Industry: Healthcare
Published Date: January-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 214
Report ID: PMRREP33870
The global endoscopy devices market is forecast to expand at a CAGR of 4.8% and thereby increase from a value of US$32.1 Bn in 2023, to US$44.5 Bn by the end of 2030.
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Attributes |
Key Insights |
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Endoscopy Devices Market Size (2023E) |
US$32.1 Bn |
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Projected Market Value (2030F) |
US$44.5 Bn |
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Global Market Growth Rate (CAGR 2023 to 2030) |
4.8% |
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Historical Market Growth Rate (CAGR 2018 to 2022) |
4.1% |
Endoscopy devices are medical instruments intended for the non-invasive examination of the body's cavities and internal organs. Usually made out of a flexible tube with a light source and a camera, they let doctors see and diagnose a range of illnesses. Endoscopy techniques are frequently used to examine the respiratory system, gastrointestinal tract, and other interior tissues. This allows medical professionals to undertake minimally invasive surgeries, biopsies, and detection of abnormalities. These tools are essential to modern medicine since they give patients a less invasive option to traditional surgical techniques and speed up their recuperation.
The market for endoscopy devices is expanding rapidly as a result of increased aging populations, rising rates of gastrointestinal illnesses, and technological breakthroughs. The market is expanding because of the growing awareness of early disease identification and the demand for minimally invasive procedures. To maintain their competitiveness in this ever-changing healthcare environment, major industry players are concentrating on innovation, product development, and strategic alliances.
Advances in Technology and Rising Gastrointestinal Disorders
One of the main factors fuelling the market expansion for endoscopy devices is the quick speed at which technology is developing. The advancement of endoscopic technology has resulted in the creation of increasingly complex and sophisticated equipment, which has improved treatment outcomes and diagnostic capacities. Among the significant developments that enhance the effectiveness and precision of endoscopic operations are miniaturization, higher imaging resolution, and the incorporation of Artificial Intelligence (AI). These advancements facilitate real-time decision-making during therapeutic and diagnostic procedures in addition to providing healthcare workers with sharper, more comprehensive images. The need for these cutting-edge technologies is rising as endoscopic equipment gets more versatile and user-friendly, which is driving additional market expansion.
In addition, the market for endoscopy devices is significantly driven by the increased frequency of gastrointestinal illnesses worldwide. For early detection and successful treatment, conditions including gastrointestinal bleeding, inflammatory bowel disease, and colorectal cancer require accurate diagnostic tests. Endoscopy is a vital tool in the diagnosis and treatment of these conditions because it offers a less invasive way to view and evaluate the state of the gastrointestinal system. The need for endoscopic equipment increases in step with the rising incidence of these conditions. The healthcare industry's persistent demand for endoscopy devices is largely due to the procedures' capacity to provide prompt, accurate diagnosis, as well as continuous attempts to raise awareness of the significance of early detection.
Reimbursement Policy Challenges
The difficulty presented by reimbursement policies is a major impediment to the market for endoscopy devices. The complicated and inconsistent reimbursement environment for endoscopic operations exists in many healthcare systems, which affects the financial stability of patients as well as healthcare providers. Tight reimbursement rules and regionally-specific policies breed uncertainty, impeding the broad adoption of new endoscopic devices and stifling market expansion. Encouraging greater accessibility and acceptability of endoscopic technologies in medical practice requires addressing these reimbursement issues.
EHR Integration Complexity
The difficulty of connecting endoscopy devices with electronic health records (EHR) systems is a major obstacle facing the market for these devices. Complete patient care, accurate data, and efficient workflow depend on endoscopic equipment and EHR platforms having seamless connectivity. Healthcare providers find it difficult to adopt a completely integrated approach due to integration problems, which also limit the optimal utilization of endoscopic devices and obstruct the development of a streamlined and interconnected healthcare ecosystem.
Telemedicine's Rising Adoption
The market for endoscopy devices has much potential due to the growing use of telemedicine. Telemedicine platforms facilitate remote consultations and virtual endoscopic treatments for medical practitioners. Reaching marginalized communities, enhancing patient access to specialized medical care, and lessening the strain on healthcare facilities are all benefits of this trend. Technologically sophisticated endoscopic instruments that can easily interface with virtual healthcare platforms and offer excellent imaging and diagnostic capabilities during remote consultations are becoming more and more necessary as telemedicine develops.
Moreover, manufacturers of endoscopy devices have a great chance to capitalize on the growth of emerging markets. An environment that is favourable to the expansion of the endoscopy market is created by rising healthcare awareness, bettering healthcare infrastructure, and rising disposable incomes in emerging economies. Manufacturers who enter these markets strategically and build a strong presence can take advantage of these opportunities. The adoption of endoscopic devices can be further accelerated by designing products to address the needs of these areas specifically and by providing healthcare professionals with education and training programs. As emerging economies' healthcare systems continue to change, there is great potential for long-term market growth and the formation of advantageous alliances.
The market for endoscopy devices is expected to increase steadily due to rising healthcare awareness, growing applications, and technology breakthroughs. It is anticipated that the incorporation of robots and Artificial Intelligence (AI) into endoscopic devices would transform their diagnostic and therapeutic capacities, improving accuracy and efficiency. Furthermore, as more healthcare professionals become aware of the advantages of minimally invasive procedures, the market for endoscopic equipment is anticipated to experience a boom in demand across a wide range of medical specialties, including urology and gastroenterology. Global use of endoscopy equipment will be fuelled by ongoing attempts to improve patient outcomes as well as the growing incidence of chronic diseases.
Furthermore, there is a large amount of unrealized market expansion potential as developing economies in areas like South Asia, and Oceania keep developing their healthcare infrastructure. Nonetheless, there may be obstacles to overcome, like integration problems and complicated reimbursement. The market for endoscopy devices looks vibrant and attractive, and innovation and calculated actions should help positively influence its future course.
Supply-side Dynamics
A persistent emphasis on product development and technological innovation distinguishes the market for endoscopy devices. Prominent producers are putting much money into R&D to bring new endoscopic technologies that improve performance, manoeuvrability, and image quality. The growing need for less invasive and more effective medical procedures is fuelling this technological wave. To meet the unique requirements of various medical specializations and accommodate a wide range of medical applications, companies are also focusing on broadening their product portfolios.
Another crucial component of the dynamics of the market is supply chain management. Manufacturers of endoscopy devices are streamlining their supply chains to guarantee a smooth exchange of goods and components, reduce production setbacks, and satisfy the increasing demand for these devices. Streamlining the supply chain is mostly dependent on strategic alliances, effective logistics management, and collaborations with raw material suppliers.
Furthermore, manufacturers must comply with strict quality standards and regulatory regulations to guarantee the safety and effectiveness of their products. In the market for endoscopy devices, a dependable and effective supply chain is established by ongoing manufacturing process improvement, quality control procedures, and adherence to international standards. In general, supply-side dynamics are characterized by a dedication to product diversification, technical improvement, and efficient supply chain management to fulfil changing market demands and stay ahead of the competition in the healthcare sector.
Which Product Category will Spearhead?
Versatile, Minimally Invasive Endoscopes Drive the Maximum Revenue
The Product segment is segmented into endoscopes, endoscopy visualization components, endoscopy visualization systems, and operative devices. Endoscopes dominate the market for endoscopy devices. This market is growing as a result of ongoing demand for therapeutic and diagnostic operations as well as technological developments that improve endoscope capabilities. Endoscopes are becoming more and more popular because of their adaptability to many medical disciplines and their ability to provide the least invasive solutions for efficient patient care. The fastest-growing market is operative instruments, driven by the increased popularity of minimally invasive surgical procedures. Improved functionality and precision in operative instruments, for example, are major technological advancements driving this market's explosive expansion in the changing surgical intervention scene.
Which is the Largest Segment by Hygiene?
Cost Efficiency and Infection Control Drive Dominance of the Single-use Segment
The hygiene segment is bifurcated into single-use, reprocessing, and sterilization. The endoscopy devices market is dominated by the single-use hygiene segment, which is motivated by factors such as cost-effectiveness, convenience, and infection control. Single-use devices are being preferred by hospitals and other healthcare facilities more and more to minimize the danger of cross-contamination, optimize workflow, and lower the total cost of reprocessing.
The industry category with the quickest rate of growth is reprocessing, driven by rising consumer awareness of both cost-effectiveness and environmental sustainability. Healthcare facilities are under pressure to reduce waste, follow environmentally friendly practices, and uphold strict cleanliness requirements. As a result, there is an increasing need for reprocessed endoscopic instruments, which must meet strict quality criteria.
Which is the Major Application Segment?
Laparoscopy Leads the Way in Line with Rising Demand for Minimally Invasive Procedures
The application segment is sub-segmented into bronchoscopy, arthroscopy, laparoscopy, urology endoscopy, and others. Laparoscopy is the most popular category of endoscopy devices in the market since it is used in many abdominal procedures. Laparoscopy dominates the market in large part due to the growing trend for minimally invasive treatments, shorter recovery times, and better patient outcomes. The fastest-growing segment is urology endoscopy, driven by the increased prevalence of urological illnesses and the ongoing advancement of sophisticated endoscopic technologies for urological diagnostic and therapeutic applications. The fast expansion of this market is mostly due to the growing use of minimally invasive urological procedures.
Which of the End User Category
Hospitals Continue to Excel with Advanced Procedures and Specialized Infrastructure
The end user segment is categorized into hospitals, ambulatory surgery centres and clinics, and others. Hospitals dominate the market for endoscopy devices due to the huge number of endoscopic procedures that are carried out in hospital settings. The main end consumers of endoscopic devices are hospitals due to the wide range of medical specializations and the availability of cutting-edge infrastructure. Ambulatory surgical centers and clinics are the fastest-growing market category, driven by the need for quick and effective healthcare delivery, cost-effectiveness, and the growing trend toward outpatient operations. The ambulatory care model and endoscopic devices' ability to facilitate minimally invasive procedures are complementary, which is fuelling the expansion of this market.
North America Dominates Endoscopy Devices with Advanced Healthcare Infrastructure and Innovations
North America is the largest region in the market for endoscopy devices because of its sophisticated healthcare infrastructure, high cost of healthcare, and well-established regulatory environment. North America's dominance is a result of the region's intense R&D efforts as well as its proactive adoption of cutting-edge medical innovations. The frequency of gastrointestinal illnesses and the growing geriatric population further drive the demand for endoscopic devices in the region.
South Asia, and Oceania on the Brink of Exceptional Growth, Medical Tourism Paves the Way
The fastest-growing region is South Asia, and Oceania, driven by increased attention to less invasive procedures, improved healthcare infrastructure, and growing awareness of healthcare issues. Rising healthcare investments, a growing patient pool, and supportive government initiatives drive the use of endoscopic devices in this region. The market for endoscopy devices in South Asia, and Oceania is expanding at a faster rate due to the prevalence of chronic illnesses, and the expanding trend of medical tourism.
Strong competition among major competitors vying for market supremacy characterizes the competitive landscape of the endoscopy devices market. Well-known businesses like Olympus Corporation, Ethicon Endo-surgery, LLC., FUJIFILM Holdings Corporation, and Stryker Corporation are leading the way with their wide range of products and global reach. These industry leaders frequently use mergers, acquisitions, and joint ventures as a means of increasing their market dominance and improving their technological prowess. Technological innovations play a vital role in establishing competitive advantages in a dynamic environment where new companies focus on innovative solutions, intensifying the battle even further.
Apart from well-known companies, niche and local competitors are also beginning to appear in the market, providing endoscopic instruments that are customized for certain medical uses. The competitive landscape's diversity encourages innovation and gives medical professionals a variety of options to meet their specific needs. In addition to product offers, price tactics, regulatory compliance, and customer service are important aspects of the competitive landscape. Businesses are putting more emphasis on ecologically friendly and sustainable operations as the industry develops in order to meet the rising demand for eco-friendly healthcare solutions. The competitive landscape, taken as a whole, shows a mix of well-known heavyweights, creative upstarts, and niche businesses that support the market's ongoing development and expansion for endoscopy devices.
New Product Launch
Eighteen months ahead of schedule, in October 2023, Creo Medical plans to introduce its Speedboat UltraSlim gadget. After Speedboat Inject, the second product in the Speedboat range will be Speedboat UltraSlim.
Market Impact: The Speedboat UltraSlim device from Creo Medical has launched 18 months ahead of plan, demonstrating the company's dedication to innovation. This action is likely to improve Creo Medical's standing in the market, giving it a competitive advantage in the changing endoscopic equipment industry and leading to a rise in market share.
The ClutchCutter, and FushKnife are two new endoscopic technologies that Fujifilm plans to introduce in January 2023. At the 63rd Annual Conference of the Indian Society of Gastroenterology—ISGCON—in Jaipur, the business revealed the two new products.
Market Impact: With the introduction of ClutchCutter, and FushKnife, Fujifilm has expanded its line of endoscopic solutions, indicating its dedication to satisfying a variety of clinical requirements. With this step, Fujifilm is expected to become more competitive in the endoscopic devices industry and provide healthcare professionals with cutting-edge tools.
Olympus unveiled its next-generation EVIS X1 endoscopy system for gastrointestinal (GI) professionals in October 2023. This endoscopic system and associated endoscopes (GF-1100 and CF-HQ1100DL/I) were approved earlier this year for the company. The CF-HQ1100DL/I colonovideoscope is meant to be used in the lower digestive tract, while the GIF-1100 gastrointestinal video scope is meant to be utilized in the upper digestive tract.
Market Impact: Olympus's dedication to enhancing gastrointestinal diagnostics is demonstrated by the company's launch of the EVIS X1 endoscopic system and approved compatible endoscopes.
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Attribute |
Details |
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Forecast Period |
2023 to 2030 |
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Historical Data Available for |
2018 to 2022 |
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Market Analysis |
US$ Million for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
Available upon request |
By Product:
By Hygiene:
By Application:
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The market is anticipated to grow at a CAGR of 4.8% during the projected period.
The global endoscopy devices market was valued at US$32.1 billion in 2023.
The US held the largest market share in 2023.
Some of the prominent players in the market are Olympus Corporation, Ethicon Endo-Surgery, LLC., Fujifilm Holdings Corporation, Stryker Corporation, Boston Scientific Corporation, Karl Storz Gmbh & Co. Kg, Smith & Nephew Inc., Richard Wolf Gmbh, Medtronic Plc (Covidien), Pentax Medical, and Machida Endoscope Co., Ltd.
The urology segment is likely to witness the highest CAGR during the forecast period.
