Global endoscopy device market is estimated to witness high growth, owing to increasing prevalence of gastrointestinal diseases and technological advancements
Global endoscopy device market is estimated to be valued at USD 38.12 Bn in 2024, exhibiting a CAGR of 7.6% over the forecast period (2024-2031). The market growth is driven by factors such as increasing prevalence of gastrointestinal diseases and technological advancements in endoscopy devices. Furthermore, rising geriatric population worldwide and growing awareness about merits of minimally invasive procedures can drive the market growth.
Market Dynamics:
Global endoscopy device market growth is driven by increasing prevalence of gastrointestinal diseases as well as technological advancements in endoscopy devices. According to WHO, gastrointestinal diseases are among the leading causes of hospitalization and mortality worldwide. Rising geriatric population can also drive the market growth as elderly people are more prone to gastrointestinal disorders. Moreover, growing awareness about benefits of minimally invasive procedures compared to traditional surgery encourages higher adoption of advanced endoscopy devices. However, high costs associated with these devices and dearth of trained healthcare professionals to operate technologically complex endoscopy equipment may hamper the market growth over the forecast period.
Major Technological Advancements Boosts Demand for Advanced Endoscopy Devices
Global endoscopy device market growth is driven by major technological advancements in the field of endoscopy. Manufacturers have been investing heavily in R&D to develop newer and more advanced endoscopy devices with improved imaging capabilities, less invasive procedures, and additional therapeutic functions. Some of the latest innovations include high-definition imaging, narrow band imaging, capsule endoscopy, robot-assisted endoscopy, and single-incision laparoscopic surgery tools. These new technologies allow for more precise diagnoses and treatments with minimally invasive procedures and reduced recovery times. The improved functionality and outcomes have increased physician acceptance and adoption of newer endoscopy devices.
Increasing Prevalence of Cancer and GI Diseases Boosts Procedure Volumes
Rising prevalence of cancer and gastrointestinal diseases globally can drive the market growth. According to the World Cancer Research Fund, in 2020, 19.3 million new cancer cases and 10 million cancer deaths were reported worldwide. Endoscopy plays a vital role in cancer screening, diagnosis and staging. Gastrointestinal diseases like ulcers, colon polyps, and inflammatory bowel disease are also increasing. Regular endoscopy screenings and check-ups are recommended for high-risk patients. Growing disease burden has resulted in higher procedure volumes, which positively impact the sales of endoscopy devices. Key cancer boosting demand include colon, lung, breast and prostate cancers while common GI conditions include GERD, IBD, and colon polyps.
Budgetary Constraints and Rising Device Costs Limiting Market Growth
Global endoscopy device market can be hampered by budgetary constraints faced by hospitals and healthcare facilities for device procurement. Endoscopy devices have become increasingly sophisticated and technologically advanced over the years but it is quite expensive. The prices of high-definition endoscopes, robot-assisted platforms, as well as single-use accessories are much higher as compared to conventional devices. This price barrier can hinder adoption rates, especially in cost-sensitive developing regions with lower reimbursement rates. Budget cuts experienced by many hospitals has further restricted device spending. Device manufacturers will need to explore affordable pricing strategies and financing options to overcome this restraint.
Unfavorable Healthcare Reforms and Reimbursement Cuts Hindering Market
Unfavorable healthcare reforms and ongoing cuts to medical reimbursement packages can hamper the market growth. In countries like the U.S., hospital reimbursement rates have been declining due to policies aimed at lowering healthcare costs. This had a negative impact on the purchasing abilities of facilities. Some nations are enforcing restrictions on the use of certain medical devices for specific indications. Overly stringent regulations can also hamper its adoption rates. Furthermore, recent economic downturn due to the COVID-19 pandemic has put more pressure on healthcare budgets worldwide. Device manufacturers will have to actively lobby against unfavorable regulations and reimbursement decisions hurting their business prospects.
Increasing Demand in Emerging Markets Opening New Avenues
Emerging markets like India, China, Brazil, Mexico and certain African countries present significant untapped growth opportunities for players in the endoscopy device industry. Awareness about cancer screening and rising incomes boosts the uptake of endoscopy procedures in developing regions. While device penetration is still considerably lower than Western countries, these emerging areas contribute nearly half of all new cancer cases and represent large patient pools. Leveraging these high growth markets through strategic expansions, alliances with local makers, and localized manufacturing can help businesses drive higher sales volumes. Multinational brands have started prioritizing emerging markets and this focus on minimally-addressed regions offer new avenues for market growth.
Growing Demand for Ambulatory Surgery Centers Supporting Growth
Ambulatory surgery centers (ASCs) are growing globally as these offer lower costs and convenient outpatient settings for many surgical procedures including endoscopy. These freestanding facilities do not require an overnight hospital stay and help avoid higher inpatient expenses. The high volume of lower-acuity cases performed at ASCs leads to increased demand for endoscopy devices. Various clinical guidelines now recommend certain routine endoscopy exams to be performed at ASCs. Some ASCs are also investing in advanced endoscopic equipment and hiring specialty physicians to grow their portfolio. The proliferation of ASCs and shift of endoscopy procedures to their outpatient infrastructure offers a significant opportunity for device vendors.
Link: https://www.coherentmarketinsights.com/market-insight/endoscopy-device-market-442
Key Developments:
- In January 2024, The U.S. FDA approved EndoSound’s Vision System, a novel endoscopic ultrasound device that attaches to upper GI endoscopes. This device, which received FDA breakthrough designation in July 2021, includes an ultrasound beamformer, a reusable transducer, and a disposable mounting kit, transforming standard endoscopes into endoscopic ultrasound systems.
- In November 2023, Olympus Corporation launched EVIS X1, a cutting-edge endoscopy system tailored for the Chinese market. The system was showcased at the 6th annual China International Import Expo in Shanghai from November 5- to 10.
- In January 2023, FUJIFILM India introduced the FushKnife, a diathermic slitter, and the ClutchCutter, a rotatable forceps, at the 63rd Annual Conference of the Indian Society of Gastroenterology (ISGCON) in Jaipur, India
- In January 2023, AA Medical partnered with Certified Endoscopy Products, a U.S.-based company specializing in the reprocessing of endoscopic devices. This partnership aims to establish a leading medical device reprocessing firm catering to the endoscopy, orthopedic, and other surgical device markets.
- In August 2022, Medtronic introduced GI Genius, an AI-powered endoscopy module for colorectal cancer treatment in India. This advanced medical solution provides real-time data to help physicians detect and treat colorectal cancer more effectively, offering improved visualization during colonoscopy procedures.
Key Player:
Olympus Corporation, Boston Scientific Corporation, Fujifilm Holdings Corporation, KARL STORZ SE & Co. KG, Stryker Corporation, Medtronic, plc, Johnson & Johnson, Smith & Nephew plc, Richard Wolf GmbH, Cook Medical, HOYA Corporation, Nipro Corporation, Ambu A/S, Intuitive Surgical, Inc., B. Braun Melsungen AG, Teleflex Incorporated, CapsoVision, Inc., Laborie Medical Technologies Inc., Dantschke Medizintechnik GMBH & Co. KG, Fortimedix Surgical B.V.
