Endoscopy Device Market – Analysis And Forecast (2017-2025): Market Shares And Strategies Of Key Players
Robot-assisted endoscopic devices are expected to boost market growth in the future
Key players operating in the global endoscopic devices market include Artherx Inc., Boston Scientific Corporation, Conmed Corporation. Covidien has the largest market for capsule endoscopy due to the increased preference amongst physicians globally. Other vendors include Olympus Corporation, Ethicon, Karl Storz GmbH, Fujifilm Holding Corporation, and Richard Wolf GmbH.
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Endoscopy devices are minimally-invasive diagnostic medical devices used to assess the internal organs of the body. These devices are used to examine unusual symptoms and to perform surgery. Such as device comprises a flexible tube with an attached camera, which allows the doctor to view potential threats without a large incision. While, therapeutic endoscopy devices are modified with surgical instruments to carry out surgeries such as removal of kidney stones and fibroids. The procedure is associated with minimal post operation complications, thus making it the most preferred and pursued procedure in surgery and diagnostics. These devices include operative devices and visualization systems, which gives direct insight of the organs for efficient treatment, unlike other medical imaging devices.
Increasing prevalence of chronic diseases among the aging population to boost market growth
According to the World Health Organization in 2011, the world’s population aged 60 years and above will double from 11% in 2000 to 22% by 2050. Growing geriatric population, who are more prone to cancer, orthopedic, and ophthalmic gastrointestinal diseases, is expected to boost market growth. Also, endoscopy assures low-risk procedures and are easily covered by health insurance. Additionally, rising prevalence of diseases requiring endoscopy for diagnosis and treatment, rising geriatric population, technological advancements, increasing number of FDA approvals, and high number of reimbursement policies are other factors driving growth of the endoscopy devices market.
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Development of advanced 3D imaging providing depth perception is expected to boost market growth
Regional segmentation of the global endoscopy equipment market by Coherent Market Insights comprises North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. According to the World Journal of Gastrointestinal Endoscopy in 2016, 7 million people in the U.S. showed symptoms of Gastroesophageal Reflux Disorder (GERD), the number for which was expected to reach around 9 million by 2025. North America thus holds a dominant position in the global endoscopy equipment market with the increasing prevalence of diseases and increasing number of approved government grants. Europe is likely to witness surging demand as a result of rapidly aging population, increasing obese population, growing incidence of associated diseases, as well as advancements in technology pertaining to the devices. According to the Journal of Neurogastroenterology in 2011, the prevalence of endoscopic reflux esophagitis in East Asia accounted for 6% in 2005, which increased to 15% in 2015.
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