Market Outline: Endoscopy Equipment Market
Endoscopy is a medical procedure in which a specialized instrument is inserted into body through a small cut or an opening by which the internal organs and vessels of the body are viewed and operated. Endoscope is a flexible tube which is attached to a camera which will be very helpful in operating or removing tissues for biopsy.
Market Dynamics: Endoscopy Equipment Market
Factors that are driving global endoscopy equipment market are increase in incidence of various chronic diseases like cancers, heart diseases, gastrointestinal diseases and increase in geriatric population around the globe. According to WHO, cardiovascular disease is one of the leading cause of death worldwide, around 17.5 Mn people died in 2012 due to heart diseases. Furthermore, increase in adoption of minimally invasive or non-invasive surgeries, increase in technological advancements in endoscopy, favourable reimbursement policies are expected to accelerate market. However, dearth of skilled professionals, high cost associated with the procedure, lack of awareness regarding endoscopy procedures among consumers restrain the growth market.
Market Scope: Endoscopy Equipment Market
The Global endoscopy equipment market is classified on the basis of product type, application, accessories, end-user and regions.
Based on type of product, market is segmented as
- Rigid Endoscopes
- Capsule Endoscopes
- Flexible Endoscopes
Based on application, market is segmented as
- Upper Gastrointestinal endoscopy
Based on accessories, market is segmented as
- Visualization Systems
- Biopsy Forceps
- Tissues Staplers
- Tissue Cutters and Scissors
- Trocar Sleeves
- Suturing Systems
- Inflow and Outflow Tube sets
- Ligation Devices
Based on end user, market is segmented as
- Ambulatory Surgical Centres
Based on region, market is segmented as
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
Market Summary: Endoscopy Equipment Market
Surge in demand for endoscopy due to huge inclination towards minimally invasive or non-invasive surgeries is expected to enhance the revenue share. Endoscopic procedures are low risk processes and can be easily reimbursed by insurance. Growing geriatric population, most vital factor which drives the global market, is highly susceptible for various chronic diseases. According to UNO estimations in 2012, geriatric population was about 810 Mn and it is anticipated to grow over 2,000 Mn people by 2050. Endoscopy equipment market is highly fragmented market owing to the presence of large number of market players. Players in market are focused on various growth strategies such as acquisitions, mergers, collaborations and partnerships, new product developments in order to enhance the product portfolio and strengthen geographical presence. For instance, in 2016, Fujifilm has launched New ELUXEO endoscopy system in Europe, which is an innovative 4-LED Multi light technology utilizing system
Endoscopy equipment market is segmented as Latin America, Europe, Asia Pacific, North America, and Middle East and Africa. North America holds the largest market share in endoscope equipment market globally followed by Europe owing to the high number of technological advancements, presence of most of the global players, high adoption of minimally or non-invasive surgical procedures, presence of well-developed healthcare infrastructure, growing prevalence of chronic diseases, favourable regulatory procedures and reimbursement policies.
According to American Cancer Society, annual cancer incidences in U.S. are 300.2 per 100,000 people and 296.6 cases per 100,000 people in Canada. Asia Pacific region is expected to offer lucrative growth. Especially in Japan, China and India, endoscopy equipment market is expected to experience unprecedented growth owing to venture capital investments and government investments in China, R&D support in Japan, rise in number of endoscopic surgeries and growing healthcare infrastructure in India. Furthermore, growing awareness among consumers, increase in medical tourism, rise in disposable income, and geographical expansion in APAC countries by the eminent market players are expected to offer enormous opportunities over the forecast period.
Endoscopy Equipment Market Manufacturers
- Boston Scientific Corporation (U.S.)
- Olympus Corporation (Japan)
- Smith & Nephew plc (UK)
- Ethicon, Inc. (U.S.)
- Fujifilm Holdings Corporation (Japan)
- Richard Wolf GmbH (Germany)
- Stryker Corporation (U.S.)
- Cook Medical Incorporated (U.S.)
- Pentax Medical Corporation (Japan)
- Medtronic plc. (U.S.)
Notable Market Developments: Endoscopy Equipment Market
- In July 2017, Fujifilm Medical Systems launched two new additions to its advanced endoscopic platform, i.e. ClutchCutter and FlushKnife devices.
- In June 2017, Olympus Corporation launched ENDOEYE 3D video telescope which supports more precise endoscopic surgery by using 3D imaging to facilitate deep perception.
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2015 to 2019) and forecast (2020 to 2026)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market