October 12, 2021
According to the business intelligence report titled ‘Global Endoscopy Equipment Market Size study, by Product (Endoscope, Visualization System, Other Endoscope Equipment, Accessories), by Application (Gastrointestinal Endoscopy, Laparoscopy, Obstetrics/ Gynecology Endoscopy, Arthroscopy, Urology Endoscopy (Cystoscopy), Bronchoscopy, Ent Endoscopy, Mediastinoscopy, Other Applications), by End User (Hospitals, Ambulatory Surgery centers/Clinics, Other End Users), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global endoscopy equipment market was evaluated at USD 27.3 billion in 2020 and is anticipated to be worth USD 42.7 billion by 2027, expanding at 6.6% CAGR between 2021-2027.
Increasing inclination for minimally invasive surgeries coupled with growing demand for endoscopy to diagnose and treat diseases are the key factors driving global endoscopy equipment market expansion.
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As per Statista, the minimally invasive surgery market was evaluated at USD 20.5 billion in 2019 and is projected to amass USD 44 billion by 2030. This growth in market size will raise demand for endoscopy equipment to carry out surgeries, which in turn will result in industry expansion.
For the unversed, endoscopy is a minimally invasive surgical procedure which helps medical professionals in diagnosis, prevention, and treatment of complications associated with visceral organs.
While rising investments to enhance healthcare infrastructure and focus on R&D activities will aid revenue inflow, factors including high cost of endoscopy procedures is poised to impede market augmentation over the analysis period.
Based on product gamut, worldwide endoscopy equipment market is divided into visualization system, endoscope, other endoscope equipment, and accessories. As per application scope, the industry is split into laparoscopy, gastrointestinal endoscopy, arthroscopy, urology, ENT endoscopy, bronchoscopy, mediastinoscopy, and obstetrics/ gynecology endoscopy, and others.
Moving on to end user spectrum, the market space is bifurcated into hospitals, clinics/ ambulatory surgical centers,
Regionally speaking, North America captured majority of global endoscopy equipment market share in the recent past and is slated to expand rapidly between 2021-2027 owing to favorable reimbursement policies, growing prevalence of various diseases, and increasing focus on research activities to improve endoscopy techniques.
Key players shaping worldwide endoscopy equipment market dynamics are Olympus Corporation, Smith & Nephew plc, Karl Storz SE & Co. KG, Nipro Corporation, Stryker Corporation, Hoya Corporation, Boston Scientific Corporation, Medtronic plc, Johnson & Johnson, and Fujifilm Holdings Corporation.