Endoscopy Devices Market to Hit US$ 42,054.36 Million By 2030 | Updated Report
Consegic Business Intelligence analyzes that the endoscopy devices market is growing with a CAGR of 5.1% during the forecast period (2023-2030), owing to rising demand for minimally invasive procedures globally, and major participants includes are Fujifilm, Stryker Corporation, Smith & Nephew Inc., Richard Wolf GmbH, PENTAX Medical, Machida Endoscope Co.
New York, Sept. 12, 2023 (GLOBE NEWSWIRE) — The global Endoscopy Devices Market is expected to witness significant growth at a CAGR of 5.1% during the forecast period of 2023-2030. This growth is attributed to advancement in endoscopic technologies by the key players of the market globally.
According to a recent report by Consegic Business Intelligence, the endoscopy devices market is poised for strong expansion and is expected to reach USD 42,054.36 million by 2030. The market, which was valued at USD 28,500.00 million in 2022, is projected to grow at a compound annual growth rate of 5.1% during the period 2023-2030. Consegic Business Intelligence study also provides insights into the market’s competitive landscape, market segmentation, regional outlook, and emerging technologies in the endoscopy devices market.
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Endoscopy is a medical procedure that diagnoses any complications associated with visceral organs. This process is used mainly to determine cavities in the body. Endoscopy procedures are minimally invasive procedures that are applicable for examining a patient’s internal organ or tissue. Endoscopy devices are largely demanded by gynecologists, cardiologists, neurologists, gastroenterologists, and other surgeons.
Global Endoscopy Devices Market: Report Attributes
|Report Attributes||Report Details|
|Market Size in 2030 (USD Million)||42,054.36 million|
|By Product Type||Rigid Endoscope, Flexible Endoscope, Capsule Endoscope, and Robot-assisted Endoscope|
|By Application||Gastrointestinal (GI) Endoscopy, Laparoscopy, Obstetrics/Gynecology Endoscopy, Arthroscopy, Urology Endoscopy, Bronchoscopy, Mediastinoscopy, Otoscopy, Laryngoscopy, and Others|
|By End Use||Hospitals, Ambulatory Surgery Centers, and Others|
|Report Coverage||Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more.|
|By Region||North America, Asia-Pacific, Latin America, Europe, Middle East & Africa|
|Key Players||Olympus Corporation, Fujifilm, Stryker Corporation, Boston Scientific Corporation, Smith & Nephew Inc., Richard Wolf GmbH, PENTAX Medical, Machida Endoscope Co., Ltd., Cook Medical, B Braun Melsungen AG|
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Global Endoscopy Devices Market Segmentation Details:
Based on Product Type, in 2022, the flexible endoscope segment contributed the largest market shares in the endoscopy devices market. The segment growth is attributed to the growing demand and high growth owing to the product’s high preference among medical professionals. A flexible endoscope is demanded widely by medical professionals in the diagnosis of different chronic diseases such as stomach cancer, respiratory infections, tumors, and others as it offers enhanced efficiency and safety.
Based on Application, in 2022, the gastrointestinal (GI) endoscopy segment contributed the largest market shares in the endoscopy devices market. This is due to the large prevalence of gastrointestinal diseases globally coupled with rising cases of colorectal cancer. Further, increasing advancements in endoscopic technologies for the diagnosis of functional gastrointestinal disorders by the key players in the market is acting as a catalyst for the segment growth.
Based on End Use, in 2022, the hospitals segment contributed the largest market share in the endoscopy devices market. The rise in preference for diagnosis and treatments in hospitals is increasing the growth of hospitals in the endoscopic devices market. The increasing number of surgeries and endoscopy procedures being performed in hospitals globally is driving segmental growth.
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Based on Region, in 2022, North America accounted for the largest share contribution of 38.05% to the market growth driven by the rising prevalence of chronic diseases such as diabetes, cancer, gastrointestinal disorders, and others in the region. Also, rising demand for minimally invasive procedures, coupled with enhanced healthcare infrastructure is propelling the growth of the endoscopy devices market in North America.
Olympus Corporation, Fujifilm, and Stryker Corporation are major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions that are more efficient, and cost-effective. Further, the endoscopy devices market is expected to grow steadily due to advancements in endoscopic technologies. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.
- In June 2021, Fujifilm, a provider of diagnostic and enterprise imaging and integration solutions, launched a system integration platform specifically designed to enhance imaging in endoscopy suites. This platform has wide benefits such as quad channel recording, broadcasting, interoperability and image recall, and others.
- In March 2019, Stryker introduced new visualization platforms designed to enhance orthopedic surgical efficiency and the patient experience. The platforms include HipCheck and HipMap, 1688 AIM 4K Platform, and others.
Key Market Takeaways
- Based on product type, the flexible endoscope segment accounted for the highest market share in the endoscopy devices market statistics in 2022.
- Based on application, the gastrointestinal (GI) endoscopy segment accounted for the highest market share in the endoscopy devices market statistics in 2022.
- Based on end use, the hospitals segment accounted for the highest market share in the endoscopy devices market statistics in 2022.
- Asia Pacific is expected to grow at the fastest CAGR of 5.7% during the forecast period due to rising government initiatives and investments and improving healthcare infrastructure across the region.
- In 2022, North America accounted for the highest market share of 38.05% and was valued at USD 10,844.25 million and is expected to reach USD 16,102.62 million in 2030.
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List of Major Global Endoscopy Devices Market:
- Olympus Corporation
- Stryker Corporation
- Boston Scientific Corporation
- Smith & Nephew Inc.
- Richard Wolf GmbH
- PENTAX Medical
- Machida Endoscope Co., Ltd.
- Cook Medical
- B Braun Melsungen AG
Global Endoscopy devices Market Segmentation:
- By Product Type
- Rigid Endoscope
- Flexible Endoscope
- Capsule Endoscope
- Robot-assisted Endoscope
- By Application
- Gastrointestinal (GI) Endoscopy
- Obstetrics/Gynecology Endoscopy
- Urology Endoscopy
- By End Use
- Ambulatory surgery centers
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Frequently Asked Questions in the Endoscopy Devices Market Report
- What was the market size of endoscopy devices in 2022?
- In 2022, the market size of endoscopy devices was USD 28,500.00 million.
- What will be the potential market valuation for endoscopy devices by 2030?
- In 2030, the market size of endoscopy devices is expected to reach 42,054.36 million.
- What is the key restraint hampering the growth of the endoscopy devices market?
- High price of the endoscopic process is likely to deter the endoscopy devices market growth.
- What is the dominating segment in the endoscopy devices market, by application?
- In 2022, the gastrointestinal (GI) endoscopy segment accounted for the highest market share in the overall endoscopy devices market.
- Based on current market trends, which geographical region contributed the largest share in the market?
- North America accounted for the largest market share in the endoscopy devices market.
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