Abstract, Snapshot, Market Analysis & Market Definition: Global Endoscopes Market
The global endoscopes market size was valued at USD 8.79 billion in 2017. It is anticipated to expand at a CAGR of 8.8% over the forecast period. Growing geriatric population, rising prevalence of diseases requiring endoscopy for diagnosis & treatment, and increasing preference for minimally invasive surgeries (MIS) are among the key trends stoking market growth.
Minimally invasive surgeries are boosting the usage of various types of endoscopes in medical procedures such as laparoscopy, cystoscopy, and bronchoscopy. These procedures results in fewer traumas to patients and quicker recovery than open invasive surgeries. MIS is rapidly replacing open/invasive surgeries owing to factors such as high patient satisfaction, relatively lower hospital stay, economic viability, and reduction in post - surgery complications. Thus, growing inclination towards minimally invasive endoscopy surgeries is projected to escalate the growth of the market.
Increasing prevalence of cancer is likely to be one of the primary growth stimulants for the market. As per the findings of the World Health Organization, number of cancer cases in 2012 were 14.1 million. This number is estimated to increase to 22 million by 2034. Endoscopy procedures, such as laryngoscopy, upper endoscopy, and colonoscopy, are used in diagnosis of cancer.
High prevalence of obesity coupled with emergence of endoscopic bariatric surgeries is poised to escalate the growth of the market. According to estimates published by Renew Bariatrics, Inc., there are nearly 775 million obese people globally. Rising disposable income and growing prominence of preventive healthcare are fueling the demand for bariatric surgeries. Endoscopic approach to bariatric surgeries is a safe and cost effective alternative to conventional bariatric surgeries.
Market Segmentation, Outlook & Viewpoint: Global Endoscopes Market
Product Market Segmentation & Outlook (Revenue, USD Million, 2015 - 2029)
- Urology endoscopes
- Gynecology endoscopes
- Other rigid endoscopes
- Upper gastrointestinal endoscopes
- Other flexible endoscopes
- Capsule Endoscopes
- Disposable Endoscopes
- Robot Assisted Endoscopes
Application Market Segmentation & Outlook (Revenue, USD Million, 2015 - 2029)
- Gastrointestinal (GI) endoscopy
- Urology endoscopy (cystoscopy)
- Obstetrics/gynecology endoscopy
- Other applications
End Use Market Segmentation & Outlook (Revenue, USD Million, 2015 - 2029)
- Ambulatory surgery centers
- Other End Uses
Key Players, Recent Developments & Regional Insights: Global Endoscopes Market
In 2017, flexible endoscopes accounted for the highest revenue share in the market. The growth of the segment can be attributed to rising preference for flexible ones by medical professionals owing to their ergonomics features and safety & efficiency. Moreover, rising focus of manufacturers to provide training on use of advanced flexible endoscopes to medical professionals is also positively impacting the growth of the market.
Among different types of flexible endoscopes, colonoscopes was the most prominent segment in 2017. Widening pool of patients suffering from colorectal cancer and spiraling demand for cancer screening are contributing to the growth of the segment. Various initiatives undertaken for creating awareness regarding early cancer detection are also bolstering the demand for different endoscopes.
The disposable segment is anticipated to post the highest CAGR of 17.7% over the forecast period. Increasing risk of infections using conventional reusable endoscopes, technological advancements, and rising product launches are some of the key factors supplementing the growth of the segment. Government initiatives such as Development of a Disposable Use Endoscopy Tool (DUET), a project funded by EU, which is aimed at developing disposable scopes to reduce risk of infections are also expected to trigger the growth of the segment.
In 2017, gastrointestinal (GI) endoscopy emerged as the largest application segment, accounting for approximately 55.0% of the overall revenue. Growing geriatric population and rising burden of gastro intestinal diseases are among the key factors for boosting the demand for GI endoscopy. Various initiatives undertaken for improving the quality of GI endoscopy are also benefiting the growth of the segment. The United European Gastroenterology (UEG) and the European Society of Gastrointestinal Endoscopy (ESGE) have identified GI endoscopy as a major priority and have undertaken quality initiative processes. These initiatives are aimed at identifying performance measures for upper GI endoscopy.
Urology endoscopy is projected to register the highest CAGR of 11.1% over the forecast period. Rising risk of urinary disorders and expanding base of cancer patients are likely to play a vital role in the development of the segment. According to a report published by the American Cancer Society published in 2018, nearly 75,000 Americans are diagnosed with bladder cancer every year. An estimated number of 81,190 new cases of bladder cancer are poised to be diagnosed by end of 2018.
Moreover, development of advanced endoscopic techniques such as robot-assisted and disposable product types in the field of urology and subsequent product approvals is providing a significant push to the overall endoscopes market. For instance, single-use cystoscope, Uro-V developed by UroViu Corporation received 510 (K) U.S. FDA clearance in March 2018. This diagnostic product provides superior optics & ergonomics and also reduces risk of cross contamination.
End Use Insights
In 2017, hospitals emerged as the largest end-use segment in the market. Hospitals are primary health systems in most of the countries. Thus, number of surgeries undertaken at hospitals is comparatively more than other health systems. Therefore, the demand for endoscopes is comparatively higher in hospitals than any other end users, owing to which this segment is expected to dominate till 2025.
Ambulatory surgery centers (ASCs) are anticipated to be the most promising segment over the forecast period. Growing preference for minimally invasive surgeries and cost-effectiveness are among the key factors for the growth of the segment. Reduction in post-surgical complications is also projected to bode well for the overall market. Thus, growing preference for outpatient surgeries is likely to stir up the demand for endoscopes in ASCs.
Other end users are diagnostic centers and research centers. Spiraling use of endoscopy for cancer diagnosis and advancements in the device are estimated to fuel growth prospects. Moreover, advent of advanced technologies such as micro endoscopy is poised to spur the growth of the segment.
In 2017, North America was the leading revenue contributor in the global market. Rising prevalence of target diseases, surging demand for minimally invasive therapies, and growing elderly population are some of the factors supporting the dominance of the regional market. Moreover, high adoption of technologically advanced products such as robot-assisted endoscopes for diagnostic and surgical procedures is anticipated to foster the growth of the market in the region.
U.S. is at the forefront of the growth of the North America market. As per data published by the American Cancer Society in 2018, colorectal cancer is the third most commonly diagnosed and one of the major causes of cancer deaths in the U.S. Colonoscopy and laparoscopy are among the most preferred procedures in screening of colorectal cancer. Therefore, high prevalence of colorectal cancer is creating strong demand for the product in the country.
Moreover, presence of organizations such as American Gastroenterological Association and New York Society for Gastrointestinal Endoscopy, which are dedicated to create awareness regarding endoscopy, is supplementing the growth of the market in the U.S.
Asia Pacific is expected to be the most promising regional market with a CAGR of 10.6% during the forecast period. Emerging economies such as India and China are projected to be the sights of high growth rates in this region owing to strong economic growth, mounting cases of patients suffering from several diseases and cancer types. Besides this, influx of technologically advanced diagnostic therapies and improvements in healthcare infrastructure are promoting the growth of the regional market.
Endoscopes Market Share Insight
Olympus, Fujifilm Holdings Corporation, Richard Wolf Gmbh, and Karl Storz are some of the leading players in the global arena. Olympus accounted for nearly 70.0% of share in GI endoscopy. Mergers and acquisitions, high investments in R&D, and new product developments or product modifications are among the key strategies adopted by key players to gain competitive edge.
Key Insights Covered: Global Endoscopes Market
1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Endoscopes industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Endoscopes industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Endoscopes industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Endoscopes industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Endoscopes industry.
Research Methodology: Global Endoscopes Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other.