Westford, USA, June 14, 2023 (GLOBE NEWSWIRE) -- The global Endoscopy Equipment and Software market size is expected to reach USD 81 billion by 2030 and exhibit a CAGR of 7.5% in the forecast period (2022−2030), according to Skyquest's latest research report. The growing prevalence of gastrointestinal disease, increasing healthcare expenditure, technological advancements, rising preference for minimally invasive surgeries and aging population are fueling the Market's growth
Government Initiatives and Trends to Promote the Use of Endoscopy Equipment and Software
At a global scale, the rise of artificial intelligence (AI), integration of virtual and augmented reality, increasing use of single-use endoscopes, emergence of telemedicine, and growing demand for customized endoscopes are the trends promoting market growth.
Several government initiatives, such as healthcare reforms, funding for research and development, regulation of medical devices, tax incentives, and public-private partnerships are encouraging market growth. For example, the National Health Service (NHS) Endoscopy Transformation Programme in the United Kingdom. The program aims to modernize and expand endoscopy services in the country, including the adoption of new technologies and equipment.
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High-definition (HD) and Ultra-high-definition (UHD) Endoscopes Type Demand to Grow Substantially in the Forecast Period
High-definition (HD) and Ultra-high-definition (UHD) endoscopes dominated the global market as they offered superior image quality, allowing physicians to see more detail and improve the accuracy of their procedures.
HD and UHD endoscopes are becoming more affordable and widely available, due to the advancements in technology and manufacturing processes. As a result, healthcare providers are increasingly opting for these advanced endoscopes over Standard-Definition (SD) models.
Gastrointestinal Endoscopy is the Leading Application Segment
In terms of application, the Gastrointestinal Endoscopy is the leading segment as it is commonly performed endoscopic procedures, accounting for a significant portion of the overall endoscopy market. In addition, the growing prevalence of gastrointestinal disorders, such as colorectal cancer, inflammatory bowel disease, and GERD, is driving the demand for endoscopic procedures in this segment.
Asia-Pacific and North America are the leading Markets Due to the Presence of Major Market Players
Region-wise, North America is one of the largest growing markets due to the presence of well-established healthcare infrastructure, higher healthcare expenditure, and greater adoption of advanced medical technologies in these regions.
Moreover, the Asia-Pacific region is expected to be the fastest growing region due to the increase in prevalence of chronic diseases, increasing healthcare expenditure, and rising demand for advanced medical technologies in countries such as China, India, and Japan.
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Endoscopy Equipment and Software Market Report Suggests:
- Olympus Corporation has announced the signing of a definitive agreement to acquire Odin Vision, a London-based cloud-AI endoscopy company. The acquisition, valued at up to GBP 66 million (approx. 11 billion JPY / 79 million USD) in upfront and milestone-based payments, will bring Odin Vision's commercially available computer-aided detection/diagnostic solutions and cloud-enabled applications into the Olympus portfolio, strengthening its position in the endoscopy market.
- In terms of application, the gastrointestinal endoscopy segment dominates due to the rising prevalence of gastrointestinal diseases.
- In terms of type, the High-definition (HD) and Ultra-high-definition (UHD) type segment is projected to gain more popularity as it offers more precision
- North America and Asia Pacific are leading markets and will continue to exhibit dominance in the global market mainly due presence of major market players
Endoscopy Equipment and Software Market Segmentation:
The global Endoscopy Equipment and Software market report is segmented based on Product type, application, and region.
By Product Type
- Endoscope
- Standard-Definition
- Others
By Application
- Gastrointestinal (GI) Endoscopy
- Laparoscopy
- Bronchoscopy
- Arthroscopy
- Obstetrics/Gynecology Endoscopy
- Urology Endoscopy
- Neuroendoscopy
- Others
By Region
- North America
- U.S
- Canada
- Europe
- Germany
- France
- UK
- Spain
- RoE
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- RoLA
- Middle-East and Africa
- South Africa
- GCC Countries
- Rest of MEA
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Endoscopy Equipment and Software Market Major Company Profiles:
- Olympus Corporation
- Fujifilm Holdings Corporation
- Karl Storz GmbH & Co. KG
- Stryker Corporation
- Boston Scientific Corporation
- Cook Medical Inc.
- Medtronic plc
- Johnson & Johnson
- Smith & Nephew plc
- Conmed Corporation
- B. Braun Melsungen AG
- Pentax Medical (Hoya Corporation)
- Richard Wolf GmbH
- Ethicon US LLC (Johnson & Johnson)
- Intuitive Surgical Inc.
- GE Healthcare
- Siemens Healthineers AG
- Philips Healthcare
- Zimmer Biomet Holdings Inc.
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