Endoscopy Equipment Market worth $39.3 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 13, 2021 /PRNewswire/ -- According to the new market research report "Endoscopy Equipment Market by Product (Endoscope (Flexible, Rigid, Capsule, Robot-assisted, Disposable), Visualization Systems, Accessories), Application (GI Endoscopy, Laparoscopy, Bronchoscopy, Arthroscopy), End User - Global Forecast to 2026", published by MarketsandMarkets™, the global Endoscopy Equipment Market is projected to reach USD 39.3 billion by 2026 from USD 27.3 billion in 2021, at a CAGR of 7.5%.
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The Endoscopy procedures are non-surgical or minimally invasive procedures wherein endoscopy instruments and supplies are used to examine a patient's internal organ or tissue in detail. While conducting endoscopy, many tools and equipment, including procedure-specific scopes, video monitors, imaging devices, anesthetic equipment, monitoring equipment, light sources, video processors, insufflators, endoscope cabinets, endoscopy cart or trolley, are used to ensure a safe, successful procedure. Endoscopy equipment are primarily used by gastroenterologist, gynecologist, nephrologist, neurologist, cardiologist, hepatologist and liver transplant surgeon.
By Product, the endoscopes segment is expected to account for the largest share of the endoscopy equipment market
The endoscopes segment accounted for the largest share of the global endoscopes market in the forecast period. The large share of this segment can be attributed to the higher adoption rate of these equipment by end users, rising preference of patients and doctors for minimally invasive procedures, and ongoing advancements in endoscopy technologies.
On the basis of application, gastrointestinal endoscopy segment is expected to account for the largest share of the endoscopy equipment market
Based on application, the gastrointestinal endoscopy segment accounted for the largest share of the endoscopes market in the forecast period. This segment is also expected to witness the highest CAGR of 8.4% during the forecast period. The largest share and the highest growth rate of this segment can be attributed to the increasing geriatric population in the US, China, Japan and India and the rising incidence of colorectal cancer (CRC) in younger adults, which leads to growing awareness of the target population of CRC screening.
On the basis of end user, hospitals segment holds the highest market share in the endoscopy equipment market
Based on end user, the hospitals segment is likely to dominate the endoscopes market during the forecast period owing to the rising adoption of endoscopy equipment in hospitals, increasing government and private funding in the healthcare sector, as well as the greater availability of skilled healthcare professionals and technologically advanced facilities.
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North America to dominate the endoscopy equipment market during the forecast period
The endoscopes market in North America dominated the market in the forecast period. The largest share of North America in the global market is attributed to the favorable reimbursement policies for endoscopic procedures in the US, increased prominence of cancer, high investments by hospitals to purchase new endoscopic equipment, strong focus on research activities to improve endoscopy techniques, as well as the implementation of a new funding model by Canadian hospitals.
Prominent players in the endoscopy equipment market include Olympus Corporation (Japan), KARL STORZ SE & Co. KG (Germany), Stryker Corporation (US), Boston Scientific Corporation (US), JOHNSON & JOHNSON (US), Fujifilm Holdings Corporation (Japan), Medtronic, Inc. (Ireland), HOYA Corporation (Japan), Nipro Corporation (Japan), Intuitive Surgical, Inc. (US) and Smith & Nephew plc (UK).
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