The global endoscopy equipment market, which recorded revenue of approximately US$40 billion in 2022, is set to experience robust growth in the coming years, according to a recent market analysis report. The report provides valuable insights into the global market, including market valuation, growth drivers, regional analysis, and key market players.
Market Analysis in Brief
The incidence of gastrointestinal disorders such as colorectal cancer, gastrointestinal disorders, and inflammatory bowel disease is on the rise worldwide. As a result, the demand for endoscopy equipment as a diagnostic and therapeutic technique for these conditions is projected to grow significantly. The report highlights that the increasing awareness of the importance of early detection and screening for life-threatening diseases has led to a surge in screening programs, many of which involve endoscopic procedures. Additionally, favorable government policies are making endoscopy more accessible and affordable for patients, further propelling the global endoscopy equipment market.
Key Report Findings
- The global endoscopy equipment market registered a valuation of around US$40 billion in 2022 and is expected to exhibit strong growth in the coming years.
- The rise in the incidence of gastrointestinal disorders and rapid technological advancements are critical factors driving the growth of the endoscopy equipment market.
- The ascending need for gastrointestinal endoscopy accounts for significant sales of endoscopy equipment.
- North America is anticipated to hold a dominant share of the endoscopy equipment market.
- Key players in the market include KARL STORZ SE & Co. KG (Germany), Carl Zeiss AG (Germany), Olympus Corporation (Japan), and Boston Scientific Corporation (US).
Growth Drivers
Minimally Invasive Nature of Endoscopy: Endoscopy is a minimally invasive procedure compared to traditional open surgeries, offering direct visualization of organs, tissues, and cavities. It mitigates patient discomfort, reduces treatment costs, and shortens recovery times, driving demand for minimally invasive surgery.
Technological Intervention for Greater Patient Safety: Ongoing technological advancements in endoscopy techniques, such as robotic-assisted flexible endoscopy, enhance patient safety by reducing infection risks and increasing accuracy in diagnosis.
Overview of Key Segments
- Visualization System to Gain Significant Popularity: Endoscopy visualization systems are anticipated to dominate the market, driven by their application in diagnosing various medical conditions.
- Gastrointestinal Endoscopy to Garner Substantial Prominence: The rising prevalence of gastrointestinal illnesses and the need for early detection of gastrointestinal malignancies are boosting the demand for gastrointestinal endoscopy.
- Hospitals Continue to Record Maximum Uptake: Hospitals are the primary healthcare systems, and a surge in hospital surgeries, including endoscopic procedures, is promoting the usage of endoscopy equipment.
Growth Challenges
Shortage of Skilled Endoscopists and Physicians: The shortage of trained specialists to perform endoscopic operations globally may hinder the adoption of advanced endoscopy techniques, impacting market growth.
Growth Opportunities Across Regions
North America Leads with a Growing Number of Cancer Cases and Increased Investments in Endoscopy Equipment: North America is expected to dominate the market due to the growing prevalence of cancer and increased investments in endoscopy equipment.
Prominent Market Players
- KARL STORZ SE & Co. KG
- Carl Zeiss AG
- Olympus Corporation
- Boston Scientific Corporation
- Stryker Corporation
- Fujifilm Holdings Corporation
- JOHNSON & JOHNSON
- Hoya Corporation
- Medtronic Inc.
- Smith & Nephew Plc
- Nipro Corporation
- ConMed Corporation
- Richard Wolf GmbH
- Cook Medical
- Intuitive Surgical, Inc.
- CapsoVision, Inc.
- Ambu A/S
- Braun Melsungen AG
- Fortimedix Surgical B.V.
- The Cooper Companies, Inc.
- Medi-Globe
- Laborie Medical Technologies Inc.
- Dantschke Medizintechnik
- Cantel Medical Corp.
- Teleflex Incorporated
- Arthrex, Inc.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/endoscopy-equipment-market
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