Introduction to Endoscopic Device
An endoscopy is the procedure where physicians or surgeons can look through interior parts of the organs. This technique is used for diagnostic and therapeutic purposes. Endoscopy is carried out to study abdominal pain, digestive tract bleeding, ulcers, abnormal growths in the colon and other gastrointestinal & abdominal conditions. Minimal insensitivity of this procedure along with few post operation complications makes it one of the most favored procedures in diagnostics and surgery.
To perform endoscopy, a specific instrument is used known as endoscope. Type and adoption of endoscope depends upon the body organ affected such as bronchoscope is used for lung related problem, neuroendoscopy is used for diagnosing brain and veins related problems, arthroscopes are used for problems related to joints and many others. Other instruments used in endoscopy are biopsy forceps, trocar sleeves, cytology brush etc. For therapeutic purposes, the endoscopes are attached or passed through surgical instruments to perform a particular surgery. Endoscopic surgery is a type of surgery in which an endoscope is inserted in the body through small incisions in order to examine the internal organs.
Market Size and Forecast
An increase in the geriatric population, rise in the prevalence of diseases that require endoscopy for treatment and diagnosis, and increase in the preference of minimal invasive surgeries are the key trends boosting the market growth. Minimal invasive surgeries result in few traumas to patients and quicker recovery than open invasive surgeries and have usage in various medical procedures such as cystoscopy, laparoscopy, bronchoscopy and many more. Growth in inclination towards minimal invasive surgeries is anticipated to accelerate the growth of the market.
The global next level endoscopic device market was valued at USD 26.3 Billion in 2018 and is estimated to surpass USD 42.4 Billion by 2027. The market is anticipated to record a CAGR of around 6.23% over the forecast period i.e. 2019-2027. The market is segmented by type, application & end users. The market is segmented by type into endoscopes (flexible, rigid, capsule, disposable, robot assisted), mechanical endoscopy equipment, visualization systems & others out of which, the disposable endoscopes segment is anticipated to have significant growth on account of increase in the risk of infections using conventional endoscopes, advancements in technology and government initiatives, for instance, Development of a Disposable Use Endoscopy Tool (DUET), project which is funded by EU, aims at the development of disposable scopes which helps in reducing the risk of infections. CLICK TO DOWNLOAD FREE SAMPLE
The market is further segmented by application into gastrointestinal endoscopy, laparoscopy, bronchoscopy, neuroendoscopy, arthroscopy and others out of which, urology endoscopy segment is anticipated to have significant growth owing to increase in the risk of urinary disorders and increasing number of cancer patients in the segment. According to the report by American Cancer Society published in 2018, about 75,000 people are diagnosed with bladder cancer every year in the U.S. Furthermore, advancements in endoscopic techniques such as robot-assisted endoscopes and disposable products in the field of urology have contributed to the growth of the segment.
On the basis of end users, the market is segmented into hospitals, clinics and others out of which hospitals segment developed as the largest segment in the market. The number of surgeries carried out in hospitals is comparatively more than other health systems. Hence, the demand for endoscopes is higher in hospitals.
Increasing Prevalence of Cancer
The prevalence of cancer is increasing vastly. According to WHO, the number of cancer cases in 2012 were 14.1 million and is anticipated to increase to 22 million till 2034 in the U.S. Procedures of Endoscopy such as laparoscopy, colonoscopy, urology endoscopy, are used to diagnose cancer. This factor is expected to drive the growth of the global next level endoscopic device market during the forecast period.
Rising Geriatric Population
The old age population is more sensitive to diseases such as gastrointestinal problems, orthopedic diseases, ophthalmic diseases and many more. Endoscopes are used to diagnose such diseases among the geriatric population and is expected to drive the growth of the market.
The cost of endoscopic surgeries is very high, and a large number of populations would not be able to afford the diagnosis through endoscopy. This factor is expected to hinder the growth of the market during the forecast period.
Lack of Skilled Professionals
Endoscopic devices are highly specialized & technical and person operating must require proper expertise and understanding of the operations of the device. Moreover, there is a lack of appropriate infrastructure for the setup of such devices. This factor is expected to hamper the growth of the global next level endoscopic device market during the forecast period.
Our-in depth analysis of the global next level endoscopic device market includes the following segments:
By End Users
On the basis of regional analysis, the global next level endoscopic device market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America region is anticipated to have leading shares in the global next level endoscopic device market during the forecast period on account of presence of proper healthcare infrastructure, high awareness about endoscopic procedures and favorable reimbursement policies. Europe region is accounted to be the second largest region in terms of revenue owing to high expenditure on healthcare facilities by the governments of the countries in this region, high disposable income, followed by Latin America, Asia Pacific and Middle East & Africa region respectively. Asia Pacific region is estimated to have significant growth on account of increase in the number of patients suffering from chronic diseases, rise in government initiatives for enhancement in healthcare facilities in the countries of the region and rise in the demand for minimal invasive surgeries.
The global next level endoscopic device market is further classified on the basis of region as follows:
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