Endoscopy Devices Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product (Endoscopes, Endoscopy Visualization Systems, Endoscopy Visualization Components, Operative Devices), By Application (Gastrointestinal (Gi) Endoscopy, Laparoscopy, Obstetrics/Gynecology Endoscopy, Arthroscopy, Urology Endoscopy, Bronchoscopy, Mediastinoscopy, Otoscopy, Laryngo
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationEndoscopy Devices Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product (Endoscopes, Endoscopy Visualization Systems, Endoscopy Visualization Components, Operative Devices), By Application (Gastrointestinal (Gi) Endoscopy, Laparoscopy, Obstetrics/Gynecology Endoscopy, Arthroscopy, Urology Endoscopy, Bronchoscopy, Mediastinoscopy, Otoscopy, Laryngo
| Forecast Period | 2018-2028 |
| Market Size (2023) | USD 29.14 Billion |
| CAGR (2023-2028) | 5.67% |
| Fastest Growing Segment | Endoscopy Visualization |
| Largest Market | North America |
Market Overview
Global Endoscopy Devices Market has valued at USD 29.14 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 5.67% through 2028.
Key Market Drivers
Growing minimally invasive procedures
Minimally invasive procedures involve smaller incisions or natural orifices for instrument insertion, resulting in reduced trauma to surrounding tissues. This leads to less post-operative pain, shorter recovery times, and smaller scars compared to open surgeries. The appeal of less discomfort and a quicker return to normal activities encourages patients to opt for procedures that utilize endoscopy devices.
Growing prevalence of chronic diseases
The growing prevalence of chronic diseases has a profound influence on the growth of the global endoscopy device market. Chronic diseases, which often require ongoing management, diagnosis, and treatment, contribute significantly to the demand for advanced medical technologies like endoscopy devices. Many chronic diseases, such as gastrointestinal disorders, cancer, and cardiovascular conditions, require early detection and continuous monitoring for effective management. Endoscopy devices provide healthcare professionals with a direct visual assessment of the affected areas, enabling accurate diagnosis and timely intervention.
Increasing advancement in technology
Advancements in technology have played a pivotal role in driving the growth of the global endoscopy device market. These technological innovations have transformed the capabilities of endoscopy devices, making them more precise, efficient, and adaptable to a wide range of medical applications.
Expanding applications in various medical specialties
The expanding applications of endoscopy devices in various medical specialties have had a profound impact on the growth of the global endoscopy device market. The versatility of these devices and their ability to address a wide range of medical conditions have led to increased adoption across different specialties.
Key Market Challenges
High Cost of Endoscopy Device
The high cost of endoscopy devices can significantly hinder the growth of the global endoscopy devices market by creating barriers to adoption, limiting accessibility, and impacting healthcare budgets. The cost-related challenges contribute to slower market penetration and adoption rates.
Regulatory compliance and approvals
Regulatory compliance and approvals can significantly hinder the growth of the global endoscopy device market by introducing complexities, delays, and additional costs to the development and commercialization process. While regulations are essential for ensuring patient safety and device efficacy, navigating the regulatory landscape can pose challenges that impact market growth.
Key Market Trends
Advanced Imaging Modalities
Advanced imaging technologies, such as virtual chromoendoscopy and fluorescence imaging, allow healthcare professionals to visualize abnormalities and subtle tissue changes that might be missed with conventional imaging. This accuracy leads to more precise and timely diagnoses, influencing healthcare providers to adopt endoscopy devices equipped with these modalities.
Robotics and Robotic-Assisted Endoscopy
Robotic systems offer higher levels of precision and stability compared to manual manipulation. This improved accuracy is particularly important in delicate procedures where precision is critical, such as tissue biopsy, tumor removal, or complex interventions.
Segmental Insights
Product Type
Based on the product, the endoscopes segment is anticipated to witness substantial market growth throughout the forecast period. This growth can be attributed to multiple factors, such as progressing preference due to better ergonomics, safety, and efficacy over Rigid Endoscopes. The improved focus of manufacturers on offering training for optimal use of excellent Flexible Endoscopes is further expected to positively impact the market growth.
Application Insights
Based on the application segment, the Gastroenterology segment has been the dominant force in the market
Regional Insights
North America, specifically the Endoscopy Devices Market, dominated the market in 2022, primarily due to North America, particularly the United States and Canada, possesses highly advanced and well-developed healthcare infrastructure. This includes state-of-the-art medical facilities, well-equipped hospitals, and specialized clinics, providing a conducive environment for the adoption of advanced medical technologies like endoscopy devices.
Recent Developments
- In September 2020, PENTAX Medical announced to launch newUltrasound Video Gastroscopes J10 Series in the U.S. These advanced gastroscopesenable better image quality, increase diagnostic capabilities, and help ineffective disease management of the patient.
- In November 2021, FUJIFILM Healthcare launched the dual-channelendoscope to be cleared by the United States Food and Drug Administration forupper and lower gastrointestinal applications.
- In August 2021, Boston Scientific received FDA approval for theEXALT Model B Single-Use Bronchoscope. EXALT Model B Single-Use Bronchoscope isthe latest evolution in flexible bronchoscopy. It is developed for use in ICUand built to help keep airways clear during complex respiratory procedures likedouble-lumen tube placements.
Key Market Players
- Olympus Corporation.
- EthiconEndo-Surgery, LLC.
- StrykerCorporation.
- Fujifilm HoldingsCorporation.
- Boston ScientificCorporation.
- Karl Storz GmbH &Co. KG.
- Smith &Nephew Inc.
- Richard WolfGmbH.
- Medtronic Plc.
- PENTAX Medical.
- Machida EndoscopeCo., Ltd.
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