Dublin, Aug. 27, 2021 (GLOBE NEWSWIRE) -- The "Endoscopy Device Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The endoscopy devices market is projected to grow at a CAGR of 5.78% during the forecast period to reach US$16.754 billion by 2026 from US$11.309 billion in 2019. Endoscopy devices are used to visualize the interior organs and functioning of the body. Instruments used to undertake endoscopy include an endoscope, flexible tubes, visualization systems, and other supporting systems. The tube is passed through the mouth into the respective organ which needs to be visualized to locate problems. The prime reason driving the market growth for endoscopy devices is the rising prevalence of diseases around the world. Further, these devices are also used by doctors during surgeries for better operation and a clear view of the operating areas.
Rising health standards coupled with better healthcare infrastructure and technological advancement have made diagnosis better and easily available for early location of the disease and better treatment. Governments around the world are also investing heavily in the betterment of the healthcare sector which is expected to increase the market size of endoscope devices. However, the limited availability of skilled technicians and risk of spread of infection and diseases may constrain the market growth.
Gastrointestinal Diagnosis and surgery are the prime employers of endoscopy devices.
Based on application, gastrointestinal diagnosis and surgeries is the prime division of healthcare that employs endoscopy devices. These devices are effective in the location of symptoms and diagnosis. Hectic work life and complex lifestyle have severely affected a person's meal intake timings and cycles. Further, the rising consumption of frozen food and ready-to-eat meals has significantly impacted dietary intake and digestive systems. Disturbed meal cycles have resulted in a rise in gastric problems, especially among those who eat more of the frozen and ready-to-eat food. Rising cases of gastrointestinal problems will drive the segment demand for endoscopic devices by gastrointestinal medical line.
Further, surging cases of cardiovascular diseases will increase the market size for endoscopy device demand by the segment. A hectic lifestyle has created immense stress leading to a rise in cases of preventable cardiovascular disease. Cardiovascular-linked deaths are also on the rise raising concerns. Data from American Herat Association Heart Disease and Stroke Statistics 2021 report show that globally 18.6 million people lost their lives due to cardiovascular disease in 2019 while 523.2 million new cases were discovered. Deaths rose by 17.1% compared to the previous decade while cases rose by 26.6%. rising cases will significantly increase the demand for healthcare facilities and hence for endoscopy devices.
The surging aged population will increase the demand for endoscopy devices by the neuro and spinal sector of the healthcare industry.
Global demography changes have resulted in a rise in the proportion of the aged population with increasing cardiovascular, neuro, gastro. and spinal problems and diseases. This has significantly increased the demand for endoscopy devices for diagnosis and treatment.
Further, technological innovation has resulted in automation in the industry which has increased efficiency and safety standards. The introduction of robotic endoscopy machines has increased the success rate in diagnosis and treatment, simultaneously reducing the risk of infections. Moreover, rising investment in the construction of social, surgical, and nursing robots has increased the market scope. The government is also actively investing in the development of these robots for a better healthcare sector.
Rising government expenditure will increase market scope during the forecasted period.
A rise in government expenditure on the healthcare sector globally will significantly boost the market size of endoscopy devices. With infrastructure development in both, developing and developed nations, governments are increasing their expenditure on the healthcare sector for a better lifestyle and standard of living. The global healthcare expenditure (percentage of GDP) increased from 9.439% in 2012 to 9.849% in 2018 (Source: WHO). Further WHO report observes that the healthcare sector is growing at a faster rate than the global economy growth rate. Particularly in the middle-income countries, where the sector is growing 6.3% year-on-year, while the economy is growing at a 5.9% year-on-year rate. Development in the healthcare sector expands the market prospects for endoscopy devices for diagnosis and treatments.
The coronavirus pandemic increased the market size of endoscopy devices, positively impacting the industry. To contain the spread of the virus, the government boomed the healthcare sector with investment for better devices and technology for faster diagnosis, treatment, and recovery of the patients. The government of India increased healthcare expenditure from 1.5% of GDP in 2020-21 to 1.8% in 2021-22 Union budget. Similarly, the Russian government spends US$67 billion. China's government expenditure increased by 2.8% to US$3,790 billion in 2020. The surge in global expenditure on the healthcare sector and construction of new hospitals increased the market opportunities for endoscopy devices and will provide a stable market growth during the forecasted period.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Endoscopy Devises Market, by Type
5.3. Operating Devices
5.4. Visualization Systems
6. Endoscopy Devises Market, by Application
6.2. Gastrointestinal Surgeries
6.3. Urology/ Gynaecology Surgeries
6.4. ENT Surgeries
6.5. Cardiovascular Surgeries
6.6. Neuro/ Spinal Surgeries
7. Endoscopy Devises Market, by Usage
8. Endoscopy Devises Market, by Geography
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. Arthrex Inc.
10.2. Boston Scientific Corporation
10.3. Conmed Corporation
10.5. Olympus Corporation
10.7. Hoya Corporation
10.8. Karl Storz GmbH & Co.
10.9. Smith & Nephew
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