The global endoscopy devices market was valued at $27.9bn in 2016 and is forecast to grow at a modest 5.6% CAGR between 2017 and 2024, culminating in 2024 global sales of $42.8bn.
The endoscopy devices market is anticipated to grow due to the factors such as rise in the healthcare expenditure, improvement in reimbursement coverage, technological advancements, rising prevalence of chronic diseases and rapid increase in the geriatric population across the globe. Moreover, high unmet needs across the developing and emerging nations is also expected to boost the endoscopy devices market over the next few years.
The U.S. spends nearly 3.2 trillion or 17% of GDP toward healthcare expenditure which is the highest across the globe. As per the data published by Administration of Aging (AoA), in the U.S., there were 46.2 million people aged above 65, and the number of people in this category is growing rapidly. Aging factors significantly contribute to the onset of several diseases or conditions which require surgical intervention. For instance, the average age for stomach cancer diagnosis is 69 and about every 6 in 10 patients diagnosed are aged above 65.
Moreover, as per the Agency for Healthcare Research and Quality (AHRQ) data, upper gastrointestinal endoscopy procedure was one of the most common procedure with every 39 people for 10,000 population in the U.S. Hospitals. The endoscopic procedures are widely used for the detection of stomach cancer. The American Cancer Society estimates that nearly 28,000 stomach cancer cases will be diagnosed in 2017, with 17,750 cases in men and 10,250 cases in women. In the UK, as per the 2014 Cancer Research estimates, each year nearly 6,682 new cases are detected, and the average survival rate is 15%.
“Optimal Price Point (OPP) for Endoscopy Devices”
Estimated Average Endoscopy Devices product cost – $ xx globally. However, with improving access and availability of options, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
Due to the wide array of products available in the market, pricing, positioning, and sales channel optimization play a vital role in the success of a product. On an average, in U.S., the endoscopic devices are available at USD 3600. However, the high-end products are available at much higher prices. The prices in emerging countries and developed countries vary significantly due to the difference in purchasing power and availability of latest products.
Endoscopes are the largest product category in 2016
The endoscopy devices market is broadly segmented by product as endoscopes, visualization systems, other endoscopic instruments, and accessories. The endoscopes are further categorized as rigid, flexible and capsule endoscopes. The visualization systems are segmented as wireless displays and monitors, endoscopic light sources, video converters, endoscopic cameras, video recorders, video processors and other visualization devices. The different accessories included in the scope of the study include light cables, cleaning brushes, surgical dissectors, needle forceps, fluid flushing devices, biopsy valves and others.
In 2016, endoscopes accounted for the maximum revenue share, and this segment is anticipated to extend its lead over the forecast period. However, in terms of category growth rate, the visualization systems are expected to register the maximum CAGR over the forecast period.
The endoscopy devices market by application is segmented as Gastrointestinal (GI) Endoscopy, Laparoscopy, Obstetrics/Gynecology Endoscopy, Arthroscopy, Urology Endoscopy, Bronchoscopy, Mediastinoscopy, Otoscopy, Laryngoscopy, and other applications. In 2016, GI Endoscopy was the largest segment and is expected to be the fastest-growing category over the forecast period.
The end-use segmentation includes hospitals, ambulatory surgery centers, and other healthcare providers. Hospitals represent the largest end use category due to the nature of procedure involved. Generally, the MIS surgeries are performed in hospital settings as these are complicated procedures requiring full-fledged medical services. However, few minor procedures are increasingly being performed in ambulatory settings as they are more cost effective and have a faster patient turnover time.
North America accounted for over 37% revenue share in 2016. The key reasons attributed for the high share include the high prevalence of stomach and GI cancers, strong reimbursement framework, highly skilled medical professionals, technological advancements and government support for R&D and innovation in medical devices sector. Moreover, the presence of high-end hospital and ambulatory care services and high emphasis on preventive screening is expected to boost the usage rates over the forecast period.
Asia Pacific is expected to register the maximum CAGR of 7.5% through 2016 to 2024. The rapid increase in number of cancer cases, growing healthcare expenditure for infrastructure development and skill training, and improvement in reimbursement scenario are expected to favor the high market growth in the region.
Merger and Acquisition Insight
The merger and acquisition strategy is very critical for several companies looking forward to growing inorganically by venturing into new product categories or for regional expansion. With the rising investor confidence and positive market trends, several players are actively engaging in merger and acquisition activities. Moreover, the disruption in the global healthcare market due to political factors such as repealing Obama Care Act, changes in the regulatory framework, and other trade barriers, are anticipated to trigger merger and acquisition activities to drive market consolidation and further intensify the market competition.
Top Players & Company Share
The endoscopic devices market is highly competitive and some of the key success factors include technology, patient benefit, pricing, and distribution channel. As of 2016, major players in the market include Ethicon, Inc, Fujifilm Holdings Corporation, Karl Storz GmbH & Co.Kg, Stryker Corporation, Olympus Corporation, Boston Scientific Corporation, Richard Wolf GmbH, Pentax Medical (Hoya Corporation), Medtronic PLC, and Cook Medical Incorporated.
Endoscopy Devices Market by Product (Revenue, USD Million, 20124- 2024)
- Rigid Endoscopes
- Urology Endoscopes
- Gynecology Endoscopes
- Other Rigid Endoscopes
- Flexible Endoscopes
- Upper Gastrointestinal Endoscopes
- Other Flexible Endoscopes
- Capsule Endoscopes
- Rigid Endoscopes
- Visualization Systems
- Other Endoscopy Instruments
Endoscopy Devices Market by Application (Revenue, USD Million, 2014 – 2024)
- Obstetrics/Gynecology Endoscopy
- Urology Endoscopy
- Other Applications
Endoscopy Devices Market by End-Use (Revenue, USD Million, 20124- 2024)
- Ambulatory Surgical Centers/Clinics
- Other End Users
Endoscopy Devices Systems Regional Outlook (Revenue, USD Million, 20124- 2024)
Middle East and Africa
- Saudi Arabia
- South Africa