Future of Endoscopy Equipment Market in Upcoming Years Globally
The global endoscopy equipment market was valued at USD 24.32 Billion in 2016 and is projected to reach USD 34.82 Billion by 2022, at a CAGR of 6.4% during the forecast period.
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The major players in the global endoscopy equipment market are Olympus (Japan), KARL STORZ (Germany), Stryker (US), Boston Scientific (US), Ethicon (US), Fujifilm (Japan), Medtronic (Ireland), Hoya (Japan), CONMED (US), Richard Wolf GmbH (Germany), Smith & Nephew (UK), Cook Medical (US), Cogentix Medical (US), and B. Braun (Germany).
Growth in the endoscopy equipment market is driven by factors such as favorable government initiatives, rising number of hospitals and growing hospital investments in endoscopy facilities, technological advancements, and rising prevalence of diseases that require endoscopy. However, the high cost of endoscopy procedures & equipment and limited reimbursement in developing countries is expected to restrain the growth of this market during the forecast period.
The endoscopy equipment market is segmented on the basis of product, application, end user, and region. On the basis of product, the global market is segmented into endoscopes, visualization equipment, other endoscopy equipment, and accessories. Endoscopes are expected to account for the largest share of the market in 2017 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 disposable endoscopes and the subsequent need to repeat the purchase of these single-use products.
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Based on application, the market is segmented into laparoscopy, gastrointestinal endoscopy, arthroscopy, obstetrics/gynecology endoscopy, urology, bronchoscopy, mediastinoscopy, otoscopy, laryngoscopy, and other applications. 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.
Based on end user, the market is segmented into hospitals, ambulatory surgical centers (ASCs)/clinics, and other end users (diagnostic centers, mobile endoscopy facilities, and office endoscopy services). The hospitals segment is expected to register highest CAGR during the forecast period. This can be attributed to increasing government and private funding and the growing preference among physicians and patients to perform endoscopic procedures in a hospital-based environment.
Geographic segments in this report include North America, Europe, Asia Pacific, and RoW. Of these, the North American segment is expected to account for the largest share of the market in 2017. The large share of this region can primarily be attributed to the favorable reimbursement scenario in the US, rising incidence of cancer, increasing investments by hospitals to purchase new endoscopic equipment, increasing research activities to improve endoscopy, and the implementation of a new funding model for Canadian hospitals.
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List of Figures (52 Figures)
Figure 1 Research Design: Global Endoscopy Equipment Market
Figure 2 Global Endoscopy Equipment Market: Research Methodology Steps
Figure 3 Sampling Frame: Primary Research
Figure 4 Breakdown of Primary Interviews: By Company Type, Designation, and Region
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
Figure 7 Data Triangulation Methodology
Figure 8 Endoscopes to Dominate the Endoscopy Equipment Market in 2017
Figure 9 GI Endoscopy Application Segment to Command the Largest Share in 2017
Figure 10 Hospitals to Dominate the Endoscopy Equipment End-User Market in 2017
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