Endoscopy Device Market Detailed Analysis Covering Major Industry Factors Insights, Development, Research and Forecast 2019
An Endoscope is a specialized instrument intended for performing endoscopy, a procedure that allows diagnosis of interior parts of organs. They are used for both therapeutic and diagnostic purposes. Endoscopic procedures are used to treat and identify medical conditions such as non-cancerous polyp, gastric cancer, bile duct stones, and Barrett’s esophagus. The global endoscopy devices market is anticipated to exhibit a CAGR of 6.3% over the forecast period of 2017-2023, asserts Market Research Future (MRFR) in an exhaustive study.
Endoscopy devices have become the first line of treatment in case of major infections and diseases. The growing popularity of minimally invasive medical procedures coupled with the prevalence of chronic diseases have generated high demand for endoscopy procedures and subsequently driven the global endoscopy device market.
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Endoscopy Device Market –Major Players
Some of the key players in Endoscopy Device Market are
- Cogentix Medical
- Integrate Endoscopy
- J&J services Inc.
- Shaili Endoscopy
- Interscope Inc.
- Cantel Medical
- Micro-Tech Endoscopy
- Cognetix
- Stryker
- Olympus
- Karl Storz Gmbh co. Kg
- Fujifilm
- Pentax medical
- Richard Wolf
Industry Updates:
In February 2019
OmniVision Technologies, Inc., a leader in advanced digital imaging solutions and Lighthouse Imaging, a medical contract manufacturer jointly announced the launch of a platform which is capable of integrating stereoscopic 3D imaging into endoscopes. The new platform is equipped with two CMOS image sensors and an image signal processor (ISP) from OmniVision, and camera control unit from Lighthouse. The new platform overcomes the complexity, size and cost constraints associated with the 3D endoscopy.
Endoscopy Device Market – Segmentation
The Global Endoscopy Devices Market is segmented on the basis of type, therapy, treatment & procedures, application, accessory & processors, technology, and end-user.
Types of endoscopes include rigid endoscopes, capsule endoscopes, robot-assisted endoscopes, surgical endoscopes, and flexible endoscopes. The flexible endoscope segment is expected to capture nearly 28% share of the market by the end of the forecast period. But capsule endoscopes are touted to expand at a 6.9% CAGR during the forecast period. Therapies conducted via endoscopes include sigmoidoscopy, cystoscopy, colonoscopy, laparoscopy, endoscopic retrograde cholangiopancreotography, ureteroscopy, gastroscopy, and arthroscopy.
By treatments & procedures, the Endoscopy Devices Market is segmented into urinary system conditions, lower gastrointestinal conditions, upper gastrointestinal conditions, lung and airway conditions, abdominal, joint and orthopedic conditions, and gynecologic and pelvic organ conditions.
Key applications include urology endoscopy, bronchoscopy, arthroscopy, mediastinoscopy, obstetrics/gynecology endoscopy, gastrointestinal endoscopy, and otoscopy. The gastrointestinal endoscopy segment can expand in size owing to various GI disorders and increase in colonoscopy procedures.
Major end-users include critical care, orthopedic surgeons, obstetricians-gynecologists (ob/gyns), general and pediatric surgeons, and gastroenterologists. Technologies relied by endoscopes include video and fiber.
Endoscopy Device Market – Regional Analysis
The Americas led by the U.S. dominate the market owing to the presence of large healthcare expenditure, and excellent reimbursement. Europe accounts for the second largest market owing to an emphasis on diagnosis, large healthcare expenditure, and increasing prevalence of cancer. As per Organization for Economic Co-operation and Development (OECD), Germany spent 11 % of the total GDP on healthcare in 2015.
The Asia Pacific is the fastest growing market owing to expanding economies of countries like India and China. Asia Pacific is the fastest growing market, which is growing at a CAGR of 6.8 % from 2017 to 2023
The Middle East & Africa is expected to hold the least market share due to poor development of healthcare, and economy. The Middle East and Africa region are expected to be dominated by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
Endoscopy Device Market – Key Findings
- The Global Endoscopy Device Market is expected to reach USD 42,342.4 million by 2023 at a CAGR of 6.3%
- Flexible endoscopes segment market is expected to command the largest market share about 28.2%. However capsule endoscopes are expected to grow at the fastest CAGR of 6.9% during the forecast period 2017-2023
- The Americas holds the largest share of the endoscopy device market and is expected to reach USD 15,186.1 million by 2023
- Asia Pacific is the fastest growing market, which is growing at a CAGR of 6.8% 2017-2023
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