held the highest market share at 36.5%.
- By application, the gastrointestinal endoscopy segment dominated the segment with 53.2% of the total revenue.
- By End-users, the hospital sector accounted for 48.1% of the total sales revenue.
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Pertinent factors that are driving the market growth:
- A surge in demand for devices
There has been increasing use of endoscopic devices due to the overall increase in the number of endoscopic procedures performed. The devices enable surgeons better visual access to the surgical site. As per a study conducted by the Japan Society of Gynecologic and Obstetric Endoscopy, over 67,000 endoscopic procedures were carried out in 3 years. In the US, over 75 million endoscopic procedures were performed. According to a study published in the British Medical Journal, over 2 million endoscopic procedures were carried out in the study period. Thus, with a staggering use of endoscopic procedures for accurate diagnoses, we would see further demand for the devices in the years to come.
- Increasing Gastrointestinal (GI) Disorder Cases
There has been a steady increase in GI diseases. According to statistics from the US National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), approximately 60 to 70 million people are affected by a digestive disease. Further, the report specifies that nearly 63 million people are affected by constipation. According to the United European Gastroenterology report, over one million deaths are caused each year due to liver and GI diseases. With the rising prevalence of GI diseases, we would see an uptick demand for endoscopic devices.
- Ageing Population in Developed Countries.
Globally, developed countries have a rising population of people over 60. According to the UN, by 2050, nearly 25% of the total population of Europe and North America will be above the age of 60. The World Economic Forum report on ageing shows that fertility rates have dropped 50% in the last 70 years, meaning there are fewer younger people in general. Additionally, the global median age also increased from 25 years to 33 years. World bank statistics show that as of 2020, the population of people above 60 in Japan is approximately 28% of the population. With the overall rise in the age of the population, there will be an increase in health conditions, especially GI diseases, as they tend to affect people above the age of 35. Therefore, with a steep rise in the geriatric population, there will be an increased demand for endoscopic devices.
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A Detailed Analysis of the Market segmentation of the Global Endoscopic Devices Market:
The segments are as follows:
Based on Product
Endoscopes
Rigid Endoscopy Devices
- Arthroscopes
- Laparoscopes
- Urology endoscopes
- Neuroendoscopes
- Gynaecology endoscopes
- Cystoscopes
- Other endoscopy devices
Flexible Endoscopy Devices
- Laryngoscopes
- Upper Gastrointestinal endoscopes
- Bronchoscopes
- Rhinoscopes
- Colonoscopes
- Nasopharyngoscopes
- Duodenoscopes
- Pharyngoscopes
- Sigmoidoscopes
- Other Endoscopy Devices
- Robot-Assisted Endoscopy Devices
- Capsule Endoscopy Devices
- Disposable Endoscopy Devices
Endoscopy Visualization Systems
- High-Definition Visualization Systems (2D & 3D)
- Standard- Definition Visualization Systems (2D & 3D)
Endoscopy Visualization Components
- Light Sources
- Insufflators
- Camera Heads
- Video Processors
- Suction Pumps
- Endoscopy HD monitors
Operative Devices
- Snares
- Wound Retractors
- Suction and Irrigation Systems
- Access Devices
- Hand Instruments
- Energy Systems
Based on Application
- Arthroscopy
- Bronchoscopy
- GI endoscopy
- Laparoscopy
- Laryngoscopy
- Mediastinoscopy
- Obstetrics or gynaecology endoscopy
- Other applications
- Otoscopy
- Urology endoscopy or cystoscopy
Based on End-user
- Ambulatory surgery centres
- Hospitals
- Other end-uses
Based on Region
North America
- Canada
- Mexico
- USA
Europe
- France
- Germany
- Italy
- Portugal
- Russia
- Spain
- Czech Republic
- United Kingdom
- Rest of Europe
Asia Pacific
- Australia - New Zealand (ANZ)
- China
- India
- South Korea
- Japan
- Philippines
- Vietnam
- Rest of Asia Pacific
Latin America, Middle East and Africa (LAMEA)
- Argentina
- Brazil
- Chile
- Saudi Arabia
- Qatar
- UAE
- Nigeria
- Egypt
- Kenya
- Morocco
- South Africa
- Rest of LAMEA
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Based on product, the endoscopy visualization systems held the highest market share at 36.5%. The systems enable physicians to assess the patients’ condition using devices and software. The use of visualization systems has become indispensable in diagnosing GI diseases. NIDDK statistics suggest that gallstones are prevalent in approximately 20 million US citizens, with over a million cases presented yearly. Gallstones are one the most common GI conditions that require hospitalization. CDC reports also suggest that there are over 48 million cases of food-borne illnesses that present with GI symptoms. As per Eurostat, salmonella is one of the most commonly occurring GI diseases in the region. Therefore, with the increased prevalence of disease presenting with GI symptoms, we would see an exponential increase in the demand for endoscopic devices.
By application, the gastrointestinal endoscopy segment dominated the segment with 53.2% of the total revenue. There is a high occurrence of GI diseases such as haemorrhoids, Irritable Bowel Syndrome, and pancreatitis. CDC statistics suggest there are between 4.9 to 35 cases per 100,000 of pancreatitis. NIDDK statistics estimate nearly 15.3 million people suffer from irritable bowel syndrome. Furthermore, 75% of the US population above 45 suffer from haemorrhoids. The CDC recommends colonoscopies for those above 50; hence, over 18 million colonoscopies will be performed in 2021. Thus, we would see the market develop further with a rising number of endoscopic procedures.
By end-user, hospitals dominated the market due to the rising number of diagnostic tests and surgical procedures involving endoscopes. According to a study, on an average, over 112,000 endoscopies were performed in UK hospitals. Between 2020 and May 2022, over 61 hospitals were added to the US healthcare systems. As per the European Commission report on healthcare, over 25% of all European countries spend over 10% of their GDP on healthcare, with Switzerland’s allocation being the highest at 12.7%. Thus, with increased spending on healthcare, and the rising number of hospitals, in addition to the increasing prevalence of diseases, we would see an increase in the demand for endoscopic devices.
Key Players in the Endoscopy Devices Market are:
- Cantel Medical
- Cogentix Medical
- FujiFilm
- Integrate Endoscopy
- Interscope Inc.
- J&J Sevices Inc.
- KARL STORZ Gmbh & Co. KG
- Micro-Tech Endoscopy
- Olympus
- Pentax Medical
- Richard Wolf
- Shaili Endoscopy
- Stryker
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Recent Developments
- In June 2022, Boston Scientific, a medical device manufacturing firm, which is one of the leading manufacturers of endoscopy devices, announced it would develop a new manufacturing and supply chain facility in Atlanta, with an investment estimate of around USD 62.5 million.
- In June 2022, Creo Medical Group, a company specializing in surgical endoscopy, announced a partnership with Intuitive, a company specializing in minimally invasive care and robotic surgery products. The partnership aims at developing state-of-the-art devices for improved patient care.
- In May 2022, Limaca Medical announced that it received the FDA ‘breakthrough device’ designation for its new product, ‘Precision-GI endoscopic ultrasound biopsy device’. It aims to improve the process of efficiently obtaining biopsy samples from the GI tract.
- In May 2022, Square endoscopes received an award and secured USD 15 million in funding to further develop their single-use shell endoscopes that transmit high-resolution images. The aim of the single-use scopes is to reduce the hospital infections caused by multi-use endoscopic devices.
- In March 2022, Endoluxe launched a high-definition, wireless endoscopy camera, the Endoluxe EVs. The product is aimed at being used in all types of endoscopic procedures.
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