Endoscopy devices are medical instruments used to detect, diagnose, and cure internal organs of the body. The system has a camera and light for easy visualization. Diseases like irritable bowel, Crohn’s disease, ulcerative colitis, stomach ulcer, tumors, infections, blockage, hiatal hernia, gastroesophageal reflux disease (GERD), etc., can be diagnosed and treated using endoscopy. The endoscopy device market is segmented into device type, application, and regions.
Minimal Invasive Technology to Increasing the Market Value
Highly efficient techniques and broader application by the healthcare system are encouraging the need for endoscopy. Benefits of minimally invasive surgery include less dosage of painkillers, cuts, and stitches, shorter hospitalization time, minimal post-operative care, and reduced recovery time. These are among the major advantages of endoscopy and have been great prospective for boosting the market value. Also, the easy imaging of internal organs without the need for long and deep incisions is a major driver for opting for endoscopy by the medical workforce.
Modern Technology to Increase the Scope for Endoscopy Devices
The need for advanced and economic techniques evolves modern technologies and development in endoscopy devices leading to increased market value. Manufacturers and suppliers are investing in the innovation of medical technology by producing new products or modifying the existing product. Collaboration, acquisition, or merging of key companies provide advanced, efficient technology, leading to a boost in market growth.
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Impact of Covid-19
The covid-19 pandemic imposed various restrictions, strict guidelines, and changes in surgical procedures. Another challenge was a shortage of staff, a laid-off workforce, and rehiring issues. The option for the non-surgical approach was to be arranged by the regulatory and healthcare system. Research studies have stated that there was an 83% reduction in endoscopy volumes during the pandemic. In August 2020, its quarterly revenue of Olympus reduced by 22%. Backlogs of patients and closure of some endoscopic centers made an unavoidable approach to non-endoscopic approaches. Artificial intelligence may emerge as a component in endoscopic procedures for highly efficient quality care and service.
North America held the largest market share in the endoscopy devices market. The endoscopy devices market is increasing owing to the preference for minimally invasive techniques, the increasing burden of chronic diseases, technological advancements, and the rising geriatric population. This region contributes the majority of the market share and is growing at a CAGR of 6.68% from 2022 to 2030. In this region, the United States has higher market demand, valued at USD 9,709.59 million in 2021.
The demand for endoscopy devices in Europe is rising gradually and is expected to grow by a CAGR of 6.83% by 2030. Germany is noted to contribute more to the market revenue than other European countries. The market value for endoscopes in Asia-Pacific is soaring due to the increasing burden of gastrointestinal, cardiovascular, and neurological diseases, among others. Japan and China are major market revenue contributors in this region. South America and the Middle East and Africa held a minor share of the market.
- The global endoscopy devices market was valued at USD 5,952.74 million in 2021, and it is expected to increase at a CAGR of 6.41%, generating revenue of USD 10,554.35 million by 2030.
- The market is categorized into endoscopes and endoscopic operative devices based on device type. Endoscopes have been observed to have the highest revenue of USD 11,543.01 billion in 2021. The global market is projected to generate USD 19,501.67 million in 2030, growing at a CAGR of 6.00%.
- In 2021, Gastroenterology by application was noted to have a revenue of USD 6,836.82 billion. It has the highest market share compared to other applications. The global market is projected to generate USD 11,599.79 million in 2030, growing at a CAGR of 6.05%.
- Geographically, the market is divided into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. North America is expected to grow at a CAGR of 6.38% from 2022 to 2030.
- In February 2022, Medtronic PLC and the American Society for Gastrointestinal Endoscopy (ASGE) announced they are working to provide colorectal cancer screening technologies in low-income and underserved communities across the United States.
- In October 2021, Fujifilm launched the first FDA-cleared dual-channel endoscope for upper and lower gastrointestinal applications.
- In August 2021, Karl Storz announced a powerful upgrade to the TELE PACK+ compact endoscopy system, compatible with the StreamConnect®networking and data-management system.
- In May 2021, Boston Scientific Corporation completed the CE mark for the EXALT™ Model B single-use Bronchoscope, for bedside procedures in the intensive care unit, operating room, and bronchoscopy suite.
- In May 2021, Pentax Medical and Jiangsu Vedkang Medical Science and Technology Co., Ltd announced the establishment of a joint venture- Pentax Medical Therapeutics (Jiangsu) Co., Ltd to develop single-use therapeutics products in the field of flexible medical endoscopy.
- In April 2021, Ambu Inc. has received approval from Health Canada for aScope 4 Cysto, which is a single-use endoscope; for diagnosing, managing, and treating lower urinary disorders such as incontinence, hematuria, and bladder cancer.
- In March 2021, HOYA Corporation entered a five-year contract with Hitachi Ltd for technical collaboration and supply of endoscopic ultrasound systems and ultrasound sensors.
- In January 2021, Olympus and Hitachi signed a five-year contract to jointly develop Endoscopic Ultrasound Systems.
- In January 2021, NEC Corporation announced the development of "WISE VISION Endoscopy," an artificial intelligence (AI) diagnosis-support medical device software for colonoscopies that connects with existing endoscopy equipment as part of using AI to mark potential lesions from images taken during endoscopic procedures automatically.
- In June 2020, Johnson & Johnson delivered its first 4K endoscopic imaging system in China.
- In February 2020, 3NT Medical Ltd received the FDA 510(k) clearance for its Colibri Endoscopy System, which is indicated to visualize the internal cavities of the ear, airways, nose, and sinus cavities during diagnostic and therapeutic endoscope procedures.
- In January 2020, Karl Storz SE & Co. KG received FDA’s 510(k) approval for its CMOS Video Rhino-Laryngoscope SSU, which provides visualization of nasal lumens and airway anatomy during diagnostic procedures.
- In November 2019, Richard Wolf GmbH presented its single-use ureterorenoscopy and system green ICG system for minimally invasive human medicine at MEDICA 2019. The new system green in combination with the ENDOCAM Logic 4K platform enables real-time fluorescence imaging of the highest quality.
Global Endoscopy Devices Market: Segmentation
By Device type
- Endoscopic Operative Devices
- Orthopedic Surgery
- North America
- South America
- The Middle East and Africa
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast Periods
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