(PharmaNewsWire.Com, March 12, 2020 ) North American segment accounted for the largest share of the market in 2018. The large share of North America in the global endoscopy equipment market is attributed to the favorable reimbursement scenario in the US, rising incidence of cancer, increasing investments by hospitals to purchase new endoscopic equipment, and increasing research activities to improve endoscopy and the implementation of a new funding model for Canadian hospitals.
The growth of this market is driven majorly by factors such as growing demand for endoscopy, growing investments, funds, and grants, rising number of hospitals and increasing hospital investments in endoscopy facilities, and technological advancements.
The global endoscopy equipment market is projected to reach USD 35.2 billion by 2024 from an estimated USD 25.6 billion in 2019 at a CAGR of 6.6% .
The GI endoscopy applications segment is expected to command the largest share of the market and grow at the highest CAGR during the forecast period. Rising geriatric population, improving healthcare infrastructure in developing countries, and an increasing number of colonoscopy procedures performed in developed countries, are some factors supporting the growth of this applications segment.
End Users of Endoscopy Equipment Market:
1. Hospitals 2. Ambulatory Surgery Centers/Clinics
The hospital segment is expected to register the highest CAGR during the forecast period. This can be attributed to increasing government and private funding and the growing preference among physicians and patients to perform endoscopic procedures in a hospital-based environment.
The endoscopes segment dominated the endoscopy equipment market by type in 2018
Based on the product, the global market is segmented into endoscopes, visualization equipment, other endoscopy equipment, and accessories. Endoscopes accounted for the largest share of the market in 2018, and this segment is also estimated to grow at the highest CAGR during the forecast period. The dominant market share and growth rate of this segment can be attributed primarily to the rising adoption of minimally invasive procedures, increasing technological advancements, and the use of disposable endoscopes.
The major players in this market include Olympus (Japan), KARL STORZ (Germany), Stryker (US), Boston Scientific (US), Ethicon (US), Fujifilm Corporation (Japan), Medtronic (Ireland), Hoya Corporation (Japan), Richard Wolf GmbH (Germany), Smith & Nephew (UK), Cook Medical (US), and B. Braun (Germany).
Recent Development in Market:
1. In 2019, Olympus launched small intestine endoscopy system “PowerSpiral” in Europe and parts of Asia, including Hong Kong and India 2. In 2018, Olympus launched ENF-VT3, the world’s first rhino-laryngo videoscope to incorporate 4-direction angulation capability. 3. In 2018, KarlStroz launched 4 mm Endoscopic NIR/ICG Fluorescence Imaging System to enhance minimally invasive neurosurgery
Critical Questions Explained in The Report:
1. How will the current technological trends affect the endoscopy devices market in the long term? 2. What are the reasons contributing to the growth of the endoscopes in endoscopy devices market? 3. Which regions are likely to grow at the highest CAGR? 4. What are the challenges hindering the adoption of endoscopy devices in the industry? 5. What are the growth strategies being implemented by major market players?
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