Endoscopy Device Market Growth: Overview by Types, Application, Key Players, Regional Outlook, Market Drivers & Restraints
Data collated by Market Research Future regarding ENDOSCOPY DEVICE MARKET unveils a succinct analysis of the market size, regional spectrum and revenue forecast about the ENDOSCOPY DEVICE MARKET.
The Endoscopy Device Market Growth is witnessing a constant rise in revenues. Market growth attributes to successful integrations of wireless technologies into medical endoscope devices and rising introductions of room-ready wireless endoscopes in the healthcare industry. Also, increasing funding & reimbursement for endoscopic screening & treatment increase the endoscopy devices market size. Moreover, rising product launches that are FDA approved and meet the Federal Communications Commission requirements escalate market growth to furthered height.
According to Market Research Future (MRFR), the global endoscopy device market is poised to reach USD 42,342.4 MN by 2023, registering 6.3% CAGR during the review period (2017 – 2023). Growing prevalence of myriads of chronic diseases, such as gastrointestinal disorders, obstetrics/gynecology diseases, and cancer, drives the endoscopy equipment and software market.
Additionally, rising awareness about the availability and benefits of endoscopy devices substantiate market growth.
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Market Drivers and Restraints:
- Shift towards less invasive treatment methods.
- Rising demand for effective diagnostic & therapeutic options.
- Increasing geriatric population.
- High cost of endoscopy devices.
- Side effects, such as infections and complications arised due to endoscopy devices.
- Lack of awareness for availability & benefits of endoscopy devices.
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Global Endoscopy Device Market – Segments
The report is segmented into six dynamics;
By Type : Rigid Endoscopes, Flexible Endoscopes, Capsule Endoscopes, Robot-Assisted Endoscopes, Surgical Endoscopes, and other Endoscopes.
By Therapy: Colonoscopy, Arthroscopy, Gastroscopy, Laparoscopy, Endoscopic Retrograde Cholangiopancreotography, Sigmoidoscopy, Cholangiopan Creotography, Ureteroscopy, Cystoscopy, and others.
By Treatment & Procedure: Gynecologic & Pelvic Organ Conditions, Abdominal, Joint & Orthopedic Conditions, Lower Gastrointestinal Conditions, Lung & Airway Conditions, Urinary System Conditions, Upper Gastrointestinal Conditions, and others.
By Application : Gastrointestinal Endoscopy, Arthroscopy, Obstetrics/Gynecology Endoscopy, Urology Endoscopy, Bronchoscopy, Mediastinoscopy, Otoscopy, and others.
By End-User : Critical Care, Gastroenterologists, General & Pediatric Surgeons, Obstetricians-Gynecologists (ob/gyns), Orthopedic Surgeons, and others.
By Regions : Europe, Americas, Asia-Pacific, and Rest-of-the-World.
Global Endoscopy Device Market – Regional Analysis
North America leads the global endoscopy device market. Significant market share attributes to the strong economy of the region and massive developments in the healthcare domain. Besides, factors such as the increasing focus of research institutions on technology upgrade to leverage advanced diagnosis & treatment methods. Moreover, the presence of key industry players, advanced hospital infrastructures, and skilled healthcare professionals increase the endoscopy devices market size. North America is estimated to retain its leading position in the global market throughout the review period.
Europe holds the second-largest share in the global endoscopy device market. The market is driven by the rapid advances in the diagnosis & treatment of cancer and gastrointestinal diseases. Besides, the rising government R&D investments and focus on the development of new devices contribute to endoscopy device market growth in Europe. Also, the increasing specialty services offered by various healthcare providers in the region foster the market growth. The European endoscopy device market is to grow at a significant CAGR during the estimated period.
The endoscopy device market is brisk in the Asia Pacific region. Factors such as the growing demand for neurology endoscopy devices and endoscopy software in India and China encourage regional market growth. Furthermore, various diagnosis & treatment methods to treat increasing patients suffering from cancer and gastrointestinal diseases create vast market demand in the region.
Moreover, the augmenting demand for quality devices, advancing healthcare technology, and increasing uptake of futuristic endoscopy devices in the region provide impetus to market growth. The APAC endoscopy device market is anticipated to register a phenomenal CAGR throughout the analysis period.
Global Endoscopy Device Market - Competitive Analysis
Highly competitive, the endoscopy device market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players adopt strategies such as mergers & acquisitions, expansion, collaboration, and product launch. Players also make substantial investments to drive R&D, innovations, and strategic initiatives. They acquire small yet promising companies from emerging markets to increase their global footprints. Quality, reliability, and cost are key parameters, industry players compete against each other based on.
Rising demand in the gastrointestinal endoscopy devices market and robotic endoscopy devices market encourages manufacturers to create unique solutions. Similarly, rapidly growing neurology endoscopy devices market and endoscopy equipment and software market attract new entrants, which further intensifies the competition in these markets.
Players active in the endoscopy device market are Integrate Endoscopy, J&J services Inc, Cogentix Medical, Interscope Inc., Cantel Medical, Shaili Endoscopy, Cognetix, Stryker, Karl Storz Gmbh & Co. KG, Micro-Tech Endoscopy, Olympus, Fujifilm, Pentax Medical, and Richard Wolf, among others.
June 01, 2020 --- 3NT Medical (Israel), a leading global endoscopy devices manufacturer, announced receiving the FDA clearance for its Colibri Endoscopy System. Colibri Micro ENT Scope is a unique Single-Use Endoscope designed for Otologists. 3NT Medical is a private corporation involved in the development of specialized single-use endoscopes for the diagnosis & treatment of ear, nose, and throat (ENT) disorders. Furthermore, the new sterile endoscope offers safety to patients and medical staff by eliminating the risk of cross-contamination.
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