Number of pages: 100 | Report Format: PDF | Published date: May 26, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
According to the deep-dive market assessment study by Growth Plus Reports, the global AI in endoscopy market was valued at US$ 41.8 million in 2022 and is expected to register a revenue CAGR of 37.8% to reach US$ 738.9 million by 2031.
AI in Endoscopy Market Fundamentals
Endoscopy using AI refers to the incorporation of artificial intelligence technologies and algorithms. Endoscopy involves the inspection and visualization of internal bodily structures utilizing an endoscope. AI techniques play a pivotal role in the analysis of endoscopic images or videos, furnishing real-time decision support to endoscopists, automating measurements, aiding in navigation, evaluating procedure quality, and even making predictions based on patient data. Through the application of machine learning and deep learning algorithms, the objective of AI in endoscopy is to augment the precision, efficiency, and efficacy of endoscopic procedures. This involves refining diagnostic capabilities and empowering healthcare professionals to make informed decisions throughout the examination and treatment of patients.
AI in Endoscopy Market Dynamics
AI stands to reinforce this trajectory by augmenting the precision and efficacy of endoscopic procedures. Using AI in endoscopy provides various advantages not only to the medical professionals but also to patients. As AI algorithms exhibit a high level of precision in analyzing endoscopic images, enabling them to identify patterns associated with various conditions. This enhances diagnostic capabilities by providing more accurate and consistent assessments. The versatility of endoscopy spans across multiple medical fields, including urology, gastroenterology, hepatobiliary, respiratory, thoracic surgery, otorhinolaryngology, and gynecology. This widespread applicability is contributing to the growing adoption of non-vascular interventional surgeries, marking a pivotal shift in healthcare practices. The increasing inclination towards minimally invasive interventions is driven by their potential advantages, encompassing diminished patient discomfort, abbreviated hospitalization periods, and accelerated recovery durations. AI algorithms promise to mitigate false negatives and minimize overlooked diagnoses in endoscopy. As a supplementary observational entity, AI discerns suspicious areas that might elude human observers, thereby elevating sensitivity in anomaly detection. This heightened accuracy contributes to more precise diagnoses and enhanced patient outcomes, amplifying the demand for AI in the endoscopy market.
The absence of established standard protocols poses a challenge in evaluating AI solutions' safety, effectiveness, and reliability, creating reluctance in their adoption within clinical settings. It can also result in a fragmented and less efficient adoption and implementation of AI in endoscopy. Moreover, concerns about the privacy and security of sensitive information may lead to hesitancy among patients, healthcare providers, and regulatory bodies in embracing and trusting AI in endoscopy. Furthermore, the considerable upfront investment required for obtaining AI technology and the necessary hardware, software, and training for healthcare professionals presents a financial hurdle, particularly for healthcare institutions with limited budgets.
AI in Endoscopy Market Ecosystem
The global AI in endoscopy market has been analyzed from the following perspectives: by application, component, end user, and region.
AI in Endoscopy Market by Application
Based on the application, the global AI in endoscopy market is bifurcated into gastrointestinal endoscopy and others.
The gastrointestinal endoscopy segment dominates the global market with the largest revenue share. This classification encompasses AI applications specifically designed for gastrointestinal procedures, such as colonoscopies and esophagogastroduodenoscopies (EGDs). Additionally,
the widespread occurrence and consequential effects of gastrointestinal disorders, encompassing conditions like colorectal cancer, gastrointestinal bleeding, inflammatory bowel disease, and esophageal disorders, generate a compelling need for AI solutions in the realm of gastrointestinal endoscopy. The potential of AI technology lies in its capacity to improve the diagnosis, detection, and treatment of these disorders. As per the European Federation of Crohn's and Ulcerative Colitis Associations, approximately 10 million individuals globally grapple with inflammatory bowel disease. AI algorithms can analyze endoscopic images and videos in real-time, detecting abnormalities or precancerous lesions early. Thus, early diagnosis is crucial for improved patient outcomes and reduced healthcare costs, propelling the gastrointestinal endoscopy market share globally.
AI in Endoscopy Market by Component
Based on the component, the global AI in endoscopy market is segmented into products and services.
The product segment leads the global market in terms of revenue share. This segment includes AI-enabled endoscopic systems offering intelligent algorithms and applications that enable the analysis, interpretation, and effective utilization of data generated during endoscopic procedures. AI algorithms employed in endoscopy are crafted and consistently improved to proficiently analyze and decipher intricate visual data produced during endoscopic procedures. Utilizing these algorithms, image analysis software can detect and categorize lesions or abnormalities within endoscopic images. Furthermore, data management systems are customized to securely store and retrieve substantial endoscopic data, including patient details, imaging records, and procedural information.
AI in Endoscopy Market by End User
Based on the end user, the global AI in endoscopy market is segmented into hospitals, ambulatory care centers, and others.
The hospital’s segment accounted for a significant AI in endoscopy market share in 2022. Hospitals cater to a large patient base, treating a wide range of conditions that require endoscopic procedures. This provides a substantial market opportunity for AI in Endoscopy, as integrating AI technology can improve diagnostic accuracy, treatment planning, and patient outcomes across various specialties. Hospitals typically have advanced healthcare infrastructure, including state-of-the-art endoscopy units and equipment. AI solutions can be easily integrated into existing hospital infrastructure, leveraging the capabilities of modern endoscopy systems. Hospitals often have multidisciplinary teams comprising gastroenterologists, pulmonologists, oncologists, and other specialists collaborating in patient care. AI in endoscopy can benefit from this interdisciplinary approach, as different specialties can contribute to developing and applying AI algorithms across a wide range of endoscopic procedures. Hospitals possess large volumes of patient data, including endoscopic images, videos, and electronic health records. This data serves as a valuable resource for training and validating AI algorithms.
AI in Endoscopy Market by Region
Based on the region, the global AI in endoscopy market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
North America dominates the global market with the largest revenue, accounting for a 41.7% share in 2022. The North American market for AI in endoscopy is driven by the region's significant prevalence of gastrointestinal disorders, such as colorectal cancer, and respiratory conditions, including lung cancer and chronic respiratory diseases. AI technology presents opportunities to enhance the early detection, diagnosis, and treatment of these diseases, increasing the demand for AI solutions in endoscopy. According to the American Cancer Society, in the U.S., in 2020, an estimated 104,610 new colon cancer and 43,340 rectal cancer cases were diagnosed. North America has a robust regulatory framework for healthcare technology, including AI applications. Regulatory authorities, such as the U.S. Food and Drug Administration (FDA) and Health Canada, have established guidelines and frameworks for evaluating and approving AI-based medical devices and software. This supportive regulatory environment encourages the development and adoption of AI in Endoscopy in the region. North America boasts a strong healthcare infrastructure, including advanced hospitals, medical centers, and healthcare facilities. These institutions have access to state-of-the-art endoscopy equipment and resources, making them well-suited for integrating AI technology. The availability of sophisticated infrastructure accelerates AI adoption in North America in Endoscopy.
The prominent players operating in the global AI in endoscopy market are:
AI in endoscopy refers to integrating artificial intelligence technologies and algorithms into the field of endoscopy, which involves the visualization and examination of internal body structures using an endoscope.
PENTAX Medical (HOYA Group), Medtronic Plc., and FUJIFLIM Holding Corporation are major market players in the global AI in endoscopy market.
Concerns for data security and privacy and lack of regulatory policies are some of the restraints obstructing the growth of the global market.
The gastrointestinal endoscopy segment dominates the global AI in the endoscopy market.
The rising prevalence of GI diseases, growing adoption of minimally invasive procedures, and increasing government initiatives and reforms are major factors driving the global market.
*Insights on financial performance are subject to the availability of information in the public domain