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The endoscopy Equipment Market size was valued at USD 28 Bn. in 2021 and the total Market revenue is expected to grow by 8.5 % till 2029, reaching USD 54 Bn. Medical Caster
PUNE, MAHARASHTRA, INDIA, November 11, 2022 /EINPresswire.com/ -- According to the “Endoscopy Equipment Market” report published by Maximize market Research, the market is expected to grow from USD 28 billion in 2021 to USD 54 billion in 2029, at a CAGR of 8.5 percent for the forecast period from 2022 to 2029.
Endoscopy Equipment Market Scope and Research Methodology
The report is an in-depth analysis of all the key players in the Endoscopy Equipment Market by market share, revenue, market penetration, financial status and region. Current trends prevailing in the Endoscopy Equipment Market are presented and historical data is used to forecast growth rate fluctuations to equip stakeholders, investors, market key players and followers about future market conditions. The Endoscopy Equipment Market is segmented by product, application and end-users for a detailed analysis for understanding the market penetration, competitive structure, pricing and demand analysis. The report aids the formulation of strategic decision-making and finding investment pockets for businesses.
For the competitive landscape, major players and new entrants in the Endoscopy Equipment Market are collated based on the equipment offered, portfolio, technological advancements adopted, mergers and acquisitions, joint ventures and strategic alliances. With each company profile, recommendations are provided on investments and estimations of their market size for the forecast period. New entrants can use the report to understand the future course of the Endoscopy Equipment Market.
The bottom-up approach was employed to validate the market size by different segments. Data was collected using both primary and secondary data collection methods for the analysis. Methods such as surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs, marketing professionals, customers and retailers on the demand side and manufacturers, and wholesalers on the supply side were included in the primary methods. Secondary data was methodically collected from a curated selection of sources to ensure the reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. SWOT analysis was conducted to provide the strengths and weaknesses of the Endoscopy Equipment Market while PESTLE was employed to understand the potential impact of the macro-economic, social, political and technological factors affecting the Endoscopy Equipment Market.
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Endoscopy Test is used to examine and observe the inside of the body without performing major surgery. A long, thin tube is inserted into the body to observe an internal organ or tissue in detail. Several tools and equipment are used during the examination. These include procedure-specific scopes, video monitors, imaging devices anaesthetic equipment, monitoring equipment, light sources, video processors, insufflators, endoscope cabinets, and an endoscopy cart or trolley.
The primary users of this equipment include gastroenterologists, gynaecologists, nephrologists, neurologists, cardiologists, hepatologists, and liver transplant surgeons. The increasing geriatric population along with the rising number of diseases such as gastrointestinal, cancer, and other chronic illnesses along with an increasing number of advancements in the field are expected to drive growth in the Endoscopy Equipment Market.
A major driver of the Endoscopy Equipment Market is the high demand for endoscopy tests. Technical advancements in the market such as robotic-assisted flexible endoscopes and the demand for less evasive procedures are the primary drivers for the growth of the Endoscopy Equipment Market. The robotic-assisted endoscope is primarily used for bronchoscopy, pancreatic endoscopy, and gastroscopy. The demand for less evasive procedures has been increasing given the less post-operative discomfort as there are fewer incisions and stitches.
Technological advancements have been one of the drivers of the market. The increasing propensity of medical professionals to use technologically advanced endoscopic equipment furnished with a high-definition camera and light sources to aid doctors in studying internal organs is another factor driving the Endoscopy Equipment Market. The shift in preference for minimally invasive surgical procedures over normal operations to reduce hospital stays and post-procedure complications is expected to be the main factor driving the need for endoscopic equipment. As a result, it is expected that factors including higher patient satisfaction, improved economic viability, and shorter hospital stays are expected to increase the demand for minimally invasive endoscopic treatments during the forecast period, driving the market's growth.
The increasing incidence of cancer throughout the world is another factor driving the usage of an endoscopic technology for the early identification and treatment of the illness. According to a report, 19.3 million new cases of cancer were recorded globally in 2020, and around 10 million individuals passed away from the disease. It is also expected that the preference for biopsies in recent years for cancer diagnosis and detection would encourage the use of endoscopic equipment, which will eventually drive the market for endoscopy devices.
Several other diseases such as orthopaedic issues, neurological disorders, and gastric reflux disease (GERD) are also utilizing advanced endoscopy tests to detect illnesses early on. According to GLOBOCAN, 457 960 new cancer cases were identified in the UK in 2020, and this figure is expected to rise to 27.5 million by 2040. This will lead to an increase in the frequency of cancer procedures, increasing the demand for Endoscopy Equipment Market.
There exists a shortage of skilled physicians and surgeons in the area of endoscopy to perform tests. This lack of labour is expected to be felt in the Asia Pacific region, Latin America, and Europe. Such physicians are the key to the market and their paucity is expected to hamper the growth of the Endoscopy Equipment Market.
Endoscopy Equipment Regional Market Insights
The biggest revenue share globally of 42.3 percent was held by North America in 2021. This was mainly due to the ageing population in the continent and the incidence of chronic diseases such as cancer. Technological advancements for the patients in the field are expected to drive the regional market.
Fast-growing countries such as Brazil, Russia, India and China are expected to drive the Endoscopy Equipment Market. This is expected to be mainly due to India and China accounting for around one-third of the global healthcare spending given their huge population. Manufacturers of endoscopic equipment are expanding their presence in emerging markets because of the increased cancer burden, fast advancements in healthcare infrastructure, the rapid expansion of medical tourism, and the availability of flexible laws in these countries. The Asia Pacific, the Middle East, and Latin America are now witnessing an increase in the number of endoscopic equipment manufacturers. Manufacturers such as Stryker and KARL STORZ have set up their production and R&D centres in these regions. Also, the concentration of the Endoscopy Equipment Market in developed countries is expected to force them to explore markets in other countries resulting in the growth of the Endoscopy Equipment Market.
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By Product: Endoscope Visualization System Other Endoscope Equipment Accessories
By Application: Gastrointestinal Endoscopy Laparoscopy Obstetrics/ Gynecology Endoscopy Arthroscopy Urology Endoscopy (Cystoscopy) Bronchoscopy Ent Endoscopy Mediastinoscopy Other Applications
By end-users: Hospitals Ambulatory Surgery Centers/Clinics Other End Users
Endoscopy Equipment Market Key Players
Olympus Corporation KARL STORZ SE & Co. KG Stryker Corporation Boston Scientific Corporation JOHNSON & JOHNSON Fujifilm Holdings Corporation Medtronic Inc. Hoya Corporation Nipro Corporation Smith & Nephew Plc Richard Wolf GmbH ConMed Corporation Intuitive Surgical, Inc. Cook Medical Ambu A/S CapsoVision, Inc. Fortimedix Surgical B.V. B. Braun Melsungen AG Medi-Globe The Cooper Companies, Inc. Dantschke Medizintechnik Laborie Medical Technologies Inc. Teleflex Incorporated Cantel Medical Corp. Carl Zeiss AG Arthrex, Inc.
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Key questions answered in the Endoscopy Equipment Market are:
What are Endoscopy Equipment? What is estimated growth rate of Endoscopy Equipment Market for the next five years? What is the nature of competition in Endoscopy Equipment industry in developed and developing economies? Who are the key players in the Endoscopy Equipment Market? Who are the market leaders in Endoscopy Equipment in Europe Who are the market leaders in Endoscopy Equipment in USA and Canada Who are the market leaders in Endoscopy Equipment in India, China, Japan and South Korea? What are the factors affecting growth in the Endoscopy Equipment Market? Who held the largest market share in Endoscopy Equipment Market? What are the factors for the growth of Asia-Pacific region in Endoscopy Equipment Market?
Market Share, Size & Forecast by Revenue | 2022−2029 Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends Market Segmentation – A detailed analysis by Route of administration, Application, Facility of use and Region and Region Competitive Landscape – Top Key Vendors and Other Prominent Vendors Maximize Market Research is leading medical devices research firm, has also published the following reports:
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