Technological Advancements Remarkably Surge the Endoscopy Devices Market

Introduction

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.

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.

Regional Insights

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. 

Key Highlights

• 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.

Competitive Players

1. Boston Scientific Corporation
2. Medtronic PLC
3. Olympus Corporation
4. Johnson & Johnson
5. Fujifilm Holdings Corporation
6. Stryker Corporation
7. Karl Storz GmbH & Co. KG
8. Smith & Nephew Inc.
9. Richard Wolf GmbH
10. Pentax Medical
11. Ambu Inc.
12. Hoya Corporation
13. NEC Corporation
14. 3NT Medical Ltd
15. Machida Endoscope Co. Ltd. 

Recent Developments

• 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, Olympus will expand its global reach by building new repair facilities for medical equipment
• in Coimbra, Portugal, for 32 million euros.
• In September 2022, The THUNDERBEAT TM Open Fine Jaw Type X surgical energy devices for open surgery were made available, according to Olympus Corporation (Olympus), a leading global medical technology provider.
• In January 2022, The PlasmaTYPHOONTM+, a new ultra-quick endoscope drying and storage solution, was introduced by PENTAX Medical Europe. This premium model, intended to increase productivity and traceability, advances endoscope reprocessing even further to improve patient safety.

Segmentation

1. By Device Type
   1. Endoscopes
   2. Endoscopic Operative Devices
2. By Application
   1. Pulmonology
   2. Gastroenterology
   3. Orthopedic Surgery