Endoscopy is minimal invasive procedure in which endoscope is placed inside body either through body openings (mouth, anus etc.) or by making small incisions on the body. Endoscopes are medical devices used in endoscopy procedure to observe and treat the internal organs.
The global endoscopy devices market is estimated to account for US$ 14,384.0 Mn by the end of 2020 at a CAGR of 9.8% between 2020 and 2027
Global Endoscopy Devices Market: Drivers
Approval and launch of new products is expected to propel growth of the global endoscopy devices market over the forecast period. For instance, in March 2020, enlightenVue received the U.S. FDA 510(k) clearance for surgiVue single-use platform of micro endoscopes.
Global Endoscopy Devices Market: Opportunities
Increasing number of emergency surgeries is expected to offer lucrative growth opportunities for players in the global endoscopy devices market. For instance, according to Australian Institute of Health and Welfare’s Hospitals at a glance 2017–18 report updated in August 2019, admissions for emergency surgery increased between 2016-2017 and 2017-2018 by 2.9% in public hospitals and by 5.1% in private hospitals in Australia.
Global Endoscopy Devices Market: Restraints
Use of duodenoscopes can lead to patient-to-patient transmission of infection, if they are not thoroughly cleaned and disinfected. Such scenario is expected to hinder growth of the global endoscopy devices market.
Among by product type, Rigid Endoscopes segment of global endoscopy devices market is expected to hold major revenue share in 2027 owing growing geriatric population, who are more prone to cancer, orthopedic, and ophthalmic gastrointestinal diseases, is expected to boost segment growth.
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, 3NT Medical received the U.S. Food and Drug Administration’s 510(k) clearance for the Colibri Micro ENT Scope, a single-use endoscope specifically designed for Otology.
The market is witnessing launch of operating room-ready wireless endoscopes. For instance, in May 2020, ScoutCam, a developer of customized visual solutions integrated its wireless micro ScoutCam into medical endoscope devices.
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 adopting various marketing strategies to enhance their market share. For instance, in November 2019, Richard Wolf GmbH presented its product highlights for minimally invasive human medicine at MEDICA 2019.
Major players in the market are also focused on approval and launch of new products to expand their product portfolio. For instance, in January 2020, PENTAX Medical received the U.S. FDA 510(k) clearance for its IMAGINA Endoscopy System, an endoscopy platform for gastrointestinal (GI) procedures at ambulatory surgery centers.
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