New York, USA, May 29, 2023 (GLOBE NEWSWIRE) -- Endoscopy Devices Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Endoscopy Devices Market Information By Type, Therapy, Treatment & Procedure, Application, End User and Region - Forecast till 2030”, the market size was valued at USD 19.1 billion in 2022 and is projected to grow from USD 19.9 Billion in 2023 to USD 25.3 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.10% during the forecast period (2023 - 2030).
Market Scope:
A minimally invasive medical treatment called endoscopy is used to identify, stop, and treat problems involving the visceral organs. In this operation, endoscopes are used to see inside hollow organs or bodily cavities. These devices are either inserted into the body through cavities or natural openings (such as the anus and mouth) or through incisions, particularly in arthroscopy situations.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 25.3 billion |
| CAGR | 4.10% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Therapy, Treatment & Procedure, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising prevalence and incidence of gastrointestinal disorders |
| Increasing demand for minimally invasive surgical treatments |
Endoscopy Devices Market Competitive Dynamics:
Major market companies are investing a lot of money in R&D to expand their product portfolios, which will spur further growth in the endoscopy device market. With significant industry changes like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking a variety of strategic activities to expand their global presence. To grow and survive in a more cutthroat and competitive market climate, endoscopic device competitors must provide affordable products.
Key Companies in the endoscopy device market includes
- Cogentix Medical
- Integrate Endoscopy
- J&J Services Inc.
- Shaili Endoscopy
- Interscope Inc.
- Cantel Medical
- Micro-Tech Endoscopy
- Cognetix
- Stryker
- OLYMPUS
Endoscopy Devices Market Trends
Market Drivers
The less intrusive features and cheap post- and pre-procedure expenditures of endoscopic equipment are the main market factors anticipated to fuel market expansion throughout the projection period. The rise in incidence and prevalence rates of gastrointestinal (GI) illnesses is fueling the market for endoscopic equipment. The prevalence of gastrointestinal conditions such colorectal cancer, gastroesophageal reflux disease, ulcerative colitis (UC), inflammatory bowel disease (IBD), and Crohn's disease (CD) is increasing, which is driving the market. To perform minimally invasive or non-invasive surgical operations to treat life-threatening illnesses, endoscopic devices are used. Due to the rise in GI disorders and the high demand for minimally invasive surgical procedures, endoscopic equipment are becoming more and more necessary in developing countries. This is encouraging the growth of the endoscopic device market. Thus, this element is responsible for the endoscopic device market CAGR.
Furthermore, as urbanization and disposable incomes rise globally, more people are leading sedentary lifestyles. Endoscopy equipment is used by doctors both before and during surgery, which is driving up demand for it. The surgical procedure uses laparoscopes, and an endoscopy is performed beforehand to check the gastrointestinal tract for any anomalies. Aging increases the chance of illnesses such polyp development, gastrointestinal obstructions, cancer, ulcers, and cancer. Endoscopy is preferred to traditional surgery for identifying and treating such problems since it is less invasive and causes the patient less discomfort. It is therefore projected that this factor will boost endoscopic device market revenue on a global scale.
Market Limitations
The COVID-19 pandemic has had a considerable impact on the market for endoscopic equipment. The market for endoscopic devices has been significantly impacted by the decline in elective procedures and their postponement as a result of concern over COVID-19 infection. Disruptions in the supply chain and shifting legislation for surgical operations are two more reasons that hindered industry expansion in 2020.
COVID-19 Analysis:
Due to the COVID-19 pandemic, fewer endoscopic procedures were performed in 2020 compared to 2019. This resulted in a drop in market growth. Additionally, the healthcare facilities' cancellation or postponement of semi-urgent and elective endoscopic treatments because of their concern over COVID-19 infection also inhibited market growth.
Over the coming years, the prevalence of functional gastrointestinal disorders, cancer cases, and rising interest in minimally invasive, cost-effective endoscopic procedures for the early diagnosis and detection of chronic diseases are expected to drive the adoption of endoscopic devices.
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Endoscopy Devices Market Segmentation:
Type Insights
According to market data for endoscopy devices in 2022, the flexible endoscopes sector held the lion's share of the market. The market for minimally invasive therapies is rising thanks to flexible endoscopes and ongoing technological advancements in this area. Market growth is anticipated to be fueled by manufacturers' efforts to ensure the best possible use of cutting-edge flexible endoscopes over the forecasted period.
Therapy Insights
In 2022, the laparoscopy segment dominated the market growth for endoscopic equipment, and it is anticipated that this segment would continue to be the fastest-growing category from 2022 to 2030. This is because normal diagnostic and therapeutic procedures for a variety of ailments, such as prostatectomy, pancreatic cancer, and digestive problems, increasingly employ laparoscopic technology. Additionally, the rise in cases of morbid obesity on a scale is the main driver of the endoscopic device market growth.
Treatment & Procedure Insights
The category for upper gastrointestinal diseases led the endoscopy equipment market in terms of revenue in 2022 and is anticipated to grow at the fastest rate from 2022 to 2030. Upper gastrointestinal (GI) endoscopy is a tool used for both diagnosis and treatment of a variety of conditions, including tumors, ulcers, and celiac disorders. Because so many ailments require specialized treatment, the large market share of this industry can be attributable to this.
Application Insights
In 2022, the gastrointestinal endoscopy segment dominated the market for endoscopic devices. From 2022 to 2030, it is anticipated to increase at a quicker rate. This large segment share can be attributed to the rising older population as well as the burden of functional gastrointestinal diseases.
End User Insights
Since it is the primary healthcare institution in the majority of countries, the gastroenterologists segment dominated the market for endoscopy devices in 2022 and is anticipated to develop at a higher rate during the forecast period, 2022–2030.
Endoscopy Devices Market Regional Outlook
North America's endoscopic device market is anticipated to develop at a substantial CAGR throughout the study period. The prevalence of various chronic diseases, including as functional gastrointestinal disorders, diabetes, and cancer, is on the rise. The acceptance of endoscopic procedures in this region is further fueled by the aging population and their predisposition for certain chronic conditions.
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Due to its huge population and increased incidence of functional gastrointestinal illnesses, the Asia Pacific endoscopy device market has the second-largest market share. Improved healthcare infrastructure and increased demand for minimally invasive endoscopic procedures are also anticipated to hasten the region's market rise. Additionally, the region's fastest growing market for endoscopic devices was India, while China held the greatest market share.
The market for endoscopy devices in Europe is anticipated to develop at the quickest CAGR between 2022 and 2030. The rising demand from patients for less invasive procedures is one of the key factors influencing regional market expansion. One of the main factors driving the rise of the industry in the area is the expanding government initiatives to upgrade healthcare facilities and continuously grow the start-up scene. Additionally, the UK endoscopic device market had the biggest market share and Germany had the quickest rate of growth in the region.
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