Endoscopy Devices Market Product Types, Growth Factors and Analysis till 2028
17th July 2019 – The global Endoscopy Devices Market is expected to display higher growth rate over the forecast period. Rapid surge in the market is credited to the rising geriatric population and growing prevalence of diseases that requires endoscopy for diagnosis & treatment. Rise in the number of minimally invasive surgeries (MIS) performed each years is expected to drive the growth of the market over the forecast period. Globally, endoscopy devices market is predicted to generate massive revenue over the upcoming years, providing numerous opportunities for industry participants to invest in research and development of endoscopy devices.
Use of endoscopy devices such as laparoscopy, cystoscopy, and bronchoscopy in various medical treatments involving minimally invasive surgeries (MIS) is bolstering market demand in the past few years. Growing preference towards minimally invasive surgeries (MIS) is credited to fewer traumas to patients and quicker recovery. In addition, minimally invasive surgeries (MIS) are increasingly preferred over open invasive surgeries due to their cost-effectiveness. Use of endoscopy devices in minimally invasive surgeries (MIS) offer advantages such as higher patient satisfaction, comparatively lower hospital stay, financial viability, and reduction in post-surgery complications.
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Growing prevalence of cancer is considered as the key factors driving the growth of endoscopy devices market over the forecast period. Different endoscopy procedures including laryngoscopy, upper endoscopy, and colonoscopy are considered vital for diagnosis of cancer. Moreover, prevalence of obesity among millennial population and launch of endoscopic bariatric surgeries are projected to escalate industry expansion in the near future. Consumer shift towards preventive healthcare is fueling the demand for bariatric surgeries. Endoscopic approach towards bariatric surgeries is deemed as a secure and cost efficient solution, and ideal alternative to traditional bariatric surgeries.
The market is broadly categorized into six major segments based on the application type such as bronchoscopy, arthroscopy, laparoscopy, urology endoscopy, neuroendoscopy and gastrointestinal endoscopy. Gastrointestinal endoscopy segment is growing rapidly in the endoscopy devices market with substantial revenue generation in the last few years. Growing popularity of segment is attributed to the rising geriatric population and rising burden of gastro intestinal diseases.
Leading players of Endoscopy Devices including:
- Karl Storz
- Boston Scientific
- Ethicon (Johnson & Johnson)
- Cogentix Medical
- B. Braun
- Richard Wolf GmbH
- Smith & Nephew
- Cook Medical
- Pentax Medical Corporation
Market split by Type, can be divided into:
- Flexible Endoscopes
- Rigid Endoscopes
- Capsule Endoscopes
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The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in healthcare sector, surge in number of research & development activities and existence of well-established infrastructure in the region. In European region, Germany, France, and United Kingdom are projected to witness steady growth due to the rising awareness related to endoscopy among general public and increasing disposable income.
Asia-Pacific region is estimated to hold a major share in the endoscopy devices industry with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with and significant investment by leading industry players considering potential growth opportunities in the region.
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