An endoscope is used during the endoscopic technique to study the interior of a body cavity or hollow organ. Intestinal symptoms like stomach pain, nausea, vomiting, trouble swallowing, and gastrointestinal bleeding may be examined during an endoscopy. Endoscopy devices have quickly become useful in the diagnosis and treatment of many disorders. As endoscopic devices enable minimally invasive operations, many patients prefer to use them for treatment. A flexible or rigid tube, an eyepiece, a lighting setup, a camera, a lens, and a separate channel for additional medical equipment make up an endoscopic device.
In 2021, the market for endoscopy devices was worth USD 30.3 billion, and by 2030 it will reach USD 56.2 billion at a 7.1% CAGR during the forecast period.
During the forecast period, the market expansion would be aided by the rising adoption of endoscopic bariatric metabolic therapies and endoscope & visualization technologies in healthcare settings. Additionally, the COVID-19 outbreak has favored the market for medical services and endoscopy equipment. This is due to the rise in respiratory and infectious disorders among patients.
Market Dynamics
Drivers
The demand for endoscopic devices has grown as endoscopy is a minimally invasive procedure; there are fewer postoperative complications, shorter hospital stays, quicker recovery times, and minimum scarring. Additionally, the fast-growing elderly population, diabetes, obesity, gastrointestinal diseases, and significant lifestyle changes contribute to the rising prevalence of cancer, gastrointestinal disorders, and other chronic illnesses. Additionally, growing physician preference, patient knowledge, and several technological developments contribute to expanding the market.
Restraints
However, the scarcity of qualified doctors and endoscopists, the high price of sophisticated endoscopic equipment, and infections brought on by a few endoscopes limit market expansion.
Opportunity
The ability of technology to create cutting-edge endoscopic gadgets is a market expansion possibility. The desire for less invasive surgical techniques over traditional operations to shorten hospital stays and prevent post-procedure complications is also promising for the market’s growth. In addition, the market expansion is aided by the widespread use of cost-effective diagnostic and therapeutic procedures for cancer and functional gastrointestinal problems.
Market Segmentation
By Application
The gastrointestinal endoscopy segment ruled the entire market, with a share of roughly 22.13% in 2022. This expansion is due to technological advances in AI-based gadgets and robot-assisted endoscopes. A gastrointestinal endoscope, or a digestive or gastroscopy endoscopy, is a test used to identify and treat upper digestive system diseases. Endoscopy of the gastrointestinal tract is a therapeutic and diagnostic treatment that allows one to image, assess, and treat GI disorders.
By Product
The endoscope segment ruled the entire market, with the largest market share of 31.12% and the highest market revenue of 11.89 billion in 2022. It is due to increased cases of chronic illnesses, including cancer and gastrointestinal problems.
Furthermore, due to technological developments that will improve imaging capabilities, the visualization system sector will rule the market by 2030. The market expansion for this sector is also aided by medical practitioners’ growing use of High Definition (HD) visualization systems to achieve better imaging results during endoscopic procedures.
By End-User
The hospital segment was the biggest market, with a revenue share of 43.16% and USD 16.49 billion in revenue in 2022. This expansion is due to the healthcare industry’s rising public and private funding levels. Additionally, in developed economies, most hospitals are well-equipped with cutting-edge endoscopic facilities.
Regional Analysis
In 2022, North America held a maximum position in the regional market, with a share of 49.37%. This is due to the rising frequency of several chronic diseases, including functional gastrointestinal problems and diabetes, cancer, and cardiovascular illnesses. In addition, the expansion of the senior population with long-term medical concerns and the advantageous reimbursement policies all contribute to the market growth in this region.
Given the expanding government attempts to modernize healthcare facilities and the ongoing development of a start-up landscape, the Asia Pacific region will grow the fastest throughout the projection period. Additionally, the rising number of cancer and gastrointestinal illness patients in developed nations is fueling market expansion in this area throughout the projection period.
Key players
J&J Sevices Inc.
Integrate Endoscopy
Cantel Medical
FujiFilm
Interscope Inc.
Micro-Tech Endoscopy
Cogentix Medical
Pentax Medical
Richard Wolf
KARL STORZ Gmbh & Co. KG
Olympus
Shaili Endoscopy
Stryker
In 2021, the market for endoscopy devices was worth USD 30.3 billion, and by 2030 it will reach USD 56.2 billion at a 7.1% CAGR during the forecast period. Endoscopy device with less intrusive features and reasonable post- and pre-procedure costs are the main elements stimulating market expansion.
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