Endoscopy Devices Market Size Is Projected To Be Around $44 Billion By 2025
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A research study titled, Endoscopy Devices Market by Product, Application and End User - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the endoscopy devices market is projected to be around $44 billion by 2025.
Endoscopy is a procedure in which a doctor uses specialized instruments to view internal organs of the patient’s body and operate on them. It allows surgeons to diagnose problem in the internal organs without making large incisions. Through a small opening in the body, the surgeon inserts an endoscope which is a thin, flexible tube with a camera attached to it, which enables the physician to see. During an upper endoscopy, the endoscope can be easily inserted through the mouth into the esophagus allowing the doctor to view the stomach and upper portion of the small intestine. In a similar manner, an endoscope can be passed through the rectum into the large intestine for an examination. Different types of endoscopy can be used to investigate different organs in the body such as, bronchoscopy for examining the lungs, cystoscopy to examine the bladder, laparoscopy to examine the pelvic or the abdominal area, laryngoscopy to examine the larynx, enteroscopy to examine the small intestine and so on.
In recent years, endoscopy devices are in huge demand due to increasing preference for minimally invasive surgeries. This is expected to majorly contribute to the growth of global endoscopy devices market in coming years. As these surgeries considerably reduce the duration of hospital stay for the patients, number of endoscopy procedures performed around the world is increasing at a significant rate. Moreover, increasing geriatric population around the world is further contributing to the rising demand for endoscopy devices along with rising incidence of cancer around the world. However, factors such as concerns related to infections that can occur due to endoscopes and high cost of endoscopy devices can hinder the market growth during the forecast period.
The endoscopes segment accounted for a major share of the global endoscopy devices market in 2016 due to extensive adoption of technologically advanced endoscopes designed for minimally invasive endoscopy procedures resulting in lesser pain and shorter hospital stays. Within the endoscopes market, the flexible endoscopes segment held the major share in 2016 whereas, capsule endoscopes segment is projected to exhibit fastest growth during the forecast period. Based on the applications, the gastrointestinal endoscopy segment accounted for the largest share of the global endoscopy devices market in 2016 and is expected to witness fastest growth between 2017 and 2025 due to increasing number of gastrointestinal endoscopy procedures around the world. Hospitals and clinics segment accounted for a major share of the endoscopy devices market in 2016.
The key players operating in the global endoscopy devices market focus on product development to design and develop improved endoscopy devices intended for various applications. For instance, In September 2016, invendo medical GmbH, a provider of single-use, robotically assisted endoscopy products, obtained FDA clearance for its invendoscopy E200 System which contains the first and the only single-use, sterile colonoscope, the invendoscope SC200. The advanced system was intended to assist gastroenterologists in achieving improved control during procedures. Some of the major players in the global endoscopy devices market are, Ethicon US, LLC. (a part of Johnson & Johnson Services, Inc.), US Endoscopy, Olympus Corporation, FUJIFILM Holdings Corporation, Cook Group Incorporated, Richard Wolf GmbH, Smith & Nephew PLC, PENTAX Medical (a part of HOYA Corporation), KARL STORZ GmbH & Co. KG, Medtronic plc, Stryker Corporation, B. Braun Melsungen AG, Boston Scientific Corporation and Siemens AG.
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Key Findings of the Research Study:
- Endoscopes segment accounted for the largest share of the global endoscopy devices market in 2016 owing to large scale adoption of advanced endoscopes for performing minimally invasive endoscopy procedures.
- Flexible endoscopes held a major market share of the endoscopes segment in 2016 whereas capsule endoscopes segment is projected to grow at the fastest growth rate during the forecast period.
- Gastrointestinal endoscopy segment is expected to grow at the fastest growth rate between 2017 and 2025 due to increase in number of gastrointestinal endoscopy procedures as a result of increasing geriatric population worldwide.
- Hospitals and clinics segment is expected to witness the fastest growth over the forecast period due to extensive adoption of endoscopy devices to meet the rising demand for endoscopy procedures.
- North America held the largest share of the global endoscopy devices market in 2016 whereas Asia-Pacific endoscopy devices market is projected to grow with the highest CAGR during the forecast period.