Research Focused On The Global Flexible Endoscopes Market Forecast To 2024
Since past decade, the demand for flexible endoscopes has increased remarkably, mainly because of patients’ preference for minimally invasive surgeries. Generally endoscopic procedures are low-risk procedures and are easily covered by health insurance. An important factor that drives the growth of the flexible endoscopy devices market is the rapid increase in the number of elderly people who are at risk to gastrointestinal, orthopedic and ophthalmic diseases as well as few types of cancer. According to World Health Organization (WHO) report, between 2000 and 2050, the percentage of the world's population that is aged 60 years will double from about 11% to 22%. This aging population is the prime end user of gastrointestinal endoscopy, bariatric surgeries, knee-hip implants, and colonoscopy procedures. Similar to growing number of elderly people, age-related ailments are also expected to rise simultaneously, thus stimulating the demand and consumption of flexible endoscopes devices accordingly. For example, Center for Disease Control and Prevention (CDC) report predicts that in 2013-2015 approximately 7 million people in the United States had symptoms of Gastro esophageal Reflux Disorder (GERD), Crohns disease, bowel disorder.
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Other drivers for the rapid growth in flexible endoscopes devices market are increase in government healthcare spending, improved reimbursement coverage in insurances, additionally rise in awareness levels of patients with respect to minimally invasive surgeries. However, factors restraining the growth of the flexible endoscopes devices market are expensive products, fragility of the equipment and other factors like few of the products provide lower quality images than other endoscopic devices.
The global flexible endoscope device market can be segmented on the basis of product, application, end users and region. Based on product, the flexible endoscope market is categorized into fibro scope, flexible videoscope, visualization systems, consumables and accessories, other endoscopy equipment.
The flexible endoscope market can be segmented on the basis of application as laparoscopy, gastrointestinal endoscopy, arthroscopy, obstetrics/gynecological endoscopy, urology endoscopy, bronchoscopy, mediastinoscopy, otoscopy, and laryngoscopy.
The laparoscopy followed by gastrointestinal endoscopy segment is expected to account for the largest share of the flexible endoscopy equipment market in coming years. The maximum share of this segment is attributable to invasive, low risk of surgical site infection (SSI), technological advancements, and these surgeries are expected to cost less than the others.
On the basis of end users flexible endoscope market can be segmented into flexible endoscopes and related devices manufacturing companies, suppliers and distributors of endoscopy devices, healthcare service providers and diagnostic centers, teaching hospitals and academic medical centers (AMCs), independent surgeons and private offices of physicians, ambulatory surgery centers, manufacturers of consumables and accessories and other endoscopy equipment, government bodies/municipal corporations, community centers and regulatory bodies.
Geographically, the global flexible endoscope market is divided into North America, Europe, Asia-Pacific, and the Rest of the World (Latin America, Middle East, and Africa). In terms of geography, North America accounted highest share of the flexible endoscopes devices market followed by Europe, and Asia. North America and Europe both are likely to witness a demand for flexible endoscopes as a result of technological advancements as well as improved reimbursement status in both the regions. Rapidly aging population, growing incidence of associated disease and increased obesity rates are some of the important factors driving the flexible endoscopes market. For example, United Nations (UN) report predicts that the number of people in the world who are obese or overweight has reached 2.1 billion, up from 875 million in 1980.
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In Asian region specifically developing countries like China and India will be the focal point for growth of flexible endoscopes devices. The reasons behind it are chronically ill population, increasing number of private sector hospitals, increasing affluence, advancements in technology, and expansion to rural healthcare facilities.
Some of the major companies operating in flexible endoscopes market are Stryker Corporation, Ethicon Endo-Surgery, Inc, Olympus Corporation, Covidien Plc, Boston Scientific, Arthrex, Inc., Smiths Group, Aesculap, Inc, Karl Storz, ConMed, Richard Wolf GmbH, Hoya Corporation, and Fujifilm Holdings Corporation.
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