The global endoscopy devices market is growing significantly due to widening application of endoscopes, increasing popularity of minimally invasive surgery and technological advancement in the industry. The need of minimally invasive procedure is considerably increasing in the market, owing to decreased risk of blood loss and infection during the surgery, smaller scar on the body, cost saving, shorter stay in hospital and faster recovery.
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Massive unexplored market in endoscopy devices industry of developing economies are creating abundant opportunities for the endoscopy devices market to grow at a considerable rate during the forecasted years. The advanced research and development facilities and inventive product developments by the companies are impelling the growth of the endoscopy devices industry. Endoscopes are proficient devices to provide close examination of internal body organs and structures, and treat diseases. It is used for monitoring different systems of the body such as ear, nose and throat (ENT), spine, gastrointestinal, neurological, urological and others.
The endoscopy devices market is categorized on the basis of product and application. On the basis of products, the market can be categorized as endoscopes, visualization equipment and others. The various types of endoscopes include rigid endoscopes, robot assisted endoscopes, flexible endoscopes and capsule endoscopes; whereas, visualization equipment includes endoscopic ultrasound devices, standard definition visualization systems and high definition visualization systems. On the basis of application, the endoscopy devices market can be segmented as arthroscopy, laparoscopy, otoscopy, gastrointestinal endoscopy, bronchoscopy, laryngoscopy, arthroscopy, urology endoscopy, mediastinoscopy, and others.
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Some of the factors driving the growth of the global endoscopy devices market are increasing inclination towards minimally invasive surgeries, increasing geriatric population, increasing demand for cost-effective procedure, and increasing prevalence of diseases requiring minimally invasive surgery. In addition, increasing healthcare spending, refining healthcare infrastructure, increasing healthcare awareness, and technological advancement in endoscopy instruments are the other factors fueling the growth of the global endoscopy devices market. However, high cost of endoscopic procedure, and lack of trained professionals are some of the factors restraining the growth of the endoscopy devices market to some extent. Further, safety concerns associated with reused endoscopes is also inhibiting the growth of the global endoscopy devices market.
Geographically, North America will be leading the global endoscopy devices market in the coming years, due to presence of well-resourced and highly funded hospitals and healthcare institutes, and growing geriatric population. In addition, increased use of technologically advanced instruments for treating and diagnosis of disease also drives the growth of the market in North America. Asia-Pacific is the fastest growing region in the global endoscopy devices market. The major reasons for the fastest growth of endoscopy devices market in the region are increasing healthcare expenditure, huge pool of patients, increasing government support, and increasing demand for endoscopic surgeries in the region. Moreover, the endoscopy devices market is growing due to increasing awareness of minimally invasive surgeries, and establishment of training centers for endoscopy in the emerging countries, such as India and China, of Asia-Pacific region.
Some of the companies operating in the global endoscopy devices market are Johnson & Johnson, Karl Storz Gmbh & Co. Kg, Accellent, Inc., Medivators, Inc., Richard Wolf Gmbh, Stryker Corporation, Boston Scientific Corporation, Cook Medical Incorporated, Welch Allyn, Inc., Hoya Corporation, Aesculap, Inc., Olympus Corporation, Smith & Nephew, Applied Medical, and ConMed Corporation.
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