Endoscopy Devices Market Regional Analysis:
North American Market Insights
The endoscopy devices market in North America is predicted to account for the largest share of 43% over the discussed timeframe. The improved availability and accessibility of associated procedures impels the region’s leadership. This is expected to create a huge demand for these devices. In addition, the patient population is continuously magnifying due to the presence of high-risk factors such as obesity, alcohol consumption, and sedentary lifestyles. For instance, in 2022, the estimated number of new and death cases of gastrointestinal cancer (GI) in the U.S. was 343,040 and 171,920, accounting for 18% and 28% of the total cancer incidence and mortality. These figures are further expected to rise by 9.8% & 11.5% and 27.9% & 21.9% for men & women in the country, respectively (American Journal of Gastroenterology).
According to a 2020 NLM study, the annual count of gastrointestinal endoscopies performed in the U.S. surpassed 75million and over 19million of them were colonoscopies. Other projections from the Gastrojournal concluded the nationwide annual expenditure on GI cancer management to reach USD 21billion by 2030. These figures indicate the heightening surge in the U.S. market, attracting global leaders to participate. On this note, in October 2023, Olympus Corporation initiated the commercialization of its EVIS X1 Endoscopy System in this country, as per the announcement in the annual meeting of the American College of Gastroenterology (ACG), held in Vancouver, Canada.
APAC Market Insights
The Asia Pacific endoscopy devices market is anticipated to be the second largest shareholder by exhibiting a notable CAGR during the forecast timeline. Recent developments and expansion in the healthcare industries from developing countries, such as Japan, China, and India, are driving the region’s propagation. Particularly, continuous funding from governments, foreign investors, and domestic pioneers to establish a strong and efficient network of medical infrastructure is contributing to its progress. For instance, by the end of 2023, foreign direct investments (FDI) in hospitals in India totaled USD 1.5 billion, accounting for 50% of the total healthcare FDI of the nation. This secure capital influx is further inspiring global pioneers to cultivate their channels of marketing in this landscape.
Japan is emerging as the hub of innovation for the market due to being home to several internationally recognized companies such as Fujifilm, Olympus Corporation, and PENTAX Medical. For instance, in January 2023, PENTAX Medical attained the CE mark for its new premium video processor and video endoscope series, INSPIRA and the i20c, supporting their commercial launch. The country’s enlarging medical device industry is also solid evidence of its technological leadership in this field. In this regard, the International Trade Administration reported that the domestic production of medical devices in this country was valued at USD 19.5 billion in 2022. It also calculated the size of this industry in Japan to surpass USD 40.1 billion in the same year.
