What is Endoscopy Devices and How Big is the Market?
Endoscopy is a nonsurgical or minimally invasive process that allows doctors to view inside a person’s body. It is used to diagnose diseases in the stomach, colon, ears, esophagus, nose, throat, heart, urinary tracts, etc. During an endoscopy, doctors insert endoscopes, a thin tube with a light and tiny camera, into a person’s body to see an inner organ in detail. The global endoscopy devices market in 2021 was $30.3$ billion and is predicted to reach $56.2 billion with a CAGR of 7.1% during the forecast period of 2021-2030. The global market for endoscopy devices is likely to expand rapidly for several reasons, including an increase in cancer occurrence, an expanding older populace, and the advantageous position of endoscopic device makers.
Drivers of the global endoscopy devices market
• The market is being boosted by factors such as the growing elderly population, rapidly rising healthcare costs, the increasing number of chronic diseases, the benefits of minimally invasive surgeries over invasive open surgeries, technological advancements, and an increase in surgical procedures. As per the US Census Bureau, the elderly population in the US is expected to reach 77 million by 2034.
• The overall endoscopic devices market is driven by the rising demand for endoscopy devices in procedures for diagnosis and treatment. Since they allow for fewer interventions and a quicker recovery period, these devices must be utilized to identify and treat various diseases. There are now more endoscopes in minimally invasive surgical procedures like arthroscopy, laparoscopy, and others. According to a large-scale international investigation, functional gastrointestinal diseases affect more than 40% of people worldwide and negatively influence healthcare use and quality of life. Currently, laparoscopic surgery (a minimally invasive approach) has established itself as the benchmark for treatments such as colon cancer removal, gallbladder removal, and bariatric surgeries.
Endoscopy device market challenge
The factors affecting the industry’s growth rate include:
• An increased product recall rate due to a faulty system.
• Higher costs of endoscopic processes.
• A lack of skilled professionals in using devices such as endoscopic VR simulators.
• Limited reimbursement.
Market segmentation of endoscopy devices market
• The market is segmented by product:
Endoscopes, visualization and documentation systems, mechanical endoscopy equipment, accessories, and other endoscopy equipment. With a 36.5% share in 2021, the endoscopy visualization systems segment had the highest revenue due to their growing acceptance during endoscopy processes and increased usage for the diagnosis and visualization of complex diseases such as cancer and lung disorders, and urinary disorders. According to the GI Alliance, 20 million Americans are affected by chronic digestive illnesses, which account for one-quarter of all surgical procedures. Colorectal cancer is among the major causes of cancer death in men and women, accounting for approximately 51,000 deaths yearly in the United States. Furthermore, the endoscopes sector recorded a CAGR of 9.2% for endoscopic equipment over the projection period. This rapid growth is due to a rise in the number of endoscopic operations performed and the widespread use of endoscopes for biopsies and surgeries for improved diagnosis and cure.
•The market is segmented by application:
It is classified into bronchoscopy, arthroscopy, laparoscopy, urology endoscopy, neuroendoscopy, gastrointestinal endoscopy, gynecology endoscopy, ENT endoscopy, and others. The Gastrointestinal (GI) endoscopy sector led the endoscopy devices market in 2021, and thus the gastrointestinal devices market reports 53.2% of total revenue. This significant market portion is primarily due to the growing elderly population and the increasing burden of functional gastrointestinal illnesses. The urology endoscopy segment is expected to grow rapidly over the forecasted years due to an increase in the intensity of chronic urological disorders such as tumors and cancer, as well as an increase in the number of cystoscopy surgeries. The Gastrointestinal (GI) endoscopy sector led the endoscopy devices market in 2021, and thus the gastrointestinal devices market reports 53.2% of total revenue. This significant market portion is primarily due to the growing elderly population and the increasing burden of functional gastrointestinal illnesses.
• North America had the largest market revenue of 42.3% in 2021
Due to the increasing number of chronic illnesses and functional gastrointestinal problems. The American Heart Association estimates that in the United States, approximately 605,000 new heart attacks and 200,000 repeat heart attacks occur yearly. Every 40 seconds, a stroke occurs, killing one out of every 19 people. The increase in the number of endoscopic procedures performed in the United States is expected to propel the industry to grow at a 7.2% annual rate during the forecast period.
Endoscopy equipment’s less disruptive features and affordable post- and pre-procedure costs are the main elements projected to boost market expansion throughout the projection period. A change in a tendency toward using disposable endoscopic components to reduce treatment costs and the possibility of cross-contamination is also anticipated to hasten market expansion over time.
