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Press Release: Endoscopy Devices Market to Reach US$ 27,622.6 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Endoscopy devices are used as both diagnostic and therapeutic devices that serve clinical solutions to the world by allowing close examination of internal organs and body structures. As opposed to conventional imaging devices like X-rays, endoscopic devices possess a tube-like instrument called endoscope, inserted directly inside the organ which provides comprehensive details of the organs under study.
Global Endoscopy Devices Market: Drivers
Increasing prevalence of gastrointestinal diseases is expected to propel growth of the global endoscopy devices market over the forecast period. For instance, according to the study, ‘Worldwide incidence and prevalence of inflammatory bowel disease in the 21st century: a systematic review of population-based studies’, published in the journal Lancet in 2018, the prevalence of Crohn's disease in Germany was 22 per 100,000 and 319 per 100,000 in Canada.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
The global endoscopy devices market is estimated to account for US$ 14,384.0 Million in 2020 and expected to reach around US$ 27,622.6 Million by the end of 2027.
Fig 1. Global Endoscopy Devices Market Value (US$ Mn) & Y-o-Y Growth (%), 2017-2027
Global Endoscopy Devices Market: Restraints
Negative impact of U.S. medical device tax and rigorous FDA regulatory process is expected to hinder growth of the global endoscopy devices market. The U.S. government scheduled to implement a 2.3% excise tax on medical devices sales in 2013.The effect of this will be seen on the prices of the endoscopic devices as companies will raise prices and pass on to customers as a way to deal with the increased tax in the U.S.
Moreover, lack of proper guidelines regarding proper selection and usage of automated endoscope reprocessors is expected to hamper growth of the global endoscopy devices market. Ill-advised endoscope cleaning can bring about danger of building up an extreme contamination. Claims have been recorded against manufacturers, asserting the device outlines keep legitimate sanitization from happening, putting patients at danger of genuine medical issues.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2020: | US$ 14,384.0 Mn |
| Historical Data for: | 2017 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 9.8% | 2027 Value Projection: | US$ 27,622.6 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Accellent Inc., Aesculap Inc., Arthrex Inco, Boston Scientific Corporation, 3NT Medical, AnX Robotica Corporation, C.R. BARD INC, Conmed Corporation, Olympus Corporation, KARL STORZ Endoscopy-America, Inc., Cook Medical Incorporated, Richard Wolf GmbH, and Fujifilm Holding Corporation. |
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| Restraints & Challenges: |
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Global Endoscopy Devices Market: Opportunities
R&D of new endoscopy technologies is expected to offer lucrative growth opportunities for players in the global endoscopy devices market. For instance, in June 2020, Xenocor, Inc. received the U.S. patent in connection with the Xenoscope Single-use Laparoscopic System, which provides valuable protection for materials used in the disposable scope that reduce fogging and improve the clarity of the resulting images provided by the system.
Moreover, increasing adoption of hyperspectral imaging is also expected to offer lucrative growth opportunities for players in the global endoscopy devices market. Hyperspectral imaging has been used in conjunction with rigid endoscopy to detect cancer in vivo.
Fig .2. Global Endoscopy Devices Market, Regional Market Share Analysis, (%) 2020
Market Trends/Key Takeaways
Major players in the global endoscopy devices market are focused on approval and launch of new products to expand their product portfolio. For instance, in June 2020, AnX Robotica Corporation received the U.S. Food and Drug Administration’s De-Novo classification for its NaviCam Magnetically Controlled Capsule Endoscopy System.
The market is witnessing launch of cleaning products for endoscopy devices. For instance, in April 2020, Toray, Industries Inc. launched TORAYSEE for ES Micro Fiber Wiping Cloths specified for cleaning endoscope lenses of laparoscopic surgery.
Global Endoscopy Devices Market: Competitive Landscape
Major players operating in the global endoscopy devices market include, Accellent Inc., Aesculap Inc., Arthrex Inco, Boston Scientific Corporation, 3NT Medical, AnX Robotica Corporation, C.R. BARD INC, Conmed Corporation, Olympus Corporation, KARL STORZ Endoscopy-America, Inc., Cook Medical Incorporated, Richard Wolf GmbH, and Fujifilm Holding Corporation.
Global Endoscopy Devices Market: Key Developments
Major players in the global endoscopy devices market are focused on approval and launch of new products to expand their product portfolio. For instance, in April 2020, Olympus Corporation launched EVIS X1, an endoscopy system which improves outcomes from disorders of the stomach, colon, and oesophagus, as well as from bronchial diseases.
Similarly, in March 2020, KARL STORZ Endoscopy-America, Inc. launched TELE PACK + compact endoscopy system.
Endoscopy devices are minimally-invasive diagnostic medical devices used to assess the internal organs of the body. These devices are used to examine unusual symptoms and to perform surgery. Such as device comprises a flexible tube with an attached camera, which allows the doctor to view potential threats without a large incision. While, therapeutic endoscopy devices are modified with surgical instruments to carry out surgeries such as removal of kidney stones and fibroids. The procedure is associated with minimal post operation complications, thus making it the most preferred and pursued procedure in surgery and diagnostics. These devices include operative devices and visualization systems, which gives direct insight of the organs for efficient treatment, unlike other medical imaging devices.
Key features of the study:
Detailed Segmentation:
*Browse 23 market data tables and 20 figures on “Endoscopy Devices Market - Global forecast to 2027”.
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