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(Health-NewsWire.Net, December 12, 2020 ) The key factors driving the growth of this market include growing demand for endoscopy, growing investments, funds, and grants, rising number of hospitals and growing hospital investments in endoscopy facilities, and technological advancements. However, unfavorable healthcare reforms in the US, and high cost of endoscopy procedures & equipment and limited reimbursement in developing countries are expected to restrain the growth of this market.
Endoscopy equipment market to reach USD 35.23 billion by 2024 from an estimated USD 25.59 billion in 2019 at a CAGR of 6.6% during the forecast period.
Based on product, the global market is segmented into endoscopes, visualization equipment, other endoscopy equipment, and accessories. Endoscopes accounted for the largest share of the market in 2018 and this segment is also estimated to grow at the highest CAGR during the forecast period.
The dominant market share and growth rate of this segment can be primarily attributed to the rising adoption of minimally invasive procedures, increasing technological advancements and use of disposable endoscopes.
Based on application, the market is segmented into laparoscopy, gastrointestinal endoscopy, arthroscopy, obstetrics/gynecology endoscopy, urology, bronchoscopy, mediastinoscopy, ENT endoscopy, and other applications. The GI endoscopy applications segment is expected to command the largest share of the market and grow at the highest CAGR during the forecast period.
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Rising geriatric population, improving healthcare infrastructure in developing countries, and increasing number of colonoscopy procedures performed in developed countries, are some factors supporting the growth of this applications segment.
Based on end user, the market is segmented into hospitals, ambulatory surgical centers (ASCs)/clinics, and other end users (diagnostic centers, mobile endoscopy facilities, and office endoscopy services).
The hospitals segment is expected to register highest CAGR during the forecast period. This can be attributed to increasing government and private funding and the growing preference among physicians and patients to perform endoscopic procedures in a hospital-based environment.
Region Covered in Endoscopy Equipment Industry
Geographic segments in this report include North America, Europe, Asia Pacific, and RoW. Of these, the North American segment accounted for the largest share of the market in 2018. The large share of North America in the global endoscopy equipment market is attributed to the favorable reimbursement scenario in the US, rising incidence of cancer, increasing investments by hospitals to purchase new endoscopic equipment, and increasing research activities to improve endoscopy, and the implementation of a new funding model for Canadian hospitals.
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Key Players in Endoscopy Equipment Industry
The major players in this market include Olympus (Japan), KARL STORZ (Germany), Stryker (US), Boston Scientific (US), Ethicon (US), Fujifilm Corporation (Japan), Medtronic (Ireland), Hoya Corporation (Japan), Richard Wolf GmbH (Germany), Smith & Nephew (UK), Cook Medical (US), and B. Braun (Germany).
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Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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