Global Endoscopy Device Market, by Product Type (Rigid Endoscopes, Flexible Endoscopes, Endoscopic Visualization Systems, Endoscopic Accessories), by End User (Hospitals, Ambulatory Surgical Centers, Clinics, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 17,152.8 Million in 2022 and is expected to exhibit a CAGR of 9.8% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Recent product development and product launch by key market players is expected to drive growth of the global endoscopy devices market, over the forecast period. For instance, on April 30, 2021, Olympus Corporation, a manufacturer of optics and reprography products, announced the launched of a new line of Five Single-Use Bronchoscopes, H-SteriScope Single-Use Bronchoscopes, a line of five premium endoscopes for use in advanced diagnostic and therapeutic procedures. The introduction of the H-SteriScope portfolio was done by a collaboration between Veran Medical Technologies, Inc., a wholly owned Olympus subsidiary, and Hunan Vathin Medical Instrument Co., Ltd. a manufacturer and developer of single-use bronchoscopes.
Moreover, increasing collaborations between the key market players for the development of endoscopy system is expected to propel growth of the global endoscopy device market. For instance, on September 14, 2022, Sony Corporation, a conglomerate company, Olympus Corporation, a manufacturer of optics and reprography products, and Sony Olympus Medical Solutions, a subsidiary of Sony Corporation collaborated for the Improvement of a Surgical Endoscopy System that Supports 4K, 3D and Infrared (IR) Imaging Features. Olympus planned to sell this system in Europe, Middle East and Africa (EMEA), parts of Asia, Oceania, and Japan as the ‘VISERA ELITE III’ in September 2022 or later.
Global Endoscopy Device Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a negative impact on market, owing to the decrease in Surgical Procedures in the U.S. during the COVID-19 pandemic. For instance according to an article published on December 8, 2021 by Journal of the American Medical Association, the overall rate of surgical procedures such as Cataract repair, Thyroidectomy, Coronary artery bypass graft, Laminectomy, etc. decreased by 48.0% during the initial COVID-19 shutdown in the U.S. i.e., from January 1, 2019, to January 30, 2021. The decrease in surgical procedures had reduced the use of endoscopy devices during COVID-19 pandemic.
Global Endoscopy Device Market: Key Developments
For instance, in April 2020, Olympus Corporation, a manufacturer of optics and reprography products, launched EVIS X1, an endoscopy system which improves outcomes from disorders of the stomach, colon, and oesophagus, as well as from bronchial diseases.
Browse 23 Market Data Tables and 20 Figures spread through 195 Pages and in-depth TOC on “Global Endoscopy Device Market”- Forecast to 2030, Global Endoscopy Device Market, by Product Type (Rigid Endoscopes, Flexible Endoscopes, Endoscopic Visualization Systems, Endoscopic Accessories), by End User (Hospitals, Ambulatory Surgical Centers, Clinics, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/endoscopy-device-market-442
Increasing prevalence of chronic diseases, such as cancer and cardiovascular diseases, is expected to propel growth of the global endoscopy device market. For instance, according to the WHO (World Health Organization), on 11 June 2021, cardiovascular diseases lead to over 17.9 million deaths each year globally.
Key Takeaways of the Global Endoscopy Device Market:
Global endoscopy device market is expected to exhibit a CAGR of 9.8% during the forecast period due to the increasing acquisition by the key market players. For instance, on February 8, 2021, Olympus Corporation, a manufacturer of optics and reprography products, acquired Quest Medical Imaging B.V, a medical imaging company, and partners with Hitachi, a conglomerate company, to grow endoscopy profile. The partnership with Hitachi, will help Olympus to develop an endoscopic ultrasound.
- Among product type segment, Rigid Endoscopes segment is expected to exhibit highest CAGR in the global endoscopy device market during the forecast period, which is attributed to the use of rigid endoscopes for rhinoscopy with the increase in nasal polyps among the population. For instance, according to an article published on April, 2021, by National Center for Biotechnology Information, the prevalence of nasal polyps was 26.6% found in a hospital based analytical study carried out on 154 participants by the team of researchers at Ear, Nose, and Throat department of University Of Ilorin Teaching Hospital, Ilorin, Nigeria.
- On the basis of region, North America is estimated to account for the largest market share in the global endoscopy device market, due to increase in endoscopy product approval by regulatory bodies. For instance, on April 22, 2021, Ambu Inc. a medical device company, announced that it received Health Canada clearance for the aScope 4 Cysto. It is a flexible cystoscope platform for urology. The aScope 4 Cysto will help urologists for instanct access to a single-use cystoscope alternative for diagnosing, managing, and treating lower urinary disorders such as hematuria, incontinence, and bladder cancer.
- Major players operating in the global endoscopy device 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
