Endoscopy Devices Market Will Attain USD 42.8 Bn Valuation by 2028 with CAGR of 3.8%: Exclusive Study by TMR

Wilmington, Delaware, United States, April 25, 2023 (GLOBE NEWSWIRE) -- According to Transparency Market Research, the global endoscopy devices market size stood at USD 31.8 Bn in 2020, and is projected to surpass value of USD 42.8 Bn by 2028.

Rise in demand for endoscopy in gynecology and gastrointestinal applications is anticipated to propel the market. Rapid increase in adoption of minimally invasive therapeutic technology in gastroenterology and gynecology is likely to fuel the endoscopy devices industry growth in the next few years.

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Recent advancements in endoscopic techniques, such as the usage of narrow-band imaging and confocal laser endomicroscopy, are expected to expand their application in surgery to treat vascular, heart, and urologic diseases. Innovation in techniques in gastrointestinal endoscopy has boosted the market. Surge in commercialization of innovative endoscopy devices in diagnosing diseases of the upper gastrointestinal tract is an example where fiber optics-enabled devices are utilized extensively in gastroenterology. Rise in adoption of fiber optic endoscopes is expected to accelerate market development.

Market Scope:

Key Findings of Study

• Surge in Adoption of Minimally Invasive Therapies to Propel Market: Rise in utilization of endoscopic diagnostics in the diagnosis of diseases, such as gastroenterology and gynecology, is likely to propel the market. Need for advanced therapeutic endoscopy devices and infection prevention products for GI endoscopy procedures is anticipated to offer lucrative business opportunities to companies in the market. Based on device type, operative endoscopy devices is a lucrative segment.
  
• Rise in Demand for Innovative Endoscopy Devices in Range of Surgeries: Surge in usage of endoscopes for therapeutic interventions in ENT, urology, laparoscopy, and arthroscopy is expected to boost the segment. Increase in usage of endoscopic procedures in surgeries could be ascribed to rise in number of minimally invasive surgical procedures. Furthermore, recent market trends underscore that artificial intelligence (AI) is one of the prominent next-generation technologies being adopted in gastrointestinal endoscopy, especially AI in gastrointestinal endoscopy. Rise in usage of advanced computer algorithms is likely to create promising avenues in AI-assisted endoscopy, which, in turn is estimated to propel the endoscopy devices market. Growing awareness about benefits of computer-aided detection (CADe), computer-aided diagnosis (CADx), and robot-assisted surgeries is likely to offer lucrative opportunities to companies in the market. Rise in adoption of novel endoscopy devices in minimally invasive laparoscopic interventions is expected to fuel the market. Artificial Intelligence (AI) is gaining traction for analyzing endoscopic images in GI, which is expected to augment the market value.
  

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Endoscopy Devices Market: Key Drivers

• Rapid increase in numbers of endoscopic examinations in range of medical specialties for diagnostic and therapeutic purposes has driven the endoscopic devices market evolution. Surge in adoption of minimally invasive therapies that are safe as well as enhance patient comfort is anticipated to drive the market.
• Rise in usage of gastroenterological and gynecological endoscopy is likely to encourage product innovations, which in turn is anticipated to positively impact themarket outlook. Considerable advancements in video imaging technology and fiber optics are expected to further strengthen market development.

Regional Growth Dynamics

North America is projected to witness significant market revenue growth during the forecast period. The region is home to numerous prominent medtech companies, especially in the U.S. Furthermore, regulatory agencies, especially the U.S. FDA, are committed to facilitate approval of endoscopy devices by simplifying the processes and reducing the timeline of new product approvals. Rise in awareness about minimally invasive surgeries in urology, neurology, and gastroenterology among the geriatric patient population is expected to boost the market growth in the region in the near future.

Increase in popularity of endoscopy procedures in oncology is likely to offer significant business opportunities. Moreover, favorable reimbursement norms are likely to propel the demand for endoscopic procedures. Companies in the region are actively emphasizing on improvements in optics and lighting capabilities of endoscopy devices in order to enhance diagnostic accuracy. For instance, the commercialization of products with 3D visualization systems.

Competition Landscape

The business landscape of the endoscopy devices market is highly fragmented, with numerous regional and international players. These companies are focusing on new product development, and engaging in collaborations and partnerships to strengthen their market position in the near future.

Key players operating in the endoscopy devices market are Ethicon Endo-Surgery, Thermo Fisher Scientific, Inc., Olympus Corporation, Boston Scientific Corporation, Stryker Corporation, Richard Wolf, HOYA Corporation, B.Barun Melsungen AG. Cook Medical Inc., Arthrex, Inc., and Smith & Nephew Plc.

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Endoscopy Devices Market Segmentation

Device Type

• Endoscope
  • Rigid Endoscopy
  • Flexible Endoscopy
  • Robot Endoscope
  • Capsule Endoscopy
• Operative Devices
  • Energy Systems
  • Suction/Irrigation Systems
  • Access Devices
  • Operative Hand Devices
  • Others (Insufflation Devices, Wound Protectors, Snares)
• Visualization Systems
  • Ultrasound Devices
  • Standard Definition (SD) Visualization Systems
    • Two Dimensional (2D) Systems
    • Three Dimensional (3D) Systems

• High Definition (HD) Visualization Systems
  • Two Dimensional (2D) Systems
  • Three Dimensional (3D) Systems
    

Application

• Gastrointestinal Surgeries
• Urology
• ENT Surgery
• Cardiovascular Surgery
• Neuro and Spinal Surgery
• Laparoscopy Surgery
• Arthroscopy Surgeries
  

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America
  

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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