Global Endoscopy Devices Market - Segmented by Product, Application and Geography - Growth, Trends, and Forecast (2022 - 2030)
The endoscopy devices market is expected to register a CAGR of 7%, during the forecast period. Endoscope devices are minimally invasive and can be inserted into natural openings of the body to observe an internal organ or a tissue in detail. Endoscopic surgeries are performed for imaging procedures and minor surgeries.
Growing Preference for Minimally Invasive Techniques
Endoscopy allows both operations on more fragile patients, notably the elderly, and the treatment of more complex diseases, such as cancer. Other benefits of endoscopy include reduced post-operative pain and risks of complications, rapid healing, lighter anesthesia and a shorter period of hospital stay. Surgery, interventional radiology and advanced endoscopy have all developed minimally invasive techniques to effectively treat a variety of diseases to bring about positive impact on patients' postoperative outcomes. The growing awareness among the elderly population about minimally invasive procedures and the rising prevalence of chronic diseases worldwide boosts the demand for endoscopy devices. Other factors, such as strong inorganic growth between major players and favorable FDA approvals and reimbursement scenario will lead to a rapid growth of the market.
Unfavorable Reimbursement Policies in Developing Countries
There is a lack of proper reimbursement policies for endoscopic procedures in developing countries. Most of the developing countries have an under-funded public healthcare system. Due to this, there is a lack of proper equipment and skilled technicians who can perform quality endoscopic procedures. The patient waiting time is also high in these countries. As a result of all these factors, most people opt for private healthcare systems in these regions. The costs related to endoscopic procedures are not reimbursed by private hospitals and is spent by the patient as out of pocket expenses. Therefore, these procedures are mostly preferred only by a low percentage of population. Given that the average wealthy population in developing countries are only around 30%, the high cost of the procedure along with unfavorable reimbursement policies are currently a barrier for the growth of endoscopy devices market. Along with this other factors, such as lack of skilled technicians will lead to the slowdown of the growth of this market.
North America to Maintain Dominance
Although the endoscopy market is a fairly saturated market, North America will lead the global market, as there is a high demand for minimally-invasive diagnostic testing devices and continuous introduction of technologically advanced devices. Asia-Pacific is estimated to register a very fast CAGR owing to the increasing disposable incomes, affordable solutions and increased funding in R&D in the field advanced diagnostics.
Key Developments in the Market
• May 2017 - Crospon, an endoscopic diagnostics company, today announced it has received US Food and Drug Administration (FDA) 510(k) clearance for its Endoflip® System with Flip® Topography Module
Major players - BOSTON SCIENTIFIC CORPORATION, CONMED CORPORATION, COOK MEDICAL, COVIDIEN PLC, FUJIFILM HOLDING CORPORATION, HOYA CORPORATION, ETHICON ENDO-SURGERY (JOHNSON & JOHNSON), MEDTRONIC PLC, AND OLYMPUS CORPORATION, amongst others.
Reasons to Purchase this Report
• Current and future endoscopy devices market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Growing Preference for Minimally Invasive Techniques
Endoscopy allows both operations on more fragile patients, notably the elderly, and the treatment of more complex diseases, such as cancer. Other benefits of endoscopy include reduced post-operative pain and risks of complications, rapid healing, lighter anesthesia and a shorter period of hospital stay. Surgery, interventional radiology and advanced endoscopy have all developed minimally invasive techniques to effectively treat a variety of diseases to bring about positive impact on patients' postoperative outcomes. The growing awareness among the elderly population about minimally invasive procedures and the rising prevalence of chronic diseases worldwide boosts the demand for endoscopy devices. Other factors, such as strong inorganic growth between major players and favorable FDA approvals and reimbursement scenario will lead to a rapid growth of the market.
Unfavorable Reimbursement Policies in Developing Countries
There is a lack of proper reimbursement policies for endoscopic procedures in developing countries. Most of the developing countries have an under-funded public healthcare system. Due to this, there is a lack of proper equipment and skilled technicians who can perform quality endoscopic procedures. The patient waiting time is also high in these countries. As a result of all these factors, most people opt for private healthcare systems in these regions. The costs related to endoscopic procedures are not reimbursed by private hospitals and is spent by the patient as out of pocket expenses. Therefore, these procedures are mostly preferred only by a low percentage of population. Given that the average wealthy population in developing countries are only around 30%, the high cost of the procedure along with unfavorable reimbursement policies are currently a barrier for the growth of endoscopy devices market. Along with this other factors, such as lack of skilled technicians will lead to the slowdown of the growth of this market.
North America to Maintain Dominance
Although the endoscopy market is a fairly saturated market, North America will lead the global market, as there is a high demand for minimally-invasive diagnostic testing devices and continuous introduction of technologically advanced devices. Asia-Pacific is estimated to register a very fast CAGR owing to the increasing disposable incomes, affordable solutions and increased funding in R&D in the field advanced diagnostics.
Key Developments in the Market
• May 2017 - Crospon, an endoscopic diagnostics company, today announced it has received US Food and Drug Administration (FDA) 510(k) clearance for its Endoflip® System with Flip® Topography Module
Major players - BOSTON SCIENTIFIC CORPORATION, CONMED CORPORATION, COOK MEDICAL, COVIDIEN PLC, FUJIFILM HOLDING CORPORATION, HOYA CORPORATION, ETHICON ENDO-SURGERY (JOHNSON & JOHNSON), MEDTRONIC PLC, AND OLYMPUS CORPORATION, amongst others.
Reasons to Purchase this Report
• Current and future endoscopy devices market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Frequently Asked Questions
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