Endoscopy Equipment Market to grow up to USD 56.8 billion by 2031 | KARL STORZ SE & Co. KG, Stryker Corporation, Boston Scientific Corporation

New York, Global Endoscopy Equipment Market was valued at USD 27.6 billion in 2021 and it is anticipated to grow up to USD 56.8 billion by 2031, at a CAGR of 7.5% during the forecast period.

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One of the most popular medical imaging devices in use today is the endoscope. Endoscopes are introduced by a physician or surgeon right into the organ, in contrast to conventional imaging tools. The endoscope has a camera and light on one end, which the doctor can use to view the visual in real time on a screen. To view detailed images of the intestinal wall and surrounding organs, ultrasound endoscopes use sound waves rather than cameras. These tools are also useful for inserting endoscopic implants in addition to imaging.

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Market Trends and Drivers

Endoscopy operations are minimally invasive surgical procedures that involve the use of small tubes, miniature cameras, and surgical tools through one or more small incisions. The main benefits of endoscopic procedures include less pain, a shorter or no hospital stay, or fewer difficulties with pre- and post-surgery treatment. Because of this, these operations are more affordable, more successful, and safer than conventional open surgeries. Additionally, health insurance companies in wealthy nations including the United States, Canada, the United Kingdom, Germany, Australia, and a few Middle Eastern nations like the United Arab Emirates cover these operations. These elements contribute to both patients' and doctors' strong preferences for endoscopic operations. In the US, there are roughly 11.0 million colonoscopies conducted annually, 6.1 million upper endoscopies, 313,000 flexible sigmoidoscopies, 178,400 upper endoscopic ultrasonography exams, and 169,500 Endoscope Reprocessing procedures.

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Global Endoscopy Equipment Market Segmental Overview

The report analyses global endoscopy equipment market based on product, application, end user, and region.

Global Endoscopy Equipment Market by Product

Based on product, it is segmented into the endoscope, visualization system, other endoscope equipment, and accessories. The endoscope segment is likely to account for the majority of the market share during the forecast period. The key factors attributing the growth of the market is higher adoption rate of these equipment coupled with rising preference of patients and doctors for minimally invasive procedures, and doctors for minimally invasive procedures, and ongoing advancements in endoscopy technologies.

Global Endoscopy Equipment Market by Application

Based on application, it is segmented into gastrointestinal endoscopy, laparoscopy, obstetrics/gynecology endoscopy, arthroscopy, urology endoscopy, bronchoscopy, ENT endoscopy, mediastinoscopy, and others. The gastrointestinal endoscopy segment is likely to dominate the market during the forecast period. The largest share of the segment is attributed to the increasing geriatric population in the US, China, Japan and India and the rising incidence of colorectal cancer in younger adults, which leads to growing awareness of the target population of CRC screening.

Global Endoscopy Equipment Market by End User

Based on end user, it is segmented into hospitals, ambulatory surgery centers/clinics, and others. The hospital segment is likely to dominate the endoscopy equipment market during the forecast period. The growing adoption of endoscope equipment in hospitals coupled with increasing government and private funding in the healthcare sector, as well as the greater availability of skilled healthcare professionals and technologically advanced facilities are boosting the growth of the market.

Geographical Analysis of Global Endoscopy Equipment Market

Region-wise, it is studied across the North America, Europe, Asia Pacific, and the Rest of the World. The North American region is accounted for the majority of market share during the forecast period. The largest share of the region is primarily attributed to the favorable reimbursement policies for endoscopic procedures in the US, increased prominence of cancer, high investment by hospitals to purchase new endoscopic equipment, strong focus on research activities to improve endoscopy technique as well as the implementation of a new funding model by Canadian hospitals.

Major Players in the Global Endoscopy Equipment Market

The key players in the market are Olympus Corporation (Japan), KARL STORZ SE & Co. KG (Germany), Stryker Corporation (US), Boston Scientific Corporation (US), JOHNSON & JOHNSON (US), Fujifilm Holdings Corporation (Japan), Medtronic Inc. (Ireland), Hoya Corporation (Japan), Nipro Corporation (Japan), Smith & Nephew Plc (UK), Richard Wolf GmbH (Germany), ConMed Corporation (US), Intuitive Surgical, Inc. (US), Cook Medical (US), Ambu A/S (Denmark), CapsoVision, Inc. (US), Fortimedix Surgical B.V. (Netherlands)

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