Growing preference for minimal invasive surgeries and increasing prevalence of chronic diseases expected to elevate endoscopy equipment market growth

calendar_today 13 July, 2022 person_outline Growth Plus Reports

Endoscopy Equipment Market by Product (Endoscopes, Visualization Systems and Accessories), Application (Gastrointestinal Endoscopy, Laparoscopy, Urology Endoscopy, Gynecology Endoscopy, ENT Endoscopy and Bronchoscopy) End User (Hospitals and Ambulatory Surgical Centers) – Global Outlook & Forecast 2022-2030

According to the deep-dive market assessment study conducted by Growth+ Reports, the global endoscopy equipment market was pegged at ~US$ 26.9 billion in 2021. The market is expected to witness a CAGR of ~7.10% from 2022 to 2030. Globally increasing geriatric population has a significant impact on endoscopy equipment demand because of their low tolerance to intervention, more vulnerability to diseases and health issues such as gastrointestinal problems, orthopedic diseases, cancer etc. The rise in popularity of minimally invasive and endoscopic procedures is creating huge opportunities for the growth of the endoscopy equipment market.

Growing preference for minimally invasive surgeries coupled with increasing prevalence of chronic diseases such as gastrointestinal diseases, and cancer have attributed to the market growth. Increasing volume of endoscopic procedures, new product launches and technological advancements have also played a key role in boosting the endoscopy equipment market. However, higher cost of endoscopic procedures, limited reimbursement coverage and product recalls by FDA are restraining the market growth to a certain extent.

Companies are increasing investments for developing new endoscope equipment’s. For instance, Olympus Corporation in its Integrated Report of 2019, had set targets and measures for FY2021-FY2023 wherein they plan to strategically invest in R&D and manufacturing for single-use endoscopes. Additionally, organizations and associations are also promoting the benefits of using endoscopy. The European Society of Gastroenterology and Endoscopy Nurses and Associates (ESGENA) is an organization which is focused on the promotion and advancements of endoscopy and gastroenterology nursing. Such initiatives are playing a major role in driving the growth of this market.

Increasing demand and preference for endoscopic surgeries have majorly driven the endoscopic equipment market. Owing to advantages offered by minimally invasive surgeries, the preference of endoscopic surgeries has surged. Increasing incidences of cancer and other chronic infections

have also positively impacted the growth of this market. According to International Agency for Research on Cancer (IARC), in 2018, there were 17.0 million estimated new cancer cases and 9.5 million cancer deaths worldwide. By 2040, the burden is anticipated to grow to 27.5 million new cancer cases and 16.3 million cancer deaths owing to growing aging population globally.

Technological advancements of endoscopic equipment & visualizations systems as well as new product launches by players in the market have played a pivotal role in fueling the market growth. For instance, in Sep 2020, PENTAX Medical, launched the new J10 Series Ultrasound Video Gastroscopes. These devices are lightweight and have ergonomic control body design that help in ensuring stability and ease of intubation. In April 2020, Olympus launched EVIS X1, an advanced endoscopy system. This new system helps in accurate screening & diagnosis of gastrointestinal disorders such as colorectal cancer (CRC).

Dearth of skilled professionals to carry out endoscopic surgeries and higher equipment costs are likely to restrain the market growth to a certain extent. Also, there have been several product recalls by FDA during the past few years which has led to hesitancy towards the use of these devices. Limited or no reimbursement from the government in developing countries such as China, India, among others has also limited the growth of the endoscopy equipment market in these regions.

Regionally, Asia Pacific is anticipated to witness the highest CAGR during the forecast period. The growth of the endoscopy equipment market in this region can be attributed to several factors such as increasing prevalence of chronic diseases such as cancer, rising awareness regarding endoscopic surgeries and rapidly developing healthcare infrastructure. Moreover, increasing funding secured by companies in the region are further anticipated to propel the endoscopy equipment market during the forecast period. For instance, in Oct 2020, Jifu Medical, a Chinese company which is manufacturer of a capsule-size endoscope tool, raised several hundred million Yuan in Series C funding round. The funds will be used for further developing of minimally invasive examination products for the digestive organs as well as for marketing and expanding production of the company’s magnetic induction capsule endoscopes.

Some of the prominent players operating in the global endoscopy equipment market are Olympus Corporation, Stryker, KARL STORZ SE & Co. KG, FUJIFILM Corporation, Medical Devices Business Services, Inc., Smith & Nephew, Boston Scientific Corporation, HOYA Corporation, Avante Health Solutions., STERIS, among others.

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