Endoscopy Equipment Market Was Valued At USD 31,648.3 million in 2021, Increase In Demand For Minimally Invasive Surgeries

According to Precision Business Insights (PBI), the latest report the global Endoscopy Equipment Market is expected to be worth USD 31,648.3 million in 2021 and projected to grow at an 7.5% CAGR over 2022 to 2028. The growing number of hospitals along with increased hospital investments in minimally invasive surgery devices including endoscopy equipment is fueling market growth. In addition, growing collaborations and partnerships between hospitals and endoscopic equipment makers are benefiting the global industry. Aside from hospitals and clinics, these devices are increasingly being employed in diagnostic laboratories, as well as academic and research institutions. The increasing frequency of disorders necessitating endoscopic operations has an unavoidable positive influence on the global endoscopy equipment market.

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The Endoscopy Equipment Segment is Dominating the Endoscopy Equipment Market:
Government expenditures and subsidies for enhancing healthcare facilities and medical device research and development are providing a boost to the global endoscopy equipment market. Furthermore, the availability of advantageous reimbursement policies in various countries throughout the world is fueling the overall market's rise. Rapid technological improvements are expected to propel the global endoscopy equipment market ahead. Technological advancements have opened the path for smaller and disposable endoscopes. Furthermore, expanding healthcare infrastructure in emerging markets, as well as an increasing number of free-trade agreements are expected to provide enormous potential prospects for the endoscopic equipment market.

North America Leads Endoscopy Equipment Market:
North America is expected to hold significant market share in the global Endoscopy Equipment Market and is projected to grow at a prominent growth rate over the forecast years owing to increased prominence of cancer, high investments by hospitals to purchase new endoscopic equipment, strong focus on research activities to improve endoscopy techniques, as well as the implementation of a new funding model by Canadian hospitals. Furthermore, In Asia Pacific, the market for endoscopy devices is expected to witness the fastest growth rate over the forecast years owing to the large population and an increasing number of functional gastrointestinal disorder patients. In addition, growing demand for the minimally invasive endoscopic procedure and improving healthcare infrastructure are also anticipated to accelerate the region's growth in the market.

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Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global Endoscopy Equipment Market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In December 2020: Apollo Endosurgery, Inc., a world pioneer in less intrusive gastrointestinal and bariatric surgical instruments, announced FDA approval of the X-TackTM Endoscopic HeliX Tacking System, a new, suture-based, through-the-scope product primarily designed for closing and repairing defects in the lower gastrointestinal tract with additional upper gastrointestinal tract applications.

Detailed Segmentation
Based on the Product Type, the market is segmented into the following:
• Endoscopy Equipment
• Accessories

Based on the Application, the market is segmented into the following:
• Upper Gastrointestinal Endoscopy
• Enteroscopy
• Laparoscopy
• Colonoscopy
• Ureteroscopy
• Bronchoscopy
• Others

Based on End-user, the market is segmented into the following:
• Hospitals
• Diagnostic Centers
• Ambulatory Surgical Centers

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Key player's profiles in the Endoscopy Equipment Market report are HOYA Corporation, Olympus Corporation, Stryker Corporation, Boston Scientific Corporation, Fujifilm Holdings Corporation, CONMED Corporation, Medtronic Plc, Karl Storz GmbH & Co. KG, Smith & Nephew, Plc, Johnson & Johnson, Medrobotics Corporation.

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