Endoscopy Devices Market Growth at CAGR of 6.80%, 2018-2023 - Latest Challenges and Trends
Added: (Wed Dec 05 2018)
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Endoscopy Devices Market Overview
Endoscopy is a technology that has altered the viewpoint of identifying diseases and the way surgeries were achieved previously and are receiving attention across the world. Endoscopy consists of methods which are cost-effective ensuing in fewer complications post-surgery and negligible scars in the body. These surgeries also decrease the length of stay of the patient at the hospital. Devices such as endoscopes, visualization systems, and operative devices give direct insight inspection of the organs, unlike other medical imaging tools.
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The growth of the Global Endoscopy Devices Market is mainly driven by factors such as growing number of hospitals, increasing investments, and grants by administration bodies worldwide. In addition, growing patient predilection for minimally invasive operations, technological advancements, favorable reimbursement coverage in selected countries, growing geriatric population are some of the other important factors contributing towards the market growth. However, lack of skilled operators and diseases acquired from unsterilized endoscopes are hindering the growth of the market.
Endoscopy Devices Market Forecast Report (2018-2023)
Endoscopy Devices Market was worth USD 30.69 billion in 2018 and estimated to be growing at a CAGR of 6.80%, to reach USD 42.64 billion by 2023.
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Endoscopy Devices Market Segmentation
The Global Endoscopy Devices market is segmented based on product and application. The market for Endoscopy Devices, on the basis of product, is segmented into Endoscopes, Visualization Systems, other endoscopy Equipment, and Accessories. Endoscopes are further segmented into flexible, rigid, and capsule endoscopes. On the basis of Application, the global Endoscopy Devices market is segmented into Laparoscopy, Bronchoscopy, and GI Endoscopy. The endoscopes segment accounts for the largest share of the market in 2018. This is attributed to the invention of technologically innovative endoscopes by manufacturers and increased public awareness.
The market has also been geographically segmented into North America, Europe, Asia-Pacific and the Rest of the World. Currently, North America leads the global Endoscopy Devices market with nearly half of the share followed by Europe. However, The Asia-Pacific region is projected to grow at the highest CAGR during the forecast period due to reasons such as an increase in demand for less invasive surgeries.
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The major companies dominating this market for its products and services are
• Stryker Corporation,
• Karl Storz GmbH,
• Boston Scientific Inc.,
• Olympus Corporation,
• Covidien Plc,
• Smith and Nephew Inc.,
• Fujifilm Holding Corporation.
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