Global Endoscopy Equipment Market Driven by Growing Hospital Investment in Advanced Instruments
Posted on 26 Jan 2023
The global endoscopy equipment market is projected to register a CAGR of 7% from USD 28.9 billion in 2022 to USD 40.6 billion by 2027, driven by increasing demand for endoscopy to diagnose and treat target diseases, rising investments, funds, and grants by governments and other organizations across the world, and growing focus by hospitals on investing in technologically-advanced endoscopy instruments and expanding endoscopy units. These are the latest findings of Research and Markets, (Dublin, Ireland), a leading source for international market research reports.
The market growth will also be supported by continued advancements in endoscopic technologies to ensure patient safety and accuracy, higher requirement for endoscopy procedures due to increased chronic diseases and growing preference for minimally invasive surgeries. Other factors such as the adoption of single-use endoscopy instruments to prevent infectious diseases and increase safety, as well as greater focus by medical specialists on shifting from manual to automated endoscopy reprocessing will aid market growth. However, unfavorable healthcare reforms in the US, high overhead costs of endoscopy procedures with limited reimbursement in the developing countries, and increased risk of viral infections during endoscopic procedures could hamper market growth. Moreover, product recalls by major market players, and the shortage of trained physicians and endoscopists could also affect market growth.
Based on visualization systems, the wireless displays and monitors segment is expected to hold the largest share of the global endoscopy equipment market during the forecast period as several medical device manufacturers have commercialized 3D-compatible endoscopes. These devices have significantly enhanced surgical precision and gained attention as they provide extremely accurate three-dimensional images of the area being operated upon. Technological advancements in these devices are further expected to propel their demand over the coming years.
Based on application, the gastrointestinal endoscopy segment is expected to hold the largest share of the global endoscopy equipment market and also register the highest CAGR of 8.4% during the forecast period. This can be attributed to the sharp rise in the number of adults in the US undergoing colorectal cancer (CRC) screening, which is a major market for endoscopy products and is expected to sustain the growth of the gastrointestinal endoscopy segment. Colonoscopy is a widely used endoscopic procedure in the US and is considered to be the gold standard for colorectal cancer screening with about 15 million colonoscopies performed annually. Based on end user, the hospitals segment is expected to dominate the global endoscopy equipment market during the forecast period due to the growing healthcare sector in the emerging economies, rising out-of-pocket healthcare expenditure across the world, and growing demand for endoscopic procedures.
Geographically, North America is expected to dominate the global endoscopy equipment market during the forecast period due to the favorable reimbursement policies for endoscopic procedures in the US which records a high healthcare spending, rising incidence of cancer, continued R&D on endoscopy techniques, and a high number of FDA approvals for endoscopy systems in the US.
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