Endoscopy Devices Market to Reach $43.82 Bn, Globally, by 2027 at 4.1% CAGR: Allied Market Research
17 Nov, 2020, 13:40 GMT
- Rise in prevalence of diseases that need endoscopy devices during treatment and technological advancements propel the growth of the global endoscopy devices market
PORTLAND, Ore., Nov. 17, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Endoscopy Devices Market by Product Type (Endoscope, Mechanical Endoscopic Equipment, Visualization & Documentation Systems, Accessories, and Others), Hygiene (Single-use, Reprocessing, and Sterilization), Application (Bronchoscopy, Arthroscopy, Laparoscopy, Urology Endoscopy, Neuroendoscopy, Gastrointestinal Endoscopy, Gynecology Endoscopy, ENT Endoscopy, and Others), and End User (Hospitals, Ambulatory Surgery Centers & Clinics, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2027." According to the report, the global endoscopy devices industry garnered $31.78 billion in 2019, and is projected to generate $43.82 billion by 2027, growing at a CAGR of 4.1% from 2019 to 2027.
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Prime determinants of growth
Rise in prevalence of diseases that need endoscopy devices during treatment, technological advancements, and adoption of minimally invasive surgeries by patients propel the growth of the global endoscopy devices market. However, lack of sufficient number of trained physicians and risks regarding infections restrict the market growth. On the other hand, supportive FDA approvals and reimbursement regulations in developing countries present new opportunities in the coming years.
COVID-19 Scenario
- The demand for endoscopy devices has been lowered down considerably during the Covid-19 pandemic. The total number of procedures performed per week has been reduced. As per the U.K.'s National Endoscopy Database (NED), the number of procedures performed per week reached an average of nearly 35,478 at the pre-Covid period. However, this number lowered down to 1,800 per week by the end of March 2020.
- Many patients delayed their endoscopy procedures if it seemed possible to prevent the risk of cross-transmission and ensure safety.
- In addition, hospitals reallocated staff to take care of coronavirus-infected patients and performed endoscopy procedures in extreme cases only.
- The manufacturing and distribution activities have been halted during the lockdown due to shortage of raw materials and disrupted supply chain. These activities began as governments lifted off restrictions.
The endoscope segment to lead in terms of revenue throughout the forecast period
By product type, the endoscope segment held the highest market share in 2019, contributing to nearly three-fifths of the total share of the global endoscopy devices market, and is estimated to continue to lead in terms of revenue throughout the forecast period. Moreover, this segment is expected to witness the fastest CAGR of 5.8% from 2019 to 2027. This is due to surge in chronic diseases, increase in demand of minimally invasive procedures, and rise in adoption of technologically advanced medical devices. The report also provides extensive analysis of segments including mechanical endoscopic equipment, accessories, visualization & documentation systems, and others.
The gastrointestinal endoscopy segment to maintain its leadership status by 2027
By application, the gastrointestinal endoscopy segment accounted for the largest market share, holding around one-fourth of the global endoscopy devices market in 2019, and is expected to maintain its leadership status by 2027. This is attributed to increase in geriatric population and surge in prevalence of diseases related to the gastrointestinal tract worldwide. However, the laparoscopy segment is projected to manifest the largest CAGR of 6.7% during the forecast period, owing to rise in prevalence of diseases regarding abdomen, which in turn, led to rise in demand for laparoscopy intervention.
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North America to maintain its dominant share during the forecast period
By region, North America contributed to the highest share of the global endoscopy devices market, accounting for more than one-third of the total share in 2019, and will maintain its dominant share during the forecast period. This is attributed to well-established healthcare infrastructure, increase in adoption of advanced technology, and rise in prevalence of gastrointestinal & abdominal diseases. However, Asia-Pacific is estimated to register the fastest CAGR of 6.2% from 2019 to 2027, due to rise in prevalence of chronic diseases and improvement in healthcare facilities.
Leading market players
- HOYA Corporation
- Stryker Corporation
- Olympus Corporation
- Fujifilm Holdings Corporation
- Boston Scientific Corporation
- Johnson & Johnson
- Medtronic Plc
- CONMED Corporation
- Smith & Nephew, Plc
- Karl Storz GmbH & Co. KG
- Medrobotics Corporation
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