(EMAILWIRE.COM, January 07, 2022 ) This report aims to provide detailed insights into the global endoscopy equipment market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Expected Revenue Growth:
The global endoscopy equipment market is projected to reach USD 39.3 billion by 2026 from USD 27.3 billion in 2021, at a CAGR of 7.5%.
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Key Factors Driving Market Growth:
The key factors driving the growth of endoscopy equipment market include favorable government initiatives, rising number of hospitals and growing hospital investments in endoscopy facilities, technological advancements, and rising prevalence of diseases that require endoscopy.
Driver: Surging requirement for endoscopy to diagnose and treat target diseases
Endoscopy procedures are minimally invasive surgeries done through one or more small incisions, using small tubes, tiny cameras, and surgical instruments. Less pain, a shorter or no hospital stay, or less complications related to pre- and post-surgery care are the major advantages of endoscopy procedures. Hence, these procedures are more cost-efficient, more effective, and safer than traditional open surgeries. Also, these procedures are covered by health insurance providers in rich countries such as the US, Canada, the UK, Germany, Australia, and a few countries in the Middle East, such as the United Arab Emirates. These factors lead to a high preference for endoscopy procedures among patients and physicians. Every year, nearly 11.0 million colonoscopies, 6.1 million upper endoscopies, 313,000 flexible sigmoidoscopies, 178,400 upper endoscopic ultrasound examinations, and 169,500 endoscopic retrograde cholangiopancreatography procedures are performed in the US (Source: Gastroenterology 2019).
Opportunity: Booming healthcare sector in emerging economies
Brazil, Russia, India, China, and South Africa (BRICS) are among the fastest-growing economies in the world. According to World Economic Forum, the emerging economies accounted for around one-third of the global healthcare expenditure in 2020. More than half of the worlds population resides in India and China owing to which these countries are home to the highest number of patients.
The increasing burden of cancer, rapid improvements in healthcare infrastructure, the rapid growth of medical tourism, as well as the presence of flexible regulation in these countries encourage players in the endoscopy equipment market to expand their presence in emerging countries.
Currently, several endoscopy equipment manufacturers are setting up their facilities in Asia Pacific, the Middle East, and Latin America. Key players such as Stryker and KARL STORZ have already set up their manufacturing and R&D facilities in these countries. In addition, market saturation in developed regions, such as North America and Europe, will compel endoscopy equipment manufacturers to focus on emerging markets in the coming years.
North America accounted for the largest share of the global endoscopy equipment market., by region in the forecast period.
North America dominated the endoscopy equipment industry in the forecast period. The largest share of North America in the global market is attributed to the favorable reimbursement policies for endoscopic procedures in the US, increased prominence of cancer, high investments by hospitals to purchase new endoscopic equipment, strong focus on research activities to improve endoscopy techniques, as well as the implementation of a new funding model by Canadian hospitals.
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Key players in the Endoscopy Equipment Market: Olympus Corporation (Japan), KARL STORZ SE & Co. KG (Germany), Stryker Corporation (US), Boston Scientific Corporation (US), JOHNSON & JOHNSON (US), Fujifilm Holdings Corporation (Japan), Medtronic Inc. (Ireland), Hoya Corporation (Japan), Nipro Corporation (Japan), Smith & Nephew Plc (UK), Richard Wolf GmbH (Germany), ConMed Corporation (US), Intuitive Surgical, Inc. (US), Cook Medical (US), Ambu A/S (Denmark), CapsoVision, Inc. (US), Fortimedix Surgical B.V. (Netherlands), B. Braun Melsungen AG (Germany), Medi-Globe (Germany), The Cooper Companies, Inc. (US), Dantschke Medizintechnik (Germany), Laborie Medical Technologies Inc. (Canada), Teleflex Incorporated (US), Cantel Medical Corp. (US), Carl Zeiss AG (Germany), and Arthrex, Inc. (US).