The endoscopy equipment market is expected to witness a CAGR of ~8% during the forecast period (2021–2027).
A comprehensive overview of the endoscopy equipment market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the endoscopy equipment market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the global market at regional and country levels.
Market Overview
The endoscopy equipment market is expected to witness a CAGR of ~8% during the forecast period (2021–2027). Endoscopy is a medical process that permits a doctor to investigate and observe the body without performing any major surgery. An endoscope is a long, generally flexible tube with a lens at one end and a video camera at the other. Normally, an endoscope is inserted through one of the body's regular openings, like the mouth.
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COVID-19 Impact
The endoscopy equipment market is negatively impacted to some extent due to the COVID-19 pandemic. The major reason for the decline in endoscopy procedures during the COVID-19 pandemic was a decrease in patient volume in hospitals, hence, all elective surgeries were either canceled or postponed. Moreover, healthcare providers rescheduled endoscopic procedures. Furthermore, supply chain disruption, the shortage of healthcare professionals in the pandemic, and changing regulations to curtail the infection in major geographic regions significantly impacted the global market growth in 2020. However, the market witnessed an upward growth in Q3 and Q4 of 2020.
The endoscopy equipment market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Product Type, the market is primarily bifurcated into:
• Endoscope
• Visualization System
• Other Endoscope Equipment
• Accessories
Based on product type, the market is classified into the endoscope, visualization system, other endoscope equipment, and accessories. Among them, in 2020, the endoscope category dominated the market and is expected to maintain its dominance throughout the forecast period. This is mainly due to the rising incidence of patients suffering from gastroesophageal reflux diseases (GERD), celiac disease, cardiology, neurology, orthopedic surgeries, inflammation, biopsy, and the rising geriatric population worldwide. For instance, according to the national institutes of health (NIH), researchers estimate that about 20 percent of people in the U.S. have gastroesophageal reflux diseases (GERD).
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By Application, the market is primarily bifurcated into:
• Gastrointestinal Endoscopy
• Laparoscopy
• Obstetrics/ Gynaecology Endoscopy
• Arthroscopy
• Urology Endoscopy (Cystoscopy)
• Bronchoscopy
• Ent Endoscopy
• Mediastinoscopy
• Others
Based on application, the market is bifurcated into gastrointestinal (GI) endoscopy, laparoscopy, obstetrics/ gynecology endoscopy, arthroscopy, urology endoscopy (cystoscopy), bronchoscopy, ENT endoscopy, mediastinoscopy, and others. Among them, in 2020, gastrointestinal (GI) endoscopy dominated the market. This high share of the segment is inferable from the rising geriatric populace and the increasing cases of gastrointestinal diseases. Also, the rising inclination for endoscopy procedure as a first-line treatment for early detection and diagnosis of gastrointestinal problems coupled with the rising accessibility of technologically advanced endoscopes are some of the major factors driving the growth of the segment. For instance, according to the research in 2019, the global prevalence of peptic ulcer disease (PUD) was approximately 8 million, representing a 25.82% increase from 1990.
By End-User, the market is primarily bifurcated into:
• Hospitals
• Ambulatory Surgery Centers
• Others
Based on end-user, the market is bifurcated into hospitals, ambulatory surgery centers, and others. In 2020, the hospitals category accounted for the majority share 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, and the increasing number of hospitals, are further driving the category’s growth.
Endoscopy equipment market Geographical Segmentation Includes:
• North America
U.S.
Canada
Rest of North America
• Europe
Germany
United Kingdom
France
Spain
Italy
Rest of Europe
• Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
• Rest of World
For a better understanding of the market adoption of the endoscopy equipment industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America); Europe (Germany, United Kingdom, France, Spain, Italy, Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific); and the Rest of World. In 2020. North America held an extensive market share owing to the rising prevalence of GERD, awareness, and well-established medical infrastructure and facilities. In addition, the APAC region has the fastest growth during the forecast period. Due to the increased cases of cardiac diseases, cancer, ulcer, and rising chronic disease complications in the geriatric population.
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The major players targeting the market include:
• Boston Scientific Corporation
• Conmed Corporation
• Fujifilm Holdings Corporation
• Johnson & Johnson
• KARL STORZ
• Medtronic plc
• Stryker Corporation
• Olympus Corporation
• Richard Wolf GmbH
• Smith & Nephew plc
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the endoscopy equipment market industry. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the endoscopy equipment market industry?
• Which factors are influencing the endoscopy equipment market industry over the forecast period?
• What are the global challenges, threats, and risks in the endoscopy equipment market?
• Which factors are propelling and restraining the endoscopy equipment industry?
• What are the demanding global regions of the endoscopy equipment market?
• What will be the market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by the companies?
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