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(Medical-NewsWire.com, August 14, 2019 ) 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%. The growth of this market is driven by factors such as the growing demand for endoscopy, growing investments, funds, and grants, rising number of hospitals and increasing hospital investments in endoscopy facilities, and technological advancements. However, unfavorable healthcare reforms in the US and the high cost of endoscopy procedures & equipment and limited reimbursement in developing countries are expected to restrain the growth of this market.
The North America region is expected to witness the highest growth in the endoscopy equipment market during the forecast period. The favorable reimbursement scenario in the US, rising incidence of cancer, increasing investments by hospitals to purchase new endoscopic equipment, and growing research activities to improve endoscopy are driving the growth of the North American market.
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The endoscopy equipment market is well established owing to the dominance by prominent market players. In 2018, Olympus (Japan), KARL STORZ (Germany), and Stryker (US) were the key players operating in this market. Other prominent players in the market include Boston Scientific (US), Ethicon (US), Fujifilm Corporation (Japan), Medtronic (Ireland), Hoya Corporation (Japan), Smith & Nephew (UK), Richard Wolf GmbH (Germany), Cook Medical (US), B. Braun (Germany)
The Olympus Corporation dominated the endoscopy equipment market in 2018. In the field of endoscopy, the company offers endoscopes, visualization systems, other endoscopy equipment, and accessories. These products are provided under categories such as gastroscopes, colonoscopes, laparoscopes, bronchoscopes, hysteroscopes, mobilescopes, laryngoscopes, cystoscopies, ureteroscopes, telescopes, endoscopic ultrasound, sphincterotomy, energy devices, imaging systems, camera heads, capsule endoscope sets, insufflation units, and non-capital equipment, among others. The company has a widespread presence across the Americas, Africa, Western/Eastern Europe, the Middle East, Asia, and Oceania. The firm also aims to enter new markets by establishing training centers in China and elsewhere in Asia to increase the adoption of endoscopic procedures in rapidly growing emerging nations. Olympus commands the world’s highest market share in gastrointestinal endoscope operations.
KARL STORZ was one of the major players in the endoscopy equipment market. The company provides a wide range of products in this market, including endoscopes, visualization systems, electronic and mechanical equipment, and accessories for various endoscopy applications. The company has a strong geographic reach with over 50 subsidiaries in around 40 countries across Europe, the Americas, Africa, and Asia Pacific. In the past three years, the company has been focusing on expansion; it opened a new facility in Estonia (US) in 2016. The company also provides local-level services to its customers through its subsidiaries. KARL STORZ is also involved in combining its expertise in endoscopy with software solutions to facilitate procedures in operating rooms and support clinical process & resource management.
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