Endoscopy Equipment Market is Anticipated to Grow US$ 41.7 Billion By 2027

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[150+ Pages Research Report] According to the recent analysis research report; the global Endoscopy Equipment Market in 2020 was approximately USD 26.9 Billion. The market is expected to grow at a CAGR of  10.0% and is anticipated to reach around USD  41.7 Billion by 2027. Top market players are Olympus Corporation, KARL STORZ SE & Co. KG, Stryker Corporation, Boston Scientific Corporation, JOHNSON & JOHNSON, Fujifilm Holdings Corporation, Medtronic Inc., Hoya Corporation, Nipro Corporation, Smith & Nephew Plc, Richard Wolf GmbH, ConMed Corporation, Intuitive Surgical, Inc.

Overview of Endoscopy Equipment Market Study

Endoscopy Equipment market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

Endoscopy procedures are non-surgical or minimally invasive procedures wherein endoscopy instruments and supplies are used to examine a patient’s internal organ or tissue in detail. While conducting endoscopy, many tools and equipment, including procedure-specific scopes, video monitors, imaging devices, anesthetic equipment, monitoring equipment, light sources, video processors, insufflators, endoscope cabinets, endoscopy cart or trolley, are used to ensure a safe, successful procedure. Endoscopy equipment are primarily used by gastroenterologist, gynecologist, nephrologist, neurologist, cardiologist, hepatologist and liver transplant surgeon.

Endoscopy Equipment Market Dynamics
Driver: Surging requirement for endoscopy to diagnose and treat target diseases
Endoscopy procedures are minimally invasive surgeries done through one or more small incisions, using small tubes, tiny cameras, and surgical instruments. Less pain, a shorter or no hospital stay, or less complications related to pre- and post-surgery care are the major advantages of endoscopy procedures. Hence, these procedures are more cost-efficient, more effective, and safer than traditional open surgeries. Also, these procedures are covered by health insurance providers in rich countries such as the US, Canada, the UK, Germany, Australia, and a few countries in the Middle East, such as the United Arab Emirates. These factors lead to a high preference for endoscopy procedures among patients and physicians. Every year, nearly 11.0 million colonoscopies, 6.1 million upper endoscopies, 313,000 flexible sigmoidoscopies, 178,400 upper endoscopic ultrasound examinations, and 169,500 endoscopic retrograde cholangiopancreatography procedures are performed in the US (Source: Gastroenterology 2019).

Endoscopy is increasingly being used for the diagnosis/treatment of several major disorders, such as cancer, orthopedic disorders, neurological disorders, and gastroesophageal reflux disorder (GERD). According to GLOBOCAN, 457 960 new cancer cases were diagnosed in the UK in 2020, and this number is anticipated to reach 27.5 million by 2040 (an increase of 61.7%). As a result, there will be significant growth in the number of cancer surgeries; for instance, around 80% of cancer cases are likely to require surgery (Source: Lancet Commission on Global Surgery). Thus, the rising incidence of target diseases, including cancer, neurodegenerative, infectious, immune, metabolic, and cardiovascular diseases, is expected to accelerate the need for endoscopy procedures, which, in turn, would propel the endoscopy equipment market growth in the coming years.

Opportunity: Booming healthcare sector in emerging economies
Brazil, Russia, India, China, and South Africa (BRICS) are among the fastest-growing economies in the world. According to World Economic Forum, the emerging economies accounted for around one-third of the global healthcare expenditure in 2020. More than half of the world’s population resides in India and China owing to which these countries are home to the highest number of patients.

The increasing burden of cancer, rapid improvements in healthcare infrastructure, the rapid growth of medical tourism, as well as the presence of flexible regulation in these countries encourage players in the endoscopy equipment market to expand their presence in emerging countries.

Currently, several endoscopy equipment manufacturers are setting up their facilities in Asia Pacific, the Middle East, and Latin America. Key players such as Stryker and KARL STORZ have already set up their manufacturing and R&D facilities in these countries. In addition, market saturation in developed regions, such as North America and Europe, will compel endoscopy equipment manufacturers to focus on emerging markets in the coming years.

Challenge: Shortage of trained physicians and endoscopists
There is a significant shortage of endoscopy physicians and surgeons worldwide. This shortage of trained professionals in endoscopy is also expected to be witnessed in Asia Pacific, Latin America, and Europe (excluding the UK, where training has been provided for nurse endoscopists since the last 10 years by the United Kingdom Central Council for Nursing, Midwifery and Health).

Trained professionals are required to effectively conduct endoscopy procedures for preventing the spread of infections in endoscopy facilities. The shortage of skilled endoscopy physicians and nurses in major regions is expected to negatively impact several endoscopy procedures carried out per year globally. A few market players, such as Olympus, have established training centers to overcome this concern. In Asia alone, the company has 22 training centers for endoscopy. Such initiatives will enhance awareness about the latest technological advancements in the field of endoscopy, as well as increase the number of trained endoscopy professionals.

The endoscope equipment holds the largest share in endoscopy equipment market by product, in the forecast period
The endoscopes segment accounted for the largest share of the global endoscopy equipment market in the forecast period. The large share of this segment can be attributed to the higher adoption rate of these equipment by end users, rising preference of patients and doctors for minimally invasive procedures, and ongoing advancements in endoscopy technologies.

The gastrointestinal endoscopy segment accounted for the largest share of the endoscopy equipment market in the forecast period. This segment is also expected to witness the highest CAGR of 8.4% during the forecast period. The largest share and the highest growth rate of this segment can be attributed to the increasing geriatric population in the US, China, Japan and India and the rising incidence of colorectal cancer (CRC) in younger adults, which leads to growing awareness of the target population of CRC screening.

The hospitals segment is likely to dominate the endoscopy equipment market during the forecast period owing to the rising adoption of endoscopy equipment in hospitals, increasing government and private funding in the healthcare sector, as well as the greater availability of skilled healthcare professionals and technologically advanced facilities.

North America accounted for the largest share of the global endoscopy equipment market., by region in the forecast period.
North America dominated the endoscopy equipment market in the forecast period. The largest share of North America in the global market is attributed to the favorable reimbursement policies for endoscopic procedures in the US, increased prominence of cancer, high investments by hospitals to purchase new endoscopic equipment, strong focus on research activities to improve endoscopy techniques, as well as the implementation of a new funding model by Canadian hospitals.

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COVID-19 Impact on Endoscopy Equipment Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Endoscopy Equipment market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Endoscopy Equipment market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Endoscopy Equipment market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Endoscopy Equipment market include: 

 Olympus Corporation, KARL STORZ SE & Co. KG, Stryker Corporation, Boston Scientific Corporation, JOHNSON & JOHNSON, Fujifilm Holdings Corporation, Medtronic Inc., Hoya Corporation, Nipro Corporation, Smith & Nephew Plc, Richard Wolf GmbH, ConMed Corporation, Intuitive Surgical, Inc., Cook Medical, Ambu A/S , CapsoVision, Inc., Fortimedix Surgical B.V., B. Braun Melsungen AG .

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Endoscopy Equipment Market, By Product

  • Endoscope
  • Visualization System
  • Other Endoscope Equipment
  • Accessories

Endoscopy Equipment Market, By Application

  • Gastrointestinal Endoscopy
  • Laparoscopy
  • Obstetrics/ Gynecology Endoscopy
  • Arthroscopy
  • Urology Endoscopy (Cystoscopy)
  • Bronchoscopy
  • Ent Endoscopy
  • Mediastinoscopy
  • Other Applications

Endoscopy Equipment Market, By End User

  • Hospitals
  • Ambulatory Surgery centers/Clinics
  • Other End Users

Browse Complete Table of Content@ https://www.novaoneadvisor.com/toc/endoscopy-equipment-market

Why Buy this Report?

The purpose of Nova one advisor’s Endoscopy Equipment market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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