Endoscopy Devices Market is Expected to Reach $40,854 Million, Globally, by 2022 - Allied Market Research
PORTLAND, Oregon and PUNE, India, January 11, 2017 /PRNewswire/ --
Endoscopy Devices Market Report, published by Allied Market Research, projects that the global market is anticipated to reach $40,854 million by 2022 from $27,273 in 2015, growing at a CAGR of 5.7% from 2016 to 2022. The flexible endoscopes are expected to dominate the global endoscopy devices market. North America is projected to continue its lead, accounting for more than one-third share of the global endoscopy devices market in 2015.
Summary of the Endoscopy Device Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/endoscopy-devices-market
Rise in prevalence of diseases that require endoscopy procedures such as cancers and gastrointestinal diseases is one of the prime reasons that drives the growth of endoscopy devices market. In addition, growth in baby boomer generation with high risk of targeted diseases, rise in awareness about novel endoscopy devices, and patient preference for the minimally invasive nature of endoscopy devices propel the market growth. Modern endoscopy techniques have revolutionized the examination and treatment of upper gastrointestinal tract (including esophagus, stomach, and duodenum) and the colon. Increase in adoption of innovative endoscopy devices such as capsule endoscopes and robot-assisted endoscopy along with ultra-high-definition visualization systems further augments the market growth. However, the dearth of skilled physicians & endoscopists, high cost of the sophisticated endoscopy devices, and infections caused by a few endoscopes impede the market growth.
Flexible endoscopes dominated the endoscopy devices market, accounting for over three-fourth of total share in 2015, owing to their ability to reach viscera and cavities not visible to the naked eye and where the rigid endoscopy fails to examine. Diversified use of flexible endoscopy devices in the diagnosis and treatment of various diseases such as gallbladder disease with lower risk, followed by rapid recovery along with minimal post-surgical complications favored its growth in the laparoscopy market. Among other products, the endoscopy cameras hold more than one-fifth of the total stake in the endoscopy visualization and documentation systems. This is attributed to the fact that cameras, being an integral component of the endoscopy system, are continuously evolving, and currently cameras offering ultra-high-definition resolution and clarity are being employed to capture the meticulous detail of the visceral organs during surgery.
"Capsule endoscopy emerged to be a highly preferred technology due to its minimal invasive nature, and is designated as a breakthrough in endoscopy device technology to diagnose various diseases. Despite numerous advancement in the endoscopy devices field, flexible endoscopy is expected to maintain its lead due to its high precision, sensitivity, specificity, and safety as compared to others at economical cost", says Garima Chandra, healthcare analyst at AMR.
The laparoscopic interventions is anticipated to generate the highest revenue of $9,350 million, whereas the gastrointestinal endoscopy interventions is expected to grow at the fastest rate of 6.8% during the analysis period, owing to its increase in need, as the surge in geriatric population is directly proportionate to the rise in number of diseases related to the GI tract.
Hospitals segment is expected to maintain its lead in the overall end user of the endoscopy devices market, due to the availability of diverse endoscopy services and favorable reimbursement policies. Most hospitals are well equipped with technologically advanced endoscopic facilities in the developed economies. Although the endoscopic needs are also largely felt in developing economies, low awareness, lack of skilled professionals, and unmet medical needs at economical cost hamper the market growth in these areas. On the other hand, the growth in demand for endoscopy devices in developed economies such as North America and Europe have further boosted the market growth due to the high prevalence rate of complex diseases such as cancer and rapid increase in geriatric population. However, clinics are anticipated to exhibit the highest growth rate with a CAGR of 6.0% due to the highest usage of endoscopic devices with respect to endoscopy procedures performed related to internal examination of visceral organs.
Key Findings of Endoscopy Devices Market:
- In the year 2015, Endoscopes was the leading product type, and is projected to grow at a CAGR of 6.0%.
- Capsule endoscopy is expected to grow at a remarkable CAGR of 8.7%, owing to the minimal invasive nature, more detailed images, and simple equipment designed of vitamin pill size used widely for imaging entire small intestine specifically.
- Gastrointestinal endoscopy application is projected to grow at a high CAGR of 6.8%.
- U.S. alone contributed over 94% market share in North America of endoscopy devices market in 2015.
- Japan is the major shareholder in Asia-Pacific, accounting for around 54.5% of the Asia-Pacific endoscopy devices market.
- North America is expected to dominate the endoscopy devices market, followed by Europe.
North America accounted for the major share in the endoscopy devices market in 2015, and is expected to maintain this trend throughout the forecast period. This is due to the rise in prevalence of chronic diseases coupled with increase in geriatric population, high adoption rate of technologically advanced endoscopy devices, and high awareness regarding the benefits of endoscopy interventions. In addition, presence of highly sophisticated healthcare infrastructure, rise in measures for preventive healthcare, and favorable reimbursement scenario propelled the market growth. However, Asia-Pacific is anticipated to grow rapidly attributed to the presence of ample growth opportunities in terms of unmet medical needs for the diagnosis of life-threatening illnesses such as cancer in this region and quest for improved quality of life in emerging countries.
Product development and expansion were the key strategies followed by the leading companies to strengthen their market positions. Some of the key companies profiled in the report are Olympus Corporation, HOYA Corporation, Fujifilm Holdings Corporation, Boston Scientific Corporation, CONMED Corporation, Stryker Corporation, Smith & Nephew Plc, Medtronic Plc, KARL STORZ GmbH & Co. KG, and Johnson & Johnson.
Summary of similar reports can be viewed at: https://www.alliedmarketresearch.com/life-sciences/diagnostic-and-biotech-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research
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