The Global Endoscopy Devices Market is anticipated to grow at a CAGR of 5.7% from 2016 to 2022, and reach $40,854 million by 2022 from $27,273 million in 2015.
Global Endoscopy Devices Market&n…million in 2015. An endoscope is a lighted, medical device used to execute diagnostic and therapeutic interventions inside the hollow cavities and visceral organs of the body such as the brain, esophagus, lungs, abdomen, gastrointestinal (GI) tract, and others.
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.
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 oftotal 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.
The endoscopy unit at hospitals is furnished with devices (such as flexible, rigid, capsule, and robot-assisted endoscopy, depending upon the usage), trolleys, cabinets, visualization & documentation systems, mechanical endoscopy system (endoscopic implants, trocars, biopsy forceps and others), accessories, medication, insufflators, and others. Both endoscopy and endotherapy are performed in hospitals, and since they are minimally invasive procedures, they provide various advantages over other surgeries.
The technological advancements in endoscopy devices promoted the adoption of endoscopy procedures for various surgeries such as urological endoscopy; gastrointestinal (GI) endoscopy; ear, nose, and throat (ENT) endoscopy; joint surgeries (arthroscopy); and especially in the field of oncology. Hospitals acquire the largest share among users for endoscopy devices.
Different collaborations and partnerships between hospitals and endoscopy devices manufacturing companies positively affect the global endoscopy devices market.
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