Endoscopy Device Market – Insights
Endoscopy Device or Neuro-endoscopy is a minimally invasive neurosurgical procedure performed to correct hydrocephalus, remove tumors, treat vascular disease, and manage other disorders. Neuro-endoscopic procedures commonly result in less pain, less scarring than craniotomy (open surgery), and shorter recovery times.
Augmenting demand for less/minimally invasive procedures, worldwide, predominantly drives the market growth for Neuroendoscopy. Over the past few years, the market has emerged as a well-established space, growing pervasively. Alongside the Increasing prevalence of cancerous tumors and diseases, other factors substantiating the market growth are changing lifestyle, and the inclination towards the sedentary lifestyle among people, leading to the occurrence of various types of cancer.
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Acknowledging the traction, this market is vibrating with currently; Market Research Future (MRFR) in its recently published study report asserts that the global Endoscopy Device market will grow exponentially by 2023, posting a CAGR of 5.2% during the forecast period of 2017–2023.
Endoscopy Device Market - Major Players
Some of the key players in Endoscopy Device Market are
• Cogentix Medical
• Integrate Endoscopy
• J&J services Inc.
• Shaili Endoscopy
• Interscope Inc.
• Cantel Medical
• Micro-Tech Endoscopy
• Cognetix
• Stryker
• Olympus
• Karl Storz Gmbh co. Kg
• Fujifilm
• Pentax medical
• Richard Wolf
Endoscopy Device Market - Segmentation
The Global Endoscopy Devices Market is segmented on the basis of type, therapy, treatment & procedures, application, accessory & processors, technology, and end-user.
Types of endoscopes include rigid endoscopes, capsule endoscopes, robot-assisted endoscopes, surgical endoscopes, and flexible endoscopes. The flexible endoscope segment is expected to capture nearly 28% share of the market by the end of the forecast period. But capsule endoscopes are touted to expand at a 6.9% CAGR during the forecast period. Therapies conducted via endoscopes include sigmoidoscopy, cystoscopy, colonoscopy, laparoscopy, endoscopic retrograde cholangiopancreotography, ureteroscopy, gastroscopy, and arthroscopy.
By treatments & procedures, the Endoscopy Devices Market is segmented into urinary system conditions, lower gastrointestinal conditions, upper gastrointestinal conditions, lung and airway conditions, abdominal, joint and orthopedic conditions, and gynecologic and pelvic organ conditions.
Key applications include urology endoscopy, bronchoscopy, arthroscopy, mediastinoscopy, obstetrics/gynecology endoscopy, gastrointestinal endoscopy, and otoscopy. The gastrointestinal endoscopy segment can expand in size owing to various GI disorders and increase in colonoscopy procedures.
Major end-users include critical care, orthopedic surgeons, obstetricians-gynecologists (ob/gyns), general and pediatric surgeons, and gastroenterologists. Technologies relied by endoscopes include video and fiber.
Endoscopy Device Market - Regional Analysis
The Americas led by the U.S. dominate the market owing to the presence of large healthcare expenditure, and excellent reimbursement. Europe accounts for the second largest market owing to an emphasis on diagnosis, large healthcare expenditure, and increasing prevalence of cancer. As per Organization for Economic Co-operation and Development (OECD), Germany spent 11 % of the total GDP on healthcare in 2015.
The Asia Pacific is the fastest growing market owing to expanding economies of countries like India and China. Asia Pacific is the fastest growing market, which is growing at a CAGR of 6.8 % from 2017 to 2023
The Middle East & Africa is expected to hold the least market share due to poor development of healthcare, and economy. The Middle East and Africa region are expected to be dominated by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
Endoscopy Device Market - Key Findings
• The Global Endoscopy Device Market is expected to reach USD 42,342.4 million by 2023 at a CAGR of 6.3%
• Flexible endoscopes segment market is expected to command the largest market share about 28.2%. However capsule endoscopes are expected to grow at the fastest CAGR of 6.9% during the forecast period 2017-2023
• The Americas holds the largest share of the endoscopy device market and is expected to reach USD 15,186.1 million by 2023
• Asia Pacific is the fastest growing market, which is growing at a CAGR of 6.8% 2017-2023
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