(PharmaNewsWire.Com, June 02, 2020 ) According to the recent report “Endoscopy Equipment Market by Product (Endoscope (Flexible, Rigid, Capsule) Visualization Systems, Endoscopic Ultrasound, Insufflator)), Application (GI Endoscopy, Laparoscopy, Cystoscopy, Bronchoscopy, Colonoscopy, Arthroscopy) - Global Forecast to 2024", 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%
By product, the endoscopes segment accounted for the largest share of the market in 2018
Based on the product, the endoscopy equipment market is segmented into endoscopes, visualization equipment, other endoscopy equipment, and accessories. In 2018, the endoscopes segment accounted for the largest share of the global market. The large share of this segment can be attributed primarily to the rising adoption of minimally invasive procedures, increasing technological advancements, and disposable endoscopes along with the corresponding need to repeat the purchase of single-use products.
By application, the GI endoscopy segment dominated the market in 2018
Based on application, the market is segmented into laparoscopy, gastrointestinal endoscopy, arthroscopy, obstetrics/gynecology endoscopy, urology, bronchoscopy, mediastinoscopy, ENT endoscopy, and other applications. GI endoscopy applications commanded the largest share of the endoscopy equipment market in 2018. The large share of this segment can be attributed to the rising geriatric population, improving healthcare infrastructure in developing countries, and the number of colonoscopy procedures performed in developed countries.
In 2018, North America accounted for the largest share of the endoscopy equipment market, followed by Europe. Factors such as a favorable reimbursement scenario in the US, rising incidence of cancer, increasing investments by hospitals to purchase new endoscopic equipment, increasing research activities to improve endoscopy, and implementation of a new funding model for Canadian hospitals are contributing to the large share of North America.
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