Endoscopy Equipment Market: Growing Use of Disposable Endoscopes in Medical Industry
The key factors driving the growth of endoscopy equipment market include growing demand for endoscopy, growing investments, funds, and grants, rising number of hospitals and growing hospital investments in endoscopy facilities, and technological advancements. However, unfavorable healthcare reforms in the US, and high cost of endoscopy procedures & equipment and limited reimbursement in developing countries are expected to restrain the growth of this market.
Endoscopy Equipment Market Dynamics: Impact Analysis
1. Growth in the Robotic Surgery Market
2. Growing Demand for Endoscopy
3. Growing Investments, Funds, and Grants
4. Rising Number of Hospitals and Growing Hospital Investments in Endoscopy Facilities
5. Technological Advancements
The global endoscopy equipment market to reach $35.23 billion by 2024 from an estimated $25.59 billion in 2019 at a CAGR of 6.6%.
Market Size Estimation: The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (segmental analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by product, route of administration, facility of use, and region).
Key Questions Addressed in The Report:
1. Who are the top 10 players operating in the global Endoscopy Equipment market?
2. What are the drivers, restraints, opportunities, and challenges in the Endoscopy Equipment Industry?
3. What are the opportunities for stakeholders and provide details of the competitive landscape for key players?
4. What will be growth of Endoscopy Equipment in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa?
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Endoscope Segment: Endoscopes accounted for the largest share of the market in 2018 and this segment is also estimated to grow at the highest CAGR during the forecast period. The dominant market share and growth rate of this segment can be primarily attributed to the rising adoption of minimally invasive procedures, increasing technological advancements and use of disposable endoscopes.
GI Endoscopy: The GI endoscopy applications segment is expected to command the largest share of the market and grow at the highest CAGR during the forecast period. Rising geriatric population, improving healthcare infrastructure in developing countries, and increasing number of colonoscopy procedures performed in developed countries, are some factors supporting the growth of this applications segment.
Regional Growth Analysis: Geographic segments in this report include North America, Europe, Asia Pacific, and RoW. Of these, the North American segment accounted for the largest share of the market in 2018. The large share of North America in the global endoscopy equipment market is attributed to the favorable reimbursement scenario in the US, rising incidence of cancer, increasing investments by hospitals to purchase new endoscopic equipment, and increasing research activities to improve endoscopy, and the implementation of a new funding model for Canadian hospitals.
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Key Market Players: The major players in this market include Olympus (Japan), KARL STORZ (Germany), Stryker (US), Boston Scientific (US), Ethicon (US), Fujifilm Corporation (Japan), Medtronic (Ireland), Hoya Corporation (Japan), Richard Wolf GmbH (Germany), Smith & Nephew (UK), Cook Medical (US), and B. Braun (Germany).