WELLESLEY, Mass., June 07, 2018 (GLOBE NEWSWIRE) -- Aging populations; increases in the prevalence of cancer, diabetes and obesity; and higher patient preference for minimally invasive surgeries are major drivers of the global market for endoscopy devices. A new BCC Research study forecasts that this market will reach $51.7 billion by 2022 and examines it by applications, device technology and geographic region.
Shorter hospital stays, faster recoveries, and reduced medical budgets should also drive growth. North America holds the largest market share. The markets of emerging countries are expanding because of increases in their medical spending, improvements in medical infrastructure, and changes in lifestyle. From a total value of $37.0 billion in 2017, this market is projected to expand at a five-year compound annual growth rate (CAGR) of 6.9%, according to BCC Research’s new report, Endoscopy Devices: Applications and Global Markets.
Favorable reimbursement policies have attracted significant investments in the development of new technologies, which will drive the global endoscopy equipment market. However, the shortage of qualified endoscopic technicians, the high cost of initial investment, contamination risk and patient safety during endoscopic procedures pose threats to market growth.
Research Highlights
- The Asia-Pacific region is expected to grow by 8.1% due to growing demand for endoscopy in emerging countries such as India and China.
- The increasing global incidence of gastrointestinal diseases (e.g., acid reflux and stomach ulcers) bodes well for growth in the endoscopy market.
- Thirty to forty percent of people in the United States contract Helicobacter pylori, the cause of peptic ulcers, according to the National Institute of Diabetes and Digestive and Kidney Diseases.
“The global market is becoming increasingly receptive to endoscopic procedures, as more countries recognize their advantages compared with conventional surgeries,” the report notes. “Endoscopy has changed the manner of detecting diseases and performing surgeries. Its less invasive methods are gaining attention across the globe. Endoscopy involves cost-effective procedures that result in fewer postoperative complications and minimal scars in the body.”
Technological Advances Lead to New Applications
Breakthroughs in the field of endoscopy are expected to drive the global endoscopy equipment market. Resulting innovations include increased angles in the field of view in endoscopes; reduced outer diameters of scopes; endoscopy systems that are integrated with high-resolution technologies such as 3D systems; capsule endoscopes; and miniaturized endoscopy systems. Recognition of the technology in emerging markets (e.g., Japan and Vietnam) is also contributing to growth.
Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.