Endoscopy Devices Market Has Been Significantly Impacted By The Covid-19 Pandemic

 Endoscopy Devices Industry Overview

The global endoscopy devices market size is expected to reach USD 81.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a compounded annual growth rate (CAGR) of 7.4% from 2022 to 2030. Growing adoption of minimally invasive endoscopic procedures by medical professionals to look into the esophagus, colon, and stomach and also its application to perform biopsies and sclerotherapy are some of the factors boosting the market growth. In addition, the increasing trend of adopting disposable endoscopes to reduce the chances of cross contaminations is also anticipated to fuel the growth of the market over the forecast years. 

 

In 2021, based on product, the endoscopy visualization systems segment accounted for the highest revenue share of 36.5% of the market. This is attributed to the growing adoption of High Definition (HD) visualization systems by medical professionals for better imaging results during endoscopic procedures. In addition, continuous technological advancements of endoscopy visualization systems for the treatment and diagnosis of complex health conditions such as cancer, functional gastrointestinal disorders, lung disorders, and urinary disorders also support segment growth. 

Based on application, the Gastrointestinal (GI) endoscopy segment dominated the market in 2021 in terms of revenue owing to the increasing burden of gastrointestinal diseases and the rising geriatric population. In addition, increasing recommendation by medical professionals to perform endoscopic procedures as the first line of diagnosis option for gastrointestinal disorders is also one of the major factors supporting the segment growth. The hospitals segment accounted for the highest revenue share of 48.1% in 2021. This is attributed due to the larger number of endoscopic procedures performed in the hospitals than in other end-use segments. 


Endoscopy Devices Market Segmentation

Grand View Research has segmented the global endoscopy devices market based on product, application, end use, and region:

Based on the Product Insights, the market is segmented into Endoscopes, Endoscopy Visualization Systems, and Operative Devices.

  • The endoscopy visualization systems segment accounted for the largest revenue share of 36.5% in 2021 owing to their wide adoption during endoscopy procedures and increasing application for the visualization and diagnosis of complex disease conditions such as cancer, GI disorders, urinary disorders, and lung disorders. In addition, the availability of next-generation endoscopy visualization systems which enables surgeons to visualize the internal organ of choice with the minimally invasive procedure is further boosting its adoption and signifying higher share to the segment.
  • The endoscopes segment accounted for a CAGR of 9.4% in the market for endoscopy devices during the forecast period. This high growth rate is attributed due to the increasing number of endoscopic procedures coupled with the high adoption of endoscopes to perform surgeries and biopsies for better diagnosis and treatment. The flexible endoscopes segment dominated the endoscopes segment and accounted for a high revenue share in 2021, owing to its high preference of use by medical professionals and its advantages such as safety, increased efficiency, and enhanced ergonomics as compared to rigid endoscopes.

 

Based on the Application Insights, the market is segmented into Gastrointestinal (GI) endoscopy, Laparoscopy, Obstetrics/gynecology endoscopy, Arthroscopy, Urology endoscopy (cystoscopy), Bronchoscopy, Mediastinoscopy, Otoscopy, Laryngoscopy, and Other applications.

  • The Gastrointestinal (GI) endoscopy segment dominated the market for endoscopy devices and accounted for a revenue share of 54.7% in 2021. This high share of the segment is attributable to the increasing geriatric population and the growing burden of functional gastrointestinal diseases. In addition, rising preference for endoscopy procedure as first-line treatment for early detection and diagnosis of functional gastrointestinal disorders and the availability of technologically advanced endoscopes are some of the major factors driving the growth of the segment.
  • The urology endoscopy segment is anticipated to witness the fastest growth rate over the forecast years owing to the increasing prevalence of chronic urological diseases such as cancer and tumor and the growing number of cystoscopy procedures. For instance, as per the report published by Cancer Research U.K., each year there are about 10,300 new cases of bladder cancer in the U.K. and it is the 11th most common cancer in the U.K. Since cystoscopy is the main diagnostic procedure for bladder cancer, it is anticipated to fuel the segment growth over the forecast years.

 

Based on the End-use Insights, the market is segmented into Hospitals, Ambulatory surgery centers, and Other end uses.

  • The hospital's segment dominated the market for endoscopy devices and accounted for the highest revenue share of 48.1% in 2021. Hospitals are generally considered as primary health systems and the increase in preference of hospitals for the diagnosis and treatment of chronic disorders by the patient population is also fueling the segment growth. In addition, a large number of surgeries performed in hospitals including endoscopy procedures also increase the endoscopy devices adoption thereby supporting segment growth.
  • The ambulatory surgery centers/clinics segment is anticipated to witness the highest CAGR during forecast years. Growing preference for minimally invasive procedures to lower overall cost and reduce the number of days of hospital stays are some of the major factors expected to drive the growth of the segment. In addition, faster recovery time, and minimal discomfort due to the use of less invasive keyhole endoscopic procedures also accelerates the adoption of endoscopy devices in ambulatory surgery centers/clinics, which in turn is anticipated to propel segment growth over the forecast period.

 

Endoscopy Devices Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The high demand for technologically advanced endoscopic products for diagnosis and treatment of several chronic disorders makes the completion intense among the existing players. In addition, growing preference for the minimally invasive procedure with low cost, safety and reduced chance of contamination devices further increase the competition.  Moreover, the top market players also adopting business strategies such as new product launches, collaboration, mergers and acquisitions to increase their product portfolio and market share in the area of endoscopic devices. For instance, in September 2020, PENTAX Medical announced to launch new Ultrasound Video Gastroscopes J10 Series in the U.S. These advanced gastroscopes enable better image quality, increase diagnostic capabilities, and help in effective disease management of the patient. Some of the prominent players in the endoscopy devices market include:

  • 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
  • Machida Endoscope Co., Ltd.

 

Order a free sample PDF of the Endoscopy Devices Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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