Endoscopy Devices Market Is Increasing Faster to Reach $45.39 Billion and Predicted to Show Highest Growth Rates by 2026
Rise in prevalence of diseases that require endoscopy procedures such as cancers and gastrointestinal diseases is one of the prime reasons that drives the growth of endoscopy devices market. In addition, growth in baby boomer generation with high risk of targeted diseases, rise in awareness about novel endoscopy devices, and patient preference for the minimally invasive nature of endoscopy devices propel the market growth.
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Modern endoscopy techniques have revolutionized the examination and treatment of upper gastrointestinal tract (including esophagus, stomach, and duodenum) and the colon. Increase in adoption of innovative endoscopy devices such as capsule endoscopes and robot-assisted endoscopy along with ultra-high-definition visualization systems further augments the market growth. However, the dearth of skilled physicians & endoscopists, high cost of the sophisticated endoscopy devices, and infections caused by a few endoscopes impede the market growth.
On the basis of the product type, the market is bifurcated into endoscopes, visualization & documentation systems, mechanical endoscopy equipment, accessories, and others. The endoscopes segment held the highest position accounting for more than one-third of the total market share in 2018 and is expected to dominate throughout the forecast period. However, the accessories segment is estimated to project the fastest CAGR of 8.2% from 2019 to 2026.
On the basis of hygiene, single-use, reprocessing, and sterilization. The reprocessing segment held the largest revenue, contributing nearly half of the total market share in 2018 and will maintain its dominance throughout the forecast period. However, the single-use segment is estimated to register the highest CAGR of 6.2% from 2019 to 2026.
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On the basis of region, North America held more than one-third of the total market share in 2018 and will maintain its dominance throughout the forecast period. However, the Asia-Pacific region is estimated to register the highest CAGR of 6.4% from 2019 to 2026. The report also includes analysis of other regions including Europe and LAMEA.
Major market players
o Olympus Corporation
o HOYA Corporation
o Fujifilm Holdings Corporation
o Stryker Corporation
o Medrobotics Corporation
o Boston Scientific Corporation
o Johnson & Johnson
o CONMED Corporation
o Smith & Nephew, Plc
o Karl Storz GmbH & Co. KG, and
o Medtronic Plc.
Key Findings of Endoscopy Devices Market:
o In the year 2015, Endoscopes was the leading product type, and is projected to grow at a CAGR of 6.0%.
o Capsule endoscopy is expected to grow at a remarkable CAGR of 8.7%, owing to the minimal invasive nature, more detailed images, and simple equipment designed of vitamin pill size used widely for imaging entire small intestine specifically.
o Gastrointestinal endoscopy application is projected to grow at a high CAGR of 6.8%.
o U.S. alone contributed over 94% market share in North America of endoscopy devices market in 2015.
o Japan is the major shareholder in Asia-Pacific, accounting for around 54.5% of the Asia-Pacific endoscopy devices market.
o North America is expected to dominate the endoscopy devices market, followed by Europe.
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