The endoscopy device market is expected to grow at a CAGR of 6.80%
Market Data Forecast
An endoscope is a device used in the medical sector which is used to look inside a body cavity or organ to detect diseases and infections. This device has a light attached to it and sends it into the body through natural openings, such as the mouth during bronchoscopy or the rectum for a sigmoidoscopy. After entering the body, it will capture the images seen in the monitor for further treatment.
Increasing adoption of minimal invasion surgeries, rising cases of gastrointestinal cancers and disorders, and increasing development of advanced endoscopic procedures demand the Market forward.
Due to having some of the benefits of minimally invasive surgery, such as less pain, fewer hospital stays, and few complications, a large number of people are adopting these surgeries, which helps the growth of the Market. However, an unhealthy lifestyle and unhealthy habits such as consumption of junk food, consumption of alcohol, and smoking cigarettes may lead to the problems such as gastrointestinal disorders. Therefore, all these people undergo endoscopic procedures to detect the problem in the stomach, which helps for better treatment.
Increasing research and development on endoscopy devices, increasing product approvals, and increasing reimbursement policies are other factors that drive the Market forward. In addition, advanced technologies are used in the devices to get several clear images through the device, and some new features are added to the devices to know the correct part of cancer growth in the human body.
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The increasing availability of different endoscopic procedures in the healthcare sector supports the product segment.
The product segment is divided into Endoscopes, visualization systems, and other endoscopy equipment. The endoscopes segment has the highest market share. The endoscope segment is further divided into flexible, rigid, and capsule endoscopes. Capsule endoscopy is the new endoscopy type to have better navigation through the tract and show up bleeding, cancerous growths within the intestine, or even detect ulcers. It is a capsule-sized device that can be ingested by the patient and travel all along the tract. The capsule is connected to a tiny camera that can capture accurate images of the small intestine with the lowest number of disturbances.
Increasing different type of problems in the body supports the application segment forward.
The application segment is divided into laparoscopy, bronchoscopy, and GI endoscopy. The GI endoscopy segment has the highest market share due to increased gastrointestinal problems such as the esophagus, stomach, small intestine, large intestine, and rectum.
Regional Outlook of the Endoscopy Devices Market
North American Endoscopy Devices Market has the highest market share due to increasing awareness about endoscopy devices and an increasing number of chronic disorders. As a result, the North America Endoscopy device market was valued at USD 15.12 billion in 2022 and is predicted to grow with a CAGR of 6.95%. As a result, the expected value is USD 21.16 billion by 2027.
The Europe endoscopy device market was valued at USD 8.83 billion in 2022 and is predicted to reach USD 12.18 billion by 2027 with a CAGR of 6.65%. Increasing robotic-based endoscopy with fewer errors in further treatment drives the Market forward in Europe.
The Asia Pacific endoscopy device market was valued at USD 5.30 billion in 2022 and is predicted to grow to USD 7.55 billion by 2027 with a CAGR of 7.32%. Due to factors such as the increasing older population and healthcare expenditure, China and India hold the maximum share.
The Middle East Africa market has grown with a CAGR of 5.60 % during the forecast period.
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Key Players in the Endoscopy Market
Olympus, Medtronic, Hoya Corporation, KARL STORZ, Stryker, Square, Boston Scientific, Ethicon, Fujifilm Corporation, Richard Wolf GmbH, and Smith & Nephew are Some of the key players in the Endoscopy Devices Market
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