The endoscopy devices market accounted to US$ 26,333.3 Mn in 2017 and is expected to grow at a CAGR of 7.5% during the forecast period 2018 – 2025, to account to US$ 45,612.3 Mn by 2025. North America is the largest geographic market and it is expected to be the largest revenue generator during the forecast period. North American market is driven by the factors such as, FDA approvals obtained by the Endoscopy Devices market players as well as rising prevalence of cancer cases. According to The Insight Partners market research study titled ‘Endoscopy Devices Market – Global Analysis and Forecasts By Product, Application and End User. The report highlights the trends prevalent in the global endoscopy devices market and the factors driving the market along with those that act as deterrents to its growth.
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Rising Prevalence of Diseases Requiring Endoscopy
In recent years, there has been a substantial rise in the number of cases of cancer and other diseases needing endoscopy. As per WHO, around 8.8 million deaths were caused due to cancer in 2015, making it the second leading cause of death globally. The most common cancers to claim lives in 2015 were, lung cancer, liver cancer, colorectal cancer, stomach cancer and breast cancer. The American Cancer Society estimates 1,735,350 new cancer cases and 609,640 cancer deaths in the US alone, during 2018. The procedure of endoscopy is highly preferred during the detection as well as treatment of cancer.
Favourable Government Initiatives
The Endoscopy Action Plan implemented by the Queensland Government was aimed towards improving the health of Queenslanders by means of delivering sustainable access to better quality gastrointestinal endoscopy services. The demand for gastrointestinal endoscopy has been increasing rapidly due to national bowel screening program and a growing geriatric population. As per the plan, US$ 160 million would be invested over four years to deliver better services and improve the access across Queensland health system. Under the plan, the services will be expanded to deliver 50,000 more endoscopy procedures. Due to the implementation of this plan, the waiting time for endoscopy procedure has significantly reduced and better services have been made available across the state.
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Product Insights
The global endoscopy devices market by type was led by endoscopes segment. In 2017, the endoscopes segment held a largest market share of 40.0% of the endoscopy devices market, by product. The endoscopes segment is expected to dominate the market in 2025, as they can be inserted into the body to visualize as well as diagnose the medical condition of an individual.
Application Insights
The endoscopy devices market by application was segmented into gastrointestinal endoscopy, laparoscopy, arthroscopy, otoscopy, urology endoscopy, bronchoscopy, laryngoscopy, other applications. The laparoscopy segment held the largest share of the market, by application. The gastrointestinal endoscopy segment is likely to dominate in the forecast period, due to rapid increase in the number of gastrointestinal disorders.
End User Insights
The endoscopy devices market by end user was segmented into hospitals and ambulatory surgical centers and other end users. The hospitals segment held the largest share of the market, by application. The segment is also anticipated to grow at a steady rate during the forecast period, due to availability of reimbursement for endoscopic procedures.
Product launches and approvals were observed as the most adopted strategy in global endoscopy devices industry. Few of the recent product launches and approvals made by the players are listed below;
2018:
In May, 2018, Olympus Corporation Launched ENF-VT3, the world’s first1 rhino-laryngo videoscope to incorporate 4-direction angulation Capability. The launch is expected to help the company to offer a strong product portfolio in the market.
2017:
In September, 2017, Cook Medical’s Urology business began the distribution of Cellvizio Confocal Laser Endomicroscopy (CLE) System manufactured by Mauna Kea Technologies. Cellvizio has been made available to urologists throughout the United States.
Some of the prominent players operating in endoscopy devices market are Olympus Corporation, STRYKER, Medtronic, KARL STORZ SE & Co. KG, Ethicon US, LLC., Richard Wolf GmbH, Boston Scientific Corporation, Smith & Nephew, Cook, and FUJIFILM Holdings Corporation. Various players in the market have obtained approvals for their products launches. These approvals have helped the patients as well as the healthcare professionals to get better services. For instance, Cook received FDA approval for Cellvizio Confocal Laser Endomicroscopy (CLE) System and the Confocal Miniprobes in March, 2018.
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