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(Medical-NewsWire.com, March 11, 2022 ) The Endoscopy Equipment Market size is estimated to reach $41.2 billion by 2026, growing at a CAGR of 7.1% during the forecast period 2021-2026. Endoscopes are one of the most common medical imaging tools used in the medical world. However, unlike other imaging devices, endoscopes are inserted directly into the organ by a doctor or surgeon. One end of the Endoscope consists of a camera and light and the doctor is able to see the visual in real-time via a screen. Ultrasound endoscopes use sound waves instead of cameras to see detailed images of the bowel wall and nearby organs. Apart from imaging, these devices can also be used for placing endoscopic implants.
Moreover, biopsy forceps are used extensively for collecting tissue samples for diagnostic analysis. The increase in the popularity of low-cost disposable endoscopes is anticipated to drive the market during the forecast period. However, the shortage of skilled endoscope operators in some regions is projected to restrict the growth of the endoscopy equipment industry.
Endoscopy Equipment Market Segment Analysis – By Application
Based on Application, the Endoscopy Equipment Market is segmented into Urology Endoscopy, Gastrointestinal Endoscopy, Arthroscopy, Gynecology Endoscopy, Laparoscopy, ENT Endoscopy, and Others. Of these, the Gastrointestinal Endoscopy segment accounted for the largest share of the market in 2020. It is also anticipated to be the fastest-growing segment during the forecast period 2021-2026 at a CAGR of 7.5% owing to the global increase in age-related gastrointestinal disorders caused by a growth in the geriatric population. Gastrointestinal Endoscopy is used to diagnose diseases such as celiac disease, ulcers, gastroesophageal reflux disease, inflammation, gastritis, and various cancers. Apart from diagnosis, Gastrointestinal Endoscopy can also be used to treat bleeding from ulcers, dilate blocked structures, remove polyps, and place feeding and drainage tubes in the gastrointestinal tract. Furthermore, Gastrointestinal Endoscopy also plays a major role in some weight-loss surgical procedures.
Endoscopy Equipment Market Segment Analysis – By End User
The Endoscopy Equipment Market based on End User can be further segmented into Clinics, Hospitals, Ambulatory Surgery Centers, and Others. The Hospitals segment held the largest share of the market in 2020 owing to the growth in the popularity of endoscopic surgeries. The minimal invasiveness of endoscopic surgeries result in lowered surgery-related blood loss, reduced scarring, faster recovery, and less need for pain-relieving medication after surgery. Traditional surgical procedures require a longer time and cause much more trauma for the patient. This makes hospital endoscopic surgeries a more attractive option. Moreover, an increase in government funding towards healthcare in major developing regions is another key factor for the segment growth. However, the Ambulatory Surgery Centers are projected to grow the fastest with a CAGR of 7.6% during the forecast period owing to the low hospitalization time required after endoscopic surgery as the patient is usually discharged on the same day.
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Endoscopy Equipment Segment Analysis – By Geography
The Endoscopy Equipment Market based on Geography can be segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. The North American segment is projected to dominate the Endoscopy Equipment market during the forecast period 2021-2026 with a market share of 31% owing to the presence of highly developed healthcare infrastructure, adoption of advanced technologies, high patient awareness levels, and growing geriatric population in the region. Moreover, the surge in gastrointestinal and abdominal diseases, and high obesity rates in the region, are contributing to the growth. Procedures such as endoscopic sleeve gastroplasty is used to remove excess fat. The Asia Pacific region is predicted to grow the fastest during the forecast period owing to the increase in population and public investment in healthcare infrastructure.
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Endoscopy Equipment Market Drivers
Increase in Geriatric Population is Projected to Drive Market Growth
There were around 727 million persons over the age of 65 in 2020 and constituted 9.3% of the overall population. The geriatric population is predicted to reach 16% by 2050. US, Canada, Europe, India, and China are some regions where the geriatric population’s growth is anticipated to witness rapid surges during the forecast period. The risk of diseases and disorders such as ulcers, cancers, gastrointestinal blockages, polyp growth, increases with age. Endoscopy is preferred for diagnosing and treating such illnesses over traditional surgery as it is less invasive and relatively painless for the patient.
Rise in Obesity Rates and Bariatric Surgeries is Anticipated to Boost Product Demand
Owing to the growth in global disposable income and urbanization, more people are following a sedentary lifestyle. This is causing an increase in obesity rates, especially in developed regions such as North America and Europe. Around 36.2% of the US population is obese in 2021. This is causing the growth in the popularity of bariatric surgical procedures. Approximately 297,000 bariatric surgeries were performed in the US alone in 2020. This is driving the market for Endoscopy Equipment as doctors use it before and during the surgical procedure. Endoscopy is performed before bariatric surgery to check the gastrointestinal tract for any abnormalities, and laparoscopes are used during the surgical procedure.
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Endoscopy Equipment Market Challenges
The Increase in Risk of Infections from Endoscopy is Anticipated to Hamper Market Growth
The risk of infections and complications for the patient after endoscopy is a major challenge for the Endoscopy Equipment market. Even though most infections after endoscopy can be treated with antibiotics, several of the bacteria and viruses present in hospital environments are drug-resistant. This is projected to be a significant challenge for growth. However, this can be overcomed by the use of single-use disposable endoscopes. Endoscopy also poses the risk of perforation of the stomach or esophagus lining during the procedure leading to excessive internal bleeding.
Covid-19 Pandemic is Projected to Limit Growth Opportunities
The rapid spread of the Covid-19 virus and the increased cases of hospitalizations have led to hospitals rescheduling or canceling non-emergency endoscopy procedures for the safety of patients. This is anticipated to hamper growth as the demand for Endoscopy Equipment is diminished. For instance, in the UK, around 35,478 were performed weekly before the pandemic. However, this reduced to approximately 4,258 or only 12% of the pre-Covid-19 levels after the pandemic. With the emergence of new variants and fresh waves worldwide, the demand is projected to be significantly reduced during the forecast period.
Endoscopy Equipment Market Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Endoscopy Equipment Market. Top 10 companies in of the industry include:
• Boston Scientific Corporation
• Olympus Corporation
• Karl Storz
• Fujifilm Holdings Corporation
• Richard Wolf GmbH
• Stryker Corporation
• Cogentix Medical
• Pentax Medical
• Cantel Medical
• Ethicon Endo-Surgery LLC
Partnerships/Product Launches:
In April 2020, Olympus Corporation launched the EVIS X1 endoscopy system for the diagnosis and screening of disorders of the stomach, colon, and esophagus, as well as from bronchial diseases.
In January 2020, Pentax Medical Launched the IMAGINA Endoscopy System in The US market is ideal for gastrointestinal procedures in ambulatory surgical centers.
Key Takeaways
Geographically, the North American Endoscopy Equipment market accounted for the largest share in 2020 owing to an increase in the demand and popularity of minimally invasive surgical procedures.
An increase in age-related illnesses and cancer cases globally is anticipated to drive the market during the forecast period. However, the increase in cases of infections caused by endoscopic procedures is anticipated to challenge demand generation.
Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Endoscopy Equipment Market Report.
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Source: EmailWire.Com 
Source: EmailWire.com
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