Endoscopy devices Market, By Device Type (Endoscopes, Endoscopic Operative Devices), By Application (Pulmonology, Gastroenterology, Orthopedic Surgery), By Region - Global Analysis Forecast Till 2030

The endoscopy devices market was worth USD 43.17 billion in 2021, and it is predicted to grow at a compound annual growth rate (CAGR) of 7.24% between 2022 and 2030.

A medical technique called an endoscopy is performed to see inside the body. An endoscope is used during the endoscopic process to see inside an organ or other hollow bodily cavities. Unlike many other types of imaging procedures in medicine, endoscopes are introduced directly into the organ.

Market Dynamics

Drivers:

Endoscopy procedures are minor invasive surgeries that use small tubes, tiny cameras, and surgical instruments to be performed through one or more minor incisions. Endoscopy procedures have several advantages, including less pain, a short or no hospital stay, and fewer complications related to pre- and post-surgery care. As a result, these procedures are less expensive, more effective, and safer than traditional open surgeries. Furthermore, these procedures are covered by health insurance providers in wealthy countries such as the USA, Canada, the UK, Germany, Australia, and a few Middle Eastern countries such as the UAE.

Endoscopy is increasingly being used to diagnose and treat a variety of major diseases and disorders, such as neurological disorders and gastroesophageal reflux disease (GERD). According to Globocan, 457,960 new cancer cases were diagnosed in the U.K. in 2020, which is expected to rise to 27.5 million by 2040 (a 61.7% increase). As a result, the number of cancer surgeries will skyrocket; for example, approximately 80% of cancer cases are likely to necessitate surgery (Source: Lancet Commission on Global Surgery). As a result, the rising prevalence of target diseases such as cancer, neurodegenerative, infectious, immune, metabolic, and cardiovascular diseases is expected to increase the demand for endoscopy procedures, propelling the endoscopy devices market growth in the coming years.

Restraints:

Endoscopic devices necessitate highly sophisticated technology and considerable expertise in manufacturing and technological advancement. These elements raise the overall price of endoscopic devices and accessories. Healthcare accounts for a small percentage of GDP in emerging and developing countries such as India and China. Countries such as Indonesia and Malaysia have much lower rates.

On the other hand, the United States is estimated to spend a significant portion of its GDP on healthcare-related expenses. The ineffectiveness of emerging and developing economies in providing healthcare facilities is a substantial restraint on the endoscopic devices market.

Key players:

• Boston Scientific Corporation

• Medtronic PLC

• Olympus Corporation

• Johnson & Johnson

• Fujifilm Holdings Corporation,

• Stryker Corporation

• Karl Storz GmbH & Co. KG

• Smith & Nephew Inc.

• Richard Wolf GmbH

• Pentax Medical

• Machida Endoscope Co. Ltd

• Ambu Inc.

• NEC Corporation

• 3NT Medical Ltd

• Hoya Corporation

Market Segmentation:

Endoscopy devices Market, By Device type

• Endoscopes

• Endoscopic Operative Devices

Endoscopy devices Market, By Application

• Pulmonology

• Gastroenterology

• Orthopedic Surgery

Endoscopy devices Market, By Geography

• North America

• Europe

• Asia-Pacific

• South America

• The Middle East and Africa

Regional Analysis:

North America had the highest revenue share of XX% in the Endoscopy devices Market in 2021. This is due to the rising prevalence of diseases such as cancer, diabetes, cardiovascular disease, and functional gastrointestinal disorders. Furthermore, the growing geriatric population, which is predisposed to various chronic diseases, is driving the adoption of endoscopic procedures in this region. Furthermore, rising awareness for early disease diagnosis using minor invasive procedures and improved healthcare infrastructure are driving market growth in this region.

Furthermore, due to the large population and increasing number of functional gastrointestinal disorder patients in Asia Pacific, the market for endoscopy devices is expected to grow at the fastest rate over the forecast years. Furthermore, rising demand for minimally invasive endoscopic procedures and healthcare infrastructure is expected to accelerate the region's market growth. Furthermore, increasing government initiatives to modernize healthcare facilities and continuously developing a start-up landscape are among the major factors promoting the region's market growth. 

Scope of the Report:

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