|Status : Published||Published On : Sep, 2021||Report Code : VRHC1207||Industry : Healthcare||Available Format :||Page : 241|
The global endoscope market was valued at USD 23.6 billion in 2020 and is expected to grow at a CAGR of 7.8% during the forecast period (2021–2027). The market is growing due to the increasing inclination for MIS (minimally invasive surgeries), extensive geriatric population and extensive occurrence of diseases necessitating endoscopy for treatment and diagnosis. Increasing number of cases of various surgeries is bolstering the demand for various endoscope in healthcare domain such as it is rampantly being utilised for various processes such as cystoscopy, laparoscopy and bronchoscopy. Additionally, endoscope enables enhanced recovery and causes fewer traumas to patients in comparison to open invasive surgeries.
An endoscope is a medical device that comprises of a light attached with it and is rapidly being used for searching organ or body cavity inside a body. This device is being inserted with the bronchoscopy. Furthermore, a medical technique that adopts and uses any form of endoscope is known as endoscopy. Additionally, evolution of market with several product launches is the key trend that is anticipated to uplift the growth of global endoscope market at rapid pace.
Insight by Type
Based on type, the global endoscope market is categorised into esophagoscope, arthroscope, colonoscope, bronchoscope, cystoscope, laryngoscope, laparoscope, colposcope, and others. Of all, the esophagoscope category held the share in the global endoscope market in 2020. This is due to the fact that, increasing prevalence of chronic diseases and increasing concern on the early diagnosis and prevention of diseases, which require endoscopy procedures.
Insight by Application
On the basis of application, the global endoscope market is categorised into gastroenterology, orthopedic, pulmonology, urology, gynecology and others. Amongst these segments, gastroenterology is anticipated to be the fastest growing category in the market during the forecast period, owing to prominent cases of gastro intestinal diseases and enhanced geriatric population.
Excessive numbers of cases pertaining to chronic diseases along with upliftment in geriatric population are the key factors that are anticipated to drive the growth of global endoscope market. Worldwide geriatric represent vast heterogeneous population with increasing number of cases of disability and health disease as compared to other population group as a result to which custom-made methodologies pertaining to clinical research and recommendations become essential. Additionally, endoscopy is non-surgical that helps in tracking individual’s digestive tract that is considered to be safer option for elders.
Moreover, technological progressions being undertaken in medical domain is further anticipated to drive the growth of global endoscope market. More and more technological upliftment in this device can assure less risk and will aim at providing concerns of elder population routinely while dealing with common gastrointestinal concerns.
High maintenance cost involved with the operation of endoscope device and stringent regulations for its approval are key factors that are anticipated to hamper the growth of global endoscope market.
Endoscope market in North America is anticipated to generate largest revenue by 2027 due to the increasing existence of target diseases along with increasing elderly population in the region and excessive demand for minimally invasive therapies. Additionally, increasing adoption of technologically advanced products such as endoscopes comprising of robot-assisted for surgical techniques and diagnostic is further bolstering the growth of global endoscope market.
Moreover, endoscope market in Asia-Pacific is anticipated to witness highest CAGR during the forecast period owing to the increasing demand for endoscopes in countries such as China and India that are witnessing high economic growth rate and increasing number of patients that are suffering from various types of diseases such as cancer. Improved healthcare infrastructure along with development of technologically progressive diagnostic therapies is other factors that are driving the growth of endoscope market in Asia-Pacific.
The eminent key players in the global endoscope market are undertaking product innovations and technological upgradations that are enabling the manufacturers to gain competitive advantage across the globe.
Some of the major players operating in the global endoscope market are Olympus Corporation, Smith & Nephew PLC., Fujifilm Holdings Corp., Karl Storz GmbH & Co. KG, Medtronic plc, Pentax Medical Company (Hoya Corporation), Fibertech Incorporation, Stryker Corporation, Cantel Medical Corp., B. Braun Melsungen AG, Maxer Endoscopy GmbH, GI Supply Inc., and SMART Medical Systems Ltd.
- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine year-on-year trend.
- Understanding adoption, production, export, import and regulatory framework.
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- Bottom up and top down approach has been used for estimation and forecast of market data, whereas top down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research