The Endoscopes Market is expected to witness a strong In Upcoming Years. The ongoing trend speaks of digital transformation. In other words, it’s about the provision of digital solutions being tabled all across. The big thing is that the key stakeholders can’t afford to keep digital technology in a silo. Unification is the need of the hour so that anytime-anywhere access is possible. The enterprise is slated to move with the same mindset in the forecast period.
The endoscopes market is estimated to reach US$ 12.5 Bn in the year 2021.The endoscopes market is slated to witness a CAGR of 6.5% between 2021 and 2031.
Endoscopes are gaining significant demand for arthroscopy, bronchoscopy, colonoscopy, and cystoscopy procedures. The shift toward minimally-invasive surgeries compared to open surgeries is likely to increase demand for endoscopes. Key stakeholders are introducing capsule endoscopes, robot-assisted endoscopes, and disposable endoscopes to overcome few drawbacks of conventional endoscopes.
For instance, in July 2015, Medrobotics Corporation received FDA clearance for its Flex® Robotic System for sale in the United States. Also, international medical device manufactures are concentrating on entering the capsule and robot-assisted endoscopes market. For example, Medtronic now holds a leading market share in the capsule endoscopes market after its acquisition of Given Imaging Ltd.
The global endoscopes market was valued at US$ 11.8 Bn in 2019, and is expected to witness a CAGR of 6% during the forecast period (2020–2030).
Companies covered in Endoscopes Market Report
- Medtronic Plc.
- Olympus Corporation
- KARL STORZ SE & Co. KG
- Johnson & Johnson
- Fujifilm Holdings Corporation
- Richard Wolf GmbH
- Braun Melsungen Ag
- Stryker Corporation
- PENTAX Medical
- CONMED Corporation
- Boston Scientific Corporation
- Smith & Nephew PLC
Key Takeaways of Endoscopes Market Study
- Flexible endoscopes occupied nearly 60% of value share in the endoscopes market in 2019, owing to increasing adoption over rigid endoscopes. Flexible endoscopes provide better safety, greater efficacy, and better accessibility to internal organs as compared to rigid endoscopes.
- Gastrointestinal (GI) endoscopy accounted for the highest value share in the global endoscopes market, on the back of increasing annual gastrointestinal and colonoscopy procedures.
- Bronchoscopy registered the highest growth rate owing to rising number of respiratory disorders and introduction of new endoscopy products for bronchoscopy.
- Reusable endoscopes accounted for more than three-fourth of the value share in global endoscopes market. Moreover, the disposable segment registered a higher growth rate as compared to the reusable segment, with the growing demand for procedure-specific endoscopes and benefits of sterilization cost reduction.
- Hospitals hold a major share in the global endoscopes market, owing to large-scale adoption of endoscopic surgeries and favorable reimbursement policies for patients who visit hospitals as compared to outpatient centers.
- North America holds a prominent revenue share in the global endoscopes market, as a higher number of endoscopic surgeries as performed each year in the country.
“Growing gastrointestinal and colorectal cancer cases and higher acceptance of minimally-invasive procedures are likely to pace up market growth. Demand for endoscopes will continue to pick pace with the introduction of new technologies for accurate visualization,” says a PMR analyst.
COVID-19 Impact on Endoscopes Market
The COVID-19 outbreak is asserting players in the endoscope market to restructure their working methods to suit drastic market changes. With governments implementing strict norms on physical movements and emphasis on social distancing, production is being significantly affected. Furthermore, shortage of manpower and travel restrictions are disrupting the supply chain, thereby affecting the overall workflow of the market. However, endoscopes, being an essential commodity in the healthcare industry, are likely to overcome these shortcomings caused by the pandemic.
On the back of persistent demand for endoscopes from healthcare institutions to detect cardiovascular diseases – which continue to cause a significant number of deaths all over the globe – the endoscopes market is likely to mitigate heavy damage. On this premise, Cook Medical, a prominent endoscopes manufacturer, stated that, it’s keeping production running with the available workforce and ensuring that the supply of essential devices is unhindered.
Product Portfolio Expansion and Distribution Partnerships – Key Strategies of Leading Manufacturers
Endoscope manufacturers are focusing on product portfolio expansion through partnerships and new product launches. For instance, in May 2018, FUJIFILM Holdings Corporation launched the EB-530P Slim Video Bronchoscope and Radial Probe EBUS System (PB2020-M).
Moreover, manufacturers are moving toward distribution agreements and partnerships to expand their presence in the global market. For example, in June 2018, CapsoVision announced a U.S. distribution partnership with Pentax Medical for capsule endoscopy solutions – CapsoCam Plus and CapsoCloud – across the country.
More Valuable Insights on Endoscopes Market
Persistence Market Research offers a unique perspective and actionable insights on endoscopes in its latest study, presenting historical demand assessment of 2015–2019 and projections for 2020–2030, on the basis of product (rigid endoscopes, flexible endoscopes, capsule endoscopes, and robot-assisted endoscopes), application (gastrointestinal (GI) endoscopy, laparoscopy, arthroscopy, obstetrics/gynecology endoscopy, urology endoscopy (cystoscopy), ENT endoscopy, bronchoscopy, mediastinoscopy, and others), usability (reusable and disposable), and end user (hospitals, ambulatory surgery centers, and specialty clinics), across seven major regions.
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Endoscopes Market – Report Highlights
- A detailed overview of parent market of Endoscopes Market
- Changing Endoscopes Market dynamics in the industry
- In-depth segmentation of the Endoscopes Market
- Historical, current, and projected Endoscopes Market size regarding volume and value
- Recent industry trends and developments in Endoscopes Market
- Competitive landscape of the Endoscopes Market
- Strategies for key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on Endoscopes Market performance
- Must-have information for Endoscopes Market players to sustain and enhance their market footprint
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