Endoscopy Devices Market Size worth US$ 42.8 Billion by 2028 | CAGR: 3.8% – TMR Study

Posted on 2024-03-29 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-29 — /EPR Network/ — Transparency Market Research Inc. –

Transparency Market Research’s most recent report on the global endoscopy devices market, covering the historical period from 2017 to 2020 and forecasting from 2021 to 2028, suggests that technological advancements expanding the range of applications for endoscopy will likely propel the global endoscopy market in the forecast period.

The global endoscopy devices market reached a value of US$ 31.8 billion in 2020, with a projected compound annual growth rate (CAGR) of 3.8% from 2021 to 2028. By the end of 2028, the industry is anticipated to surpass US$ 42.8 billion.

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Analysts attribute the market’s rapid expansion to factors such as the increasing prevalence of cancer, a growing aging population, and the presence of lucrative opportunities for endoscopic device manufacturers. To capitalize on these opportunities, companies are advised to intensify their product development efforts and innovate technologically advanced devices. Additionally, stakeholders should prioritize the production of cost-efficient devices to overcome the challenge of high device costs, which currently impedes market growth.

Increasing Adoption of Minimally Invasive Procedures Drives Market

Minimal-invasive procedures are gaining traction due to their simplicity, reliability, and efficiency, offering a cost-effective alternative to traditional surgical methods. Factors such as the growing geriatric population, increasing surgical volumes, and investments in healthcare infrastructure contribute to the global endoscopy market’s expansion.

Endoscopy procedures involve minimal invasion, utilizing specialized instruments inserted through small incisions for surgeries in various medical domains including urology, gastroenterology, otolaryngology, cardiology, and orthopedics. These procedures ensure swift recovery and reduce the risk of infection, thus fueling the demand for diverse endoscopy devices. Furthermore, the expanding applications of endoscopic devices in oncology contribute to market growth, driven by the rising adoption of minimally invasive procedures among patients.

Technological Advancements in Endoscopic Devices Boost Market Growth

The surge in medical imaging device adoption is driven by increased surgical procedures and technological advancements. The integration of artificial intelligence in endoscopic procedures presents lucrative opportunities for device manufacturers. Furthermore, the benefits of minimally invasive diagnostic and surgical procedures aided by innovative robotic technology are enhancing patient outcomes.

The rising adoption of robotic-assisted endoscopic procedures is expected to fuel market growth. Manufacturers are expanding their product portfolios to meet healthcare sector demands, capitalizing on the growth and advancements in medical device technology to propel the endoscopy equipment market.

Leading players:

Straumann Holding AG,Dentsply Sirona Inc.,Henry Schein Inc.,Zimmer Biomet Holdings, Inc.,Danaher Corporation,3M Health Care,Ivoclar Vivadent AGEthicon Endo-Surgery,Covidien plc,Olympus Corporation,Boston Scientific Corporation,Intuitive Surgical, Inc.,Stryker Corporation,Richard Wolf,FUJIFILM Holdings Corporation,KARL STORZ GmbH & Co. KG,HOYA Corporation,B. Braun Melsungen AG,Arthrex, Inc.,Cook Medical, Inc.,Smith & Nephew plc, among others,AVINENT Implant System,S.L.,Bicon, LLC,,Osstem Implant, CO., Ltd.

Market Segmentation-

Device Type
- Endoscope
  - Rigid Endoscopy
  - Flexible Endoscopy
  - Robot Endoscope
  - Capsule Endoscopy
- Operative Devices
  - Energy Systems
  - Suction/Irrigation Systems
  - Access Devices
  - Operative Hand Instruments
  - Others (Insufflation Devices, Wound Protectors, Snares)
- Visualization Systems
  - Ultrasound Devices
  - Standard Definition (SD) Visualization Systems
    - Two Dimensional (2D) Systems
    - Three Dimensional (3D) Systems
  - High-Definition (HD) Visualization Systems
    - Two Dimensional (2D) Systems
    - Three Dimensional (3D) Systems
Application
- Gastrointestinal Surgeries
- Urology
- ENT Surgery
- Cardiovascular Surgery
- Neuro and Spinal Surgery
- Laparoscopy Surgery
- Arthroscopy Surgery

FDA Policies Moving toward Easier Approval Process: Major Driver

The U.S. FDA has faced criticism for its lengthy approval process, but it’s taking steps to streamline it. In a significant move, the FDA has reclassified colon capsule imaging devices as Class II devices. This means capsule endoscope manufacturers won’t need extensive clinical trials and pre-market approval, shortening the regulatory process and saving resources. This development is anticipated to stimulate the global market for endoscopy devices, impacting device costs and procedure numbers. Additionally, it could facilitate easier reimbursement due to reduced risk of side effects.

Endoscopy Equipment Market: Key Developments

Smith & Nephew plc is a leader in the development and commercialization of endoscopic techniques
Smith & Nephew plc launched a new DYONICS Vision 111 Portable Endoscopy System. It is the world’s first mobile, integrated endoscopic visualization system. It comprises a high-quality camera, state-of-the-art high-efficiency light source, and LCD flat-panel monitor.
In July 2016, Boston Scientific acquired EndoChoice. EndoChoice manufactures core products such as Full Spectrum Endoscope (FUSE), which offers a 330-degree field of vision for greater visibility in the small intestine. Last year, the company launched a second-generation FUSE, the first flexible endoscopy system to offer 4K Ultra HD monitors.

Market Trends:

Shift towards disposable endoscopes to minimize the risk of cross-contamination and reduce the need for sterilization.
Integration of artificial intelligence (AI) and machine learning algorithms for real-time image analysis and pathology detection during endoscopic procedures.
Adoption of capsule endoscopy for non-invasive imaging of the gastrointestinal tract, offering improved patient comfort and diagnostic accuracy.
Development of robotic-assisted endoscopy systems for precise control and maneuverability during complex procedures.

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Regions Covered:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

Future Outlook:

The future of the endoscopy devices market looks promising, with continuous technological innovations driving market growth. Advancements in imaging technologies, miniaturization of devices, and the expansion of applications beyond traditional fields will further propel market expansion.

Key Market Study Points:

Assessing the impact of technological advancements on procedural outcomes and patient satisfaction.
Analyzing market dynamics such as pricing strategies, competitive landscape, and regulatory frameworks.
Understanding the role of endoscopic devices in early disease detection and preventive healthcare.
Exploring opportunities for market expansion in emerging economies with evolving healthcare infrastructure.

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About Transparency Market Research

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