Endoscopy Device Market Overview
An endoscope is a specialized instrument intended for performing endoscopy, a procedure that allows diagnosis of interior parts of organs. They are used for both therapeutic and diagnostic purposes. Endoscopic procedures are used to treat and identify medical conditions such as non-cancerous polyp, gastric cancer, bile duct stones, and Barrett’s esophagus. The global endoscopy devices market size is anticipated to exhibit a CAGR of 6.3% over the forecast period of 2017-2023, asserts Market Research Future (MRFR) in an exhaustive study.
Endoscopy devices have become the first line of treatment in case of major infections and diseases. The growing popularity of minimally invasive medical procedures coupled with the prevalence of chronic diseases have generated high demand for endoscopy procedures and subsequently driven the global endoscopy device market.
Technological advancements in endoscopy devices have led to the development of improved endoscopy devices with reduced scope size, and other improvements which allow rotation and steering, ultra-high definition, and advanced imaging modalities which have further increased adoption of endoscopy devices among healthcare professionals.
Medical device manufacturers are outlaying massive amounts on R&D activities for the development of more innovative and minimally invasive endoscopy devices. Innovation in terms of hardware and software technologies in endoscopes have further opened a new era in endoscopic diagnosis. New product development and rise in the number of FDA approvals have also reflected positively on the growth of the global endoscopy devices market.
Improvement in reimbursement scenario for endoscopic procedures, expansion of healthcare expenditure, and rise in the number of hospitals, diagnostic centers with state-of-the-art facilities are other factors fostering the growth of the global endoscopy device market.
On the downside, risks of infection, piercing or a tear in the organ being treated, and bleeding are possible bottlenecks to the global endoscopy device market.
Endoscopy Device Market Competitive Landscape
RICHARD WOLF, Micro-Tech Endoscopy, Cognetix, Stryker, PENTAX MEDICAL, Interscope Inc., Cogentix Medical, KARL STORZ Gmbh & Co. KG, OLYMPUS, J&J services Inc., Cantel Medical, Shaili Endoscopy, FUJIFILM, and Integrate Endoscopy are the key players in the global endoscopy device market.
Endoscopy Device Market Segmentation
The global endoscopy device market has been segmented based on type, therapy, treatment & procedure, application, accessory & processor, and end user.
By type, the global endoscopy device market has been segmented into flexible endoscopes, rigid endoscopes, surgical endoscopes, robot-assisted endoscopes, and capsule endoscopes.
By therapy, the global endoscopy device market has been segmented into colonoscopy, gastroscopy, sigmoidoscopy, endoscopic retrograde cholangiopancreatography, arthroscopy, laparoscopy, ureteroscopy, and cystoscopy.
By treatment &bprocedure, the global endoscopy device market has been segmented into lower gastrointestinal conditions, abdominal, gynecologic and pelvic organ conditions, lung and airway conditions, joint and orthopedic conditions, upper gastrointestinal conditions, and urinary system conditions.
The Abdominal, gynecological, and pelvic organ conditions segment has been further segmented into hernia repair, removal of the appendix, gallbladder, spleen, uterine fibroids, endometrial tissue, and ectopic pregnancy.
The Joint and orthopedic conditions segment has been further segmented into carpal tunnel syndrome, torn or damaged cartilage, tendons, arthritis, repair of rotator cuff conditions, and loose bone or cartilage.
The lower gastrointestinal conditions segment has been further segmented into removal of colon polyps, and treatment of bleeding from the colon.
The lung and airway conditions segment has been further segmented into lung abscess, removal of a foreign object in the airway, and opening of a narrowed airway.
The Upper gastrointestinal conditions segment has been further segmented into removal of polyps and foreign objects, treatment of hypertensive lower esophageal sphincter, widening of a narrowed esophagus, Barrett’s esophagus, and esophageal cancer.
The urinary system conditions segment has been further segmented into kidney stones.
By application, the global endoscopy device market has been segmented into gastrointestinal endoscopy, obstetrics/gynecology endoscopy, bronchoscopy, arthroscopy, urology endoscopy, mediastinoscopy, and otoscopy.
By accessory & processor, the global endoscopy device market has been segmented into accessory and processors.
By technology, the global endoscopy device market has been segmented into video and fiber.
By end user, the global endoscopy device market has been segmented into critical care, gastroenterologists, general and pediatric surgeons, obstetricians-gynecologists (ob/gyns), and orthopedic surgeons.
Endoscopy Device Market Regional Analysis
By region, the global endoscopy devices market has been segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas is leading the global endoscopy device market due to the presence of robust healthcare infrastructure, massive development within the healthcare sector and high healthcare expenditure in the region. The Americas market is expected to reach a valuation of USD 15,186.1 Mn by 2023.
Europe accounts for the second largest share of the global endoscopy device market. Growing emphasis on the diagnosis and treatment of cancer and other gastrointestinal diseases.
APAC market for endoscopy device is likely to showcase rapid growth over the forecast period. Massive unmet medical needs due to the prevalence of chronic diseases in the region present ample growth opportunities to the market. Expanding healthcare budget in emerging economies also act as a plus for the growth of the market.
The MEA market will be led by Gulf nations such as Qatar and Kuwait who are investing heavily on the development of the healthcare sector.
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Endoscopy Device Industry Updates
In February 2019, OmniVision Technologies, Inc., a leader in advanced digital imaging solutions and Lighthouse Imaging, a medical contract manufacturer jointly announced the launch of a platform which is capable of integrating stereoscopic 3D imaging into endoscopes. The new platform is equipped with two CMOS image sensors and an image signal processor (ISP) from OmniVision, and camera control unit from Lighthouse. The new platform overcomes the complexity, size and cost constraints associated with the 3D endoscopy.