Endoscopy Equipment : Emerging Innovations Estimates High Demand by 2024
The global endoscopy equipment market is projected to reach USD 35.2 billion by 2024 from an estimated USD 25.6 billion in 2019 at a CAGR of 6.6%. Growth in the endoscopy equipment market is driven by factors such as growing demand for endoscopy, growing investments, funds, and grants, rising number of hospitals and increasing hospital investments in endoscopy facilities, and technological advancements. However, product recalls, the dearth of trained physicians and endoscopists, and Infections caused by endoscopes are the significant challenges for the growth of this market during the forecast period.
The endoscopy equipment market is segmented based on product, application, end-user, and region. Based on the product, the market is segmented into endoscopes, visualization equipment, other endoscopy equipment, and accessories. The endoscopes segment is expected to account for the largest share of the global endoscopy equipment market and is expected to register the highest CAGR during the forecast period. The high growth in this segment can be primarily attributed to the rising adoption of minimally invasive procedures, increasing technological advancements, and the use of disposable endoscopes. The endoscopes market is further sub-segmented into rigid, flexible, and capsule endoscopes.
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Based on application, the global endoscopy equipment market is segmented into laparoscopy, gastrointestinal endoscopy, arthroscopy, obstetrics/gynecology endoscopy, urology, bronchoscopy, mediastinoscopy, ENT endoscopy, and other applications. The GI endoscopy applications segment is expected to grow at the highest rate during the forecast period. The large share of this segment can be attributed to the rising geriatric population, improving healthcare infrastructure in developing countries, and the increasing number of colonoscopy procedures performed in developed countries.
Based on end-users, the endoscopy equipment market is segmented into hospitals, ambulatory surgical centers (ASCs)/clinics, and other end users (diagnostic centers, mobile endoscopy facilities, and office endoscopy services). The hospital segment is estimated to grow at the highest rate during the forecast period. The highest growth rate of this segment can be attributed to increasing government and private funding and the growing preference among physicians and patients to perform endoscopic procedures in a hospital-based environment.
Geographically, North America accounted for the largest share of the market in 2018. The large share of North America in the global endoscopy equipment market is attributed to the favorable reimbursement scenario in the US, rising incidence of cancer, increasing investments by hospitals to purchase new endoscopic equipment, and increasing research activities to improve endoscopy.
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