The global endoscopy equipment market was valued at $24.7 bn in 2016 and is forecast to grow at a modest 9.8% CAGR between 2017 and 2024, culminating in 2024 global sales of $51.9 bn.
A surgeon inserts an endoscope through a small cut or an opening in the body such as the mouth. An endoscope is a flexible tube with an attached camera that allows your doctor to see. Your doctor can use forceps (tongs) and scissors on the endoscope to operate or remove tissue for biopsy.
The endoscopy equipment market is anticipated to witness strong growth owing to growing usage of endoscopy equipment and patient preference for minimally invasive surgeries, grants by government bodies and rising investment and technological advancements (Miniaturized Endoscopes, disposable Endoscopes, Capsule Endoscopes, antifouling Coating and new bariatric technology)
Based on product, the market is segmented as endoscopes (flexible, rigid, capsule, robot), visualization systems, other endoscopy equipment and accessories. The endoscope’s channels permit passage of accessory instruments enabling the examiner to treat many of the conditions such as stretching areas of narrowing (strictures, Schatzki ring), removal of benign growths such as polyps, retrieving accidentally swallowed objects, or treating upper gastrointestinal bleeding, as seen in ulcers tears of the lining. These capabilities have markedly reduced the need for transfusions or surgery.
In 2016, North America accounted for the maximum share, followed by Europe and Asia Pacific. Pricing is a key factor impacting the market dynamics in developed and emerging regions. By 2024, Asia Pacific is expected to be the fastest growing region due to increasing medical tourism in India, Singapore, Thailand and others. Some of the other factors include German-Asian partnership, government support in research and VC investment in China. The high unmet needs across the emerging nations are forcing the companies to scale up operations and consolidate market share for long-term returns.
Endoscopy has a much lower risk of bleeding and infection than open surgery. Still, endoscopy is a medical procedure, so it has some risk of bleeding, infection, and other rare complications such as:
- Chest pain
- Damage to your organs, including possible perforation
- Persistent pain in the area of endoscopy
- Redness and swelling at the incision site
The key market participants include Olympus Corporation, Ethicon (Johnson & Johnson), Karl Storz GmbH, Boston Scientific Inc., Covidien Plc, Stryker Corporation, Hoya Corporation (Pentax Medical System), Cook Medical Incorporated, Conmed Corporation, Fujifilm Holding Corporation, Smith and Nephew Inc., and Richard Wolf GmbH.