Endoscopy Devices Market to grow with a CAGR of 5.67% through 2028
Growing medical conditions due to the increasing
geriatric population often require endoscopic intervention such as liver
abscess is the factors driving the Global Endoscopy Devices market in the
forecast period 2024-2028
According to TechSci Research report, “Endoscopy
Devices Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028F”, Global Endoscopy Devices Market stood at USD 29.14
Billion in 2022 and is anticipated to project robust growth in the forecast
period with a CAGR of 5.67% through 2028. The market for Endoscopy Devices has
witnessed consistent growth over the past decade, proliferation in the
prevalence of age-related problems together with an increase in demand for
endoscopy devices in therapeutic & diagnostic procedures and Geriatric
population is the most common group prone to medical problems that require endoscopic
procedures such as gall stones, intestinal perforation, endometriosis, pelvic
abscess, and liver abscess. Increasing chronic diseases, the need for minimally
invasive procedures, and technological advancement contribute to the increase
in the adaptation of endoscopy devices.
Also, increasing demand for advanced and economical
procedures encourages newer technologies, and development in endoscopy devices
will further drive the growth of Global Endoscopy devices market during the
forecast period. Similarly, evolution and innovation in medical technology are
becoming the need of the day so, new diseases and disorders are forcing the
need for newer techniques for both diagnosis and treatment which will further
drive the growth of Global Endoscopy Device market during the forecast period.
The high demand for technologically advanced endoscopic products for the
diagnosis and treatment of several chronic disorders makes the completion
intense among the existing players and will further propel the growth of Global
Endoscopy Device Market during the forecast period. Similarly, the top market
players also adopting business strategies such as new product launches,
collaboration, mergers, and acquisitions to increase their product portfolio
and market share in the area of endoscopic devices are the major factor
influencing the growth of Global Endoscopy Devices Market over the years.
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Similarly, sudden product withdrawal in the market
creates a nick in consumer trust which will decline the sales and hinder the
growth of Global Endoscopy device market during the forecast period. Also, the
lack of skilled technicians is the major factor that will restrict the growth
of Global Endoscopy Devices Market over the years. Additionally, the high cost
of endoscopy devices can hinder the growth of Global Endoscopy devices market
during the forecast period.
Global Endoscopy Devices Market is segmented into
Product, Application, End Use and company.
Based on Product, Global Endoscopy Devices market is
segmented Endoscopes, Endoscopy Visualization Systems, Endoscopy Visualization
Components, Operative Devices. The Endoscopes segment accounted for the largest
revenue share in 2022 and is expected to exhibit a rapid CAGR over the forecast
period. This can be attributed to the rising preference of safety, better
ergonomics, and efficacy over rigid endoscopes. The improved focus of
manufacturers on offering training for the optimal use of excellent Flexible
Endoscopes is further expected to positively impact market growth. The
increasing prevalence of chronic diseases, the growing elderly population, and
the significant rise in the adoption of technologically advanced medical
devices will further drive the growth of Global Endoscopy Device market during
the forecast period.
Major companies
operating in Global Endoscopy Devices Market are:
- Olympus Corporation.
- Ethicon Endo-Surgery, LLC.
- Stryker Corporation.
- Fujifilm Holdings Corporation.
- Boston Scientific Corporation.
- Karl Storz GmbH & Co. KG.
- Smith & Nephew Inc.
- Richard Wolf GmbH.
- Medtronic Plc.
- PENTAX Medical.
- Machida Endoscope Co., Ltd.
In December 2022, Acotec Scientific Holdings Limited’s
majority stake will be purchased by Boston Scientific through a strategic
investment.
In November 2022, Apollo Endosurgery Inc. and Boston
Scientific announced a merger agreement.
In September 2022, The THUNDERBEAT TM open fine jaw
type X surgical energy devices for open surgery were made available, according
to Olympus Corporation a leading global medical technology provider.
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“The North America region is expected to dominate the
growth of Global Endoscopy Devices market due to the increase in preference for
minimally invasive surgeries, rise in the prevalence of diseases such as colon
& bladder cancers, and increase in geriatric population. Additionally,
rising adoption of robot-assisted endoscopes used for surgical and diagnostic
procedures and driving the growth of the Endoscopy Devices market.
Additionally, adoption of various inorganic growth strategies by the industry
participants such as merger & acquisition, regional expansion, new product
launch & approval are anticipated to contribute to the growth of the
Endoscopy Devices market. The increasing government initiatives to modernize
healthcare facilities and constantly develop a start-up landscape is expected
to further boost the global Endoscopy Devices market.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Endoscopy Devices Market Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product
(Endoscopes, Endoscopy Visualization Systems, Endoscopy Visualization
Components, Operative Devices), By Application (Gastrointestinal (Gi)
Endoscopy, Laparoscopy, Obstetrics/Gynecology Endoscopy, Arthroscopy, Urology
Endoscopy, Bronchoscopy, Mediastinoscopy, Otoscopy, Laryngoscopy, Other
Application), By End-use (Hospitals, Ambulatory Surgery Centers, Other
End-uses), By Region and Competition”, has evaluated the future growth potential of Global
Endoscopy Devices Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Endoscopy
Devices Market.
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