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Endoscopes Market 2022 Global Key Players, Technology, Application, Products Analysis and Forecast to 2031
Endoscopes Market 2022
The global Endoscopes Market is expected to go great guns in the next 10 years. It is slated to reach US$ 12.5 Bn by the year 2019. The CAGR would be 6.5%%. With mixed reality in the foray, virtual objects could be integrated with the real-life ambiance, thereby rendering simultaneous manipulation of digital twins. In other words, digital twinning is expected to be the future of the healthcare vertical in the forecast period.
Endoscopes are gaining significant demand for arthroscopy, bronchoscopy, colonoscopy, and cystoscopy procedures. The shift toward minimally-invasive surgeries compared to open surgeries is likely to increase demand for endoscopes. Key stakeholders are introducing capsule endoscopes, robot-assisted endoscopes, and disposable endoscopes to overcome few drawbacks of conventional endoscopes.
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For instance, in July 2015, Medrobotics Corporation received FDA clearance for its Flex® Robotic System for sale in the United States. Also, international medical device manufactures are concentrating on entering the capsule and robot-assisted endoscopes market. For example, Medtronic now holds a leading market share in the capsule endoscopes market after its acquisition of Given Imaging Ltd.
The global endoscopes market was valued at US$ 11.8 Bn in 2019, and is expected to witness a CAGR of 6% during the forecast period (2020-2030).
Companies covered in Endoscopes Market Report
Medtronic Plc.
Olympus Corporation
KARL STORZ SE & Co. KG
Johnson & Johnson
Fujifilm Holdings Corporation
Richard Wolf GmbH
Braun Melsungen Ag
Stryker Corporation
PENTAX Medical
CONMED Corporation
Boston Scientific Corporation
Smith & Nephew PLC
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Key Takeaways of Endoscopes Market Study
Flexible endoscopes occupied nearly 60% of value share in the endoscopes market in 2019, owing to increasing adoption over rigid endoscopes. Flexible endoscopes provide better safety, greater efficacy, and better accessibility to internal organs as compared to rigid endoscopes.
Gastrointestinal (GI) endoscopy accounted for the highest value share in the global endoscopes market, on the back of increasing annual gastrointestinal and colonoscopy procedures.
Bronchoscopy registered the highest growth rate owing to rising number of respiratory disorders and introduction of new endoscopy products for bronchoscopy.
Reusable endoscopes accounted for more than three-fourth of the value share in global endoscopes market. Moreover, the disposable segment registered a higher growth rate as compared to the reusable segment, with the growing demand for procedure-specific endoscopes and benefits of sterilization cost reduction.
Hospitals hold a major share in the global endoscopes market, owing to large-scale adoption of endoscopic surgeries and favorable reimbursement policies for patients who visit hospitals as compared to outpatient centers.
North America holds a prominent revenue share in the global endoscopes market, as a higher number of endoscopic surgeries as performed each year in the country.
"Growing gastrointestinal and colorectal cancer cases and higher acceptance of minimally-invasive procedures are likely to pace up market growth. Demand for endoscopes will continue to pick pace with the introduction of new technologies for accurate visualization," says a PMR analyst.
COVID-19 Impact on Endoscopes Market
The COVID-19 outbreak is asserting players in the endoscope market to restructure their working methods to suit drastic market changes. With governments implementing strict norms on physical movements and emphasis on social distancing, production is being significantly affected. Furthermore, shortage of manpower and travel restrictions are disrupting the supply chain, thereby affecting the overall workflow of the market. However, endoscopes, being an essential commodity in the healthcare industry, are likely to overcome these shortcomings caused by the pandemic.
On the back of persistent demand for endoscopes from healthcare institutions to detect cardiovascular diseases - which continue to cause a significant number of deaths all over the globe - the endoscopes market is likely to mitigate heavy damage. On this premise, Cook Medical, a prominent endoscopes manufacturer, stated that, it's keeping production running with the available workforce and ensuring that the supply of essential devices is unhindered.
Product Portfolio Expansion and Distribution Partnerships - Key Strategies of Leading Manufacturers
Endoscope manufacturers are focusing on product portfolio expansion through partnerships and new product launches. For instance, in May 2018, FUJIFILM Holdings Corporation launched the EB-530P Slim Video Bronchoscope and Radial Probe EBUS System (PB2020-M).
Moreover, manufacturers are moving toward distribution agreements and partnerships to expand their presence in the global market. For example, in June 2018, CapsoVision announced a U.S. distribution partnership with Pentax Medical for capsule endoscopy solutions - CapsoCam Plus and CapsoCloud - across the country.
More Valuable Insights on Endoscopes Market
Persistence Market Research offers a unique perspective and actionable insights on endoscopes in its latest study, presenting historical demand assessment of 2015-2019 and projections for 2020-2030, on the basis of product (rigid endoscopes, flexible endoscopes, capsule endoscopes, and robot-assisted endoscopes), application (gastrointestinal (GI) endoscopy, laparoscopy, arthroscopy, obstetrics/gynecology endoscopy, urology endoscopy (cystoscopy), ENT endoscopy, bronchoscopy, mediastinoscopy, and others), usability (reusable and disposable), and end user (hospitals, ambulatory surgery centers, and specialty clinics), across seven major regions.
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Key Questions Answered in the Endoscopes Market Report
How is the Endoscopes Market expected to grow over the projected period?
What direction is the Endoscopes Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Endoscopes Market in future?
What are the key market drivers in the Endoscopes Market?
What are significant opportunities and improvement areas for Endoscopes Market manufacturers?
What are the key developments and trends taking over the Endoscopes Market?
Which are the emerging countries that are expected to create significant growth opportunities in the Endoscopes Market?
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