Endoscope Market Research Report: By Type (Esophagoscope, Arthroscope, Colonoscope, Bronchoscope, Cystoscope, Laryngoscope, Laparoscope, Colposcope), Application (Gastroenterology, Orthopedic, Pulmonology, Urology, Gynecology), End User (Hospitals, Specialty Clinics, Diagnostic Centers), Geographical Outlook (U.S., Canada, Germany, France, U.K., Italy, Spain, China, Japan, India, Australia, Brazil, Mexico, Saudi Arabia, South Africa, U.A.E.) – Global Opportunity Analysis and Growth Forecast to 2024
NEW YORK, Nov. 05, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global endoscope market share was valued at $18.9 billion in 2018, which is projected to reach $28.4 billion by 2024, progressing at a CAGR of 7.2% during the forecast period (2019–2024). Based on type, the colonoscope category is expected to witness the fastest growth, at a CAGR of 8.3%, during the forecast period. The widespread prevalence of colon-related diseases and the growing emphasis on their early diagnosis and prevention, which require endoscopy procedures, are some major factors behind the growth of the category.
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According to the World Population Ageing 2017 factsheet, 29.4% of the Italian population was 60 years or older. This figure is likely to rise to 40.3% by 2050. Further, 28.0% of German citizens were aged 60 years or over in 2017, and this share is expected to reach 37.6% by 2050. Similarly, the population of those 60 years or older in France in 2017 accounted for 25.7% of the total, and it is expected to rise up to 32.2% by 2050.
On the basis of application, the gastroenterology category is predicted to grow at the highest CAGR, of 8.0%, during the forecast period. This can be mainly ascribed to the rising prevalence of diseases such as colon polyps, peptic ulcer disease, colitis, and pancreatitis across the globe.
North America is expected to account for the largest share in the endoscope market by 2024, followed by APAC. Together, North America and APAC are expected to account for a 75.3% market share in 2024. This can be mainly attributed to the continuous technological advancements, surging geriatric population, increasing prevalence of chronic diseases, presence of giant players, improved healthcare services, and increase in the number of hospitals.
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Other regions, which include Europe, Latin America (LATAM), and Middle East & Africa (MEA), also hold considerable shares in the endoscope market on account of the increasing healthcare spending, surging prevalence of chronic diseases, and growing access to health services.
In 2018, Germany held a 35.1% share in the European endoscope market and is predicted to prosper at a CAGR of 8.4% during the forecast period. This is mainly due to the ongoing technological advancements and improving healthcare infrastructure in the country.
The endoscope market is fragmented with the presence of giant players, such as Boston Scientific Corporation, Smith & Nephew PLC, Stryker Corporation, Medtronic PLC, Olympus Corporation, FUJIFILM Holdings Corporation, and KARL STORZ SE & Co. KG.
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The players in the endoscope market have adopted product launches and mergers and acquisitions as key strategies to maintain their position. For example, in May 2017, Boston Scientific Corporation launched SpyGlass DS Direct Visualization System for single-operator duodenoscope-assisted cholangiopancreatoscopy (SODAC) or visual examination of the bile ducts. It requires just one operator and provides unprecedented, direct visualization of all bile duct quadrants.
Moreover, in May 2019, FUJIFILM Holdings Corporation acquired medwork GmbH, a company that develops, manufactures, and markets instruments for therapeutic and diagnostic endoscopy. The acquisition helped FUJIFILM Holdings Corporation to expand its endoscopic product portfolio.
Some of the other players operating in the endoscope market are CONMED Corporation, HOYA Corporation, CANTEL Medical Corp., B. Braun Melsungen AG, Maxer Endoscopy GmbH, Smart Medical Systems Ltd. and GI Supply Inc.
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