Portland, OR, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Endoscopy Devices Market by Product (Endoscope, Mechanical Endoscopic Equipment, Visualization and Documentation Systems, Accessories, and Others), Hygiene (Single-use, Reprocessing, and Sterilization), Application (Bronchoscopy, Arthroscopy, Laparoscopy, Urology Endoscopy, Neuroendoscopy, Gastrointestinal Endoscopy, Gynecology Endoscopy, ENT endoscopy, and Others), and End User (Hospitals, Ambulatory Surgery Centers and Clinics, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032” According to the report, the global endoscopy devices market generated $28.1 billion in 2022, and is anticipated to generate $44.1 billion by 2032, witnessing a CAGR of 4.6% from 2023 to 2032.
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Prime determinants of growth
Growing prevalence of diseases that require endoscopic devices for diagnosis and treatment and technological advancement drive the growth of the global endoscopy devices market. However, lack of trained endoscopists and infections caused by few endoscopes hampers market growth. On the contrary, the growing healthcare infrastructure and adoption of strategies by key manufacturers are expected to offer remunerative opportunities for expansion of the endoscopy devices market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $28.1 billion |
| Market Size in 2032 | $44.1 billion |
| CAGR | 4.6% |
| No. of Pages in Report | 508 |
| Segments covered | Product, End Users, and Region. |
| Drivers | Technological advancements in endoscopic devices Rise in prevalence rate of diseases that require endoscopy devices Rise in adoption of minimally invasive procedures |
| Opportunities | Lucrative opportunities in emerging economies |
| Restraints | Lack of trained endoscopists Infections caused by few endoscopes |
Covid-19 Scenario
- Due to the COVID-19 pandemic and the subsequent global lockdowns, the endoscopy devices market faced a downturn.
- However, as the global situation started ameliorating and the prevailing cases of diseases that require endoscopic devices for diagnosis has highlighted the need for innovation in the healthcare sector and thus shown positive impact on the growth of the market.
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The endoscope segment to maintain its leadership status throughout the forecast period
Based on product, the endoscope segment held the highest market share in 2022, accounting for nearly three-fifths of the global endoscopy devices market revenue and is estimated to register highest CAGR of 5.1% throughout the forecast period. This growth is attributed to an increase in chronic diseases, rise in ageing population, and surge in adoption of technologically advanced medical devices.
The reprocessing segment to maintain its lead position during the forecast period
Based on hygiene, the reprocessing segment held the largest market share in 2022, accounting for nearly half of the global endoscopy devices market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to a rise in the importance of infection control and prevention measures and a rise in the demand for sustainable healthcare practices. However, single-use segment is projected to manifest the highest CAGR of 5.4% from 2023 to 2032, owing to increasing emphasis on infection control and the convenience of disposable devices, eliminating the need for reprocessing and reducing the risk of cross-contamination.
The hospitals segment to maintain its lead position during the forecast period
Based on end user, the hospitals segment held the largest market share in 2022, accounting for nearly three-fourths of the global endoscopy devices market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the availability of diverse endoscopy services and favorable reimbursement policies. Most hospitals are well equipped with technologically advanced endoscopic facilities in developed economies. However, the ambulatory surgery centers and clinics segment is projected to manifest the highest CAGR of 5.0% from 2023 to 2032, owing to the growing preference for outpatient procedures, expansion of ambulatory surgery centers and clinics, and advancements in portable endoscopy devices.
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North America to maintain its dominance by 2032
Based on region, North America dominated the endoscopy devices market in 2022 with more than one-third of the global endoscopy devices market revenue and is estimated to maintain its leadership status throughout the forecast period. Several factors contribute to this growth market including a rise in the incidence of chronic diseases that require endoscopic procedures. In addition, the presence of key market players and their offerings strengthens the market position. These companies actively engage in R&D, ensuring the availability of innovative and effective endoscopy devices in the market. However, Asia-Pacific is expected to register the highest CAGR of 5.4% during the forecast period, owing to several factors, such as a surge in the adoption of advanced technologies and an increase in the geriatric population. Also, the high prevalence of chronic diseases remains a significant driver for the rise in demand for endoscopy devices for effective diagnosis and treatment.
Leading Market Players:
- Boston Scientific Corporation
- Conmed Corporation.
- Medtronic Plc
- Olympus Corporation
- Richard Wolf GMBH
- Smith And Nephew Plc.
- Stryker Corporation.
- Fujifilm Holdings Corporation
- Hoya Corporation
- Johnson & Johnson
- Intuitive Surgical, Inc.
- Karl Storz GMBH & Co. KG.
The report provides a detailed analysis of these key players in the global endoscopic devices market. These players have adopted different strategies such as product launch, expansion, agreement, and product approval acquisition to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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