Endoscopes Market Size, Share, Market Research and Industry Forecast Report, 2020-2027 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Endoscopes Market


The global endoscopes market size was valued at USD 10.4 billion in 2019 and is estimated to register a CAGR of 8.8% over the forecast period. Increasing geriatric population, growing awareness of the benefits of minimally invasive surgeries over open invasive surgeries, rising prevalence of chronic diseases such as heart diseases, cancer, and diabetes drive the market. Various technological advancements are also among the key trends boosting the demand for endoscopes globally.

Minimally invasive surgeries are driving the use of various endoscopic procedures for diagnosis such as proctoscopy, gastroscopy, and cystoscopy. These surgeries require smaller incisions and hence offer advantages such as lesser pain, low or no risk of complications, and quicker recovery when compared to open surgery. Minimally invasive surgeries are also cost-effective and result in improved quality of life. The shift in trend from open surgery to minimally invasive procedures is expected to drive the demand for endoscopes.

Increasing prevalence of cancer is one of the key factors contributing to the growth of the market. Growing prevalence of cancer is expected to drive the demand for biopsies in cancer diagnosis. Endoscopy for biopsies and endoscopic ultrasound are the most preferred procedures for cancer diagnosis. According to the World Health Organization (WHO), cancer is the second leading cause of death worldwide, accounting for an estimated 9.6 million deaths in 2018, which is estimated to increase to 22.0 million by 2034.

Emergence of endoscopic bariatric surgeries, namely, endoscopic sleeve gastroplasty is also expected to drive the market growth. This procedure uses sutures for restructuring the stomach and helps reduce the stomach size by 70.0%. Although weight loss due to endoscopic bariatric surgery is not as effective as surgical bariatric procedure, the former results in better health outcomes. Thus, the rise in demand for bariatric procedures is further expected to drive the demand for endoscopes.

Owing to effects of aging and adoption of unhealthy lifestyles, disease burden is highest in geriatric patients. Furthermore, the geriatric population accounts for the maximum cases of cancer and chronic cardiovascular, respiratory, spinal, and neurological diseases. Economic impact of geriatric population is much higher in developed nations as compared to emerging nations. Growing geriatric population is expected to boost the demand for various endoscopic procedures such as stomach, esophagus, cervical, orthopedic, and pulmonary endoscopy, subsequently driving the demand for endoscopes.

Product Insights of Endoscopes Market

In 2019, flexible endoscopes held the largest market share of 51.0% of the global endoscopes market. Their ergonomics features, increased safety and efficiency, and advancements in medical-optics technology drive the demand and consumption of flexible endoscopes. Increasing adoption of micro endoscopes, coupled with the rising trend of manufacturing smaller endoscopic devices, and consumer shift in preference to High Definition (HD) and 3D systems are likely to boost the demand for flexible endoscopes globally. Moreover, several training centers have been set up to train medical professionals on using advanced flexible endoscopes, which drives the segment growth.
Key market players focus on R&D initiatives to improvise their existing products as well as launch new technologically advanced products. For instance, Auris Health, Inc. received the Food and Drug Administration (FDA) approval for its new robotic endoscopy system-Monarch Platform-in 2018.

Among different types of flexible endoscopes, upper gastrointestinal endoscopes accounted for a significant share in 2019. According to GLOBOCAN, a project of the International Agency for Research on Cancer, gastric cancer accounted for approximately 783,000 deaths in 2018. Widening pool for patients suffering from gastric cancer and increasing demand for cancer screening are contributing to the growth of this segment. Various initiatives undertaken by governments to create awareness regarding cancer detection and its diagnosis also drive the demand for different endoscopes. For instance, in 1986, a ˜Cancer Care for Life scheme was launched in order to generate a welfare fund for cancer patients.

On the other hand, the disposable endoscopes segment is expected to grow at a high rate over the forecast period on account of the increasing demand for single-use scopes for eliminating the risk of device-related infections.Device-related infections is a major health concern globally. According to the U.S. FDA estimates (2016), nearly 350 patients from 41 medical facilities in U.S. were exposed to or infected by contaminated gastroscopes. Disposable endoscopes are also more cost-effective than reusable endoscopes, further driving its usage. Some of the market players have invested in the development of single-use endoscopes such as disposable bronchoscopes, disposable arthroscopes, and disposable gastroscopes.

Application Insights of Endoscopes Market

In 2019, Gastrointestinal (GI) endoscopy emerged as the largest application segment, mainly owing to an increase in the number of gastroscopies, rise in adoption of endoscopes for diagnosis as well as treatment of GI diseases, and availability of advanced products for gastroscopy. According to the Centers for Disease Control and Prevention (CDC), in U.S., nearly 14.8 million people were diagnosed with ulcers in 2015, thereby increasing the adoption of gastroscopies for diagnosis. The presence of organizations such as United European Gastroenterology that are dedicated to raise awareness about GI disorders and promote research initiatives to reduce the burden of GI diseases is also driving the growth of the endoscopes market.

In addition, advancements in optical imaging systems is expected to drive the adoption of flexible endoscopes in neuroendoscopy. Key players are conducting a number of programs to raise awareness about emerging neuroendoscopy techniques, which, in turn, influences the adoption rate of endoscopic devices for neurosurgeries. Growing prevalence of various cardiovascular diseases and the subsequent rise in diagnosis and treatment procedures lead to a higher usage rate of endoscopes in various cardiovascular surgeries.

The urology endoscopy segment is projected to grow at the highest rate over the forecast period. According to a report published by the American Cancer Society in 2018, nearly 75,000 Americans are diagnosed with bladder cancer every year. It was estimated that 81,190 new cases of bladder cancer would be diagnosed by the end of 2018. Growing risk of urinary disorders; increasing prevalence of hematuria, urinary tract stones, bladder cancer; and rise in aging population are key factors that would drive the segment over the forecast period.

End-Use Insights

In 2019, hospitals emerged as the largest end-use segment owing to large-scale adoption of endoscopes and increase in the number of surgeries performed in hospitals. Favorable reimbursement policies for patients who visit hospitals as compared to those seeking treatment at ambulatory centers and the presence of a large number of hospitals and primary care centers in both developed and developing economies are the key factors driving the demand for endoscopes for procedures conducted in hospitals.

The ambulatory surgery centers (ASCs) segment is anticipated to witness the highest growth rate over the forecast period. Increase in preference for minimally invasive surgeries and reduced hospital stays are some of the key factors identified as drivers for the growing demand for endoscopic surgeries at ASCs. There is a growing trend of same day surgery, which results in significant cost savings and optimum care delivery in developed economies. Furthermore, time efficiency, minimal discomfort owing to introduction of keyhole surgeries, and quick recovery time are some of the key factors driving the demand for endoscopic surgeries in ambulatory surgical centers, thereby positively impacting the market growth.

Regional Insights of Endoscopes Market

North America dominated the market with a share of over 40.0% in 2019. This is attributed to developed healthcare infrastructure, high adoption of advanced technologies, and increase in awareness about the advantages of minimally invasive therapies. High incidences of obesity and growing demand for minimally invasive bariatric surgeries are also some of key drivers expected to positively affect the market. Moreover, presence of organizations such as American Society for Gastrointestinal Endoscopy, which are dedicated to patient care and digestive health for promoting innovations in endoscopy is expected to boost the market growth.

Rise in geriatric population and increase in burden of chronic diseases such as cancer and GI diseases are driving the market growth in Europe. Moreover, technological advancements such as development of microendoscopic and robot-assisted surgeries are driving the regional market growth. Various initiatives undertaken by United European Gastroenterology (UEG) and European Society of Gastrointestinal Endoscopy (ESGE) for creating supportive endoscopy services communities across Europe and promoting collaboration for providing safe, patient-centered, and accessible endoscopic care is expected to positively impact the market growth.

Asia Pacific is anticipated to be the fastest-growing market over the forecast period. Improving healthcare infrastructure, coupled with economic development in this region, has attracted foreign investments. Thus, key market players are developing strategies for expanding their business in this region. Moreover, rise in awareness about the advantages of minimally invasive surgeries over open surgeries and high chronic disease burden are expected to provide growth opportunities in this region. Aging population, particularly in China, is expected to further drive the market growth.

Market Share Insights of Endoscopes Market

Key market players such as Olympus, Richard Wolf GmbH, Fujifilm Holdings Corporation, and Karl Storz collectively account for a majority of the market share. Olympus accounted for a share of approximately 70.0% in GI endoscopy. Mergers, acquisitions, significant investments in R&D, and development of new products or product modifications are among the key strategies adopted by market players to gain a competitive edge.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Endoscopes Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global endoscopes market report on the basis of product, application, end use, and region:

Product Outlook (Revenue, USD Million, 2019 - 2030)

  
Rigid Endoscopes
  
Laparoscopes
  
Arthroscopes
  
Urology Endoscopes
  
Cystoscopes
  
Gynecology Endoscopes
  
Neuroendoscopes
  
Other Rigid Endoscopes
  
Flexible Endoscopes

Upper Gastrointestinal Endoscopes

  
Colonoscopes
  
Bronchoscopes
  
Sigmoidoscopes
  
Laryngoscopes
  
Pharyngoscopes
  
Duodenoscopes
  
Nasopharyngoscopes
  
Rhinoscopes
  
Other Flexible Endoscopes
  
Capsule Endoscopes
  
Disposable Endoscopes
  
Robot Assisted Endoscopes

Application Outlook (Revenue, USD Million, 2019 - 2030)

  
Gastrointestinal (GI) Endoscopy
  
Laparoscopy
  
Obstetrics/ Gynecology Endoscopy
  
Arthroscopy
  
Urology Endoscopy (Cystoscopy)
  
Bronchoscopy
  
Mediastinoscopy
  
Otoscopy
  
Laryngoscopy
  
Other Applications

End-use Outlook (Revenue, USD Million, 2019 - 2030)

  
Hospitals
  
Ambulatory Surgery Centers
  
Other End Uses