The Global Market for Endoscopy Systems is Projected to Reach US$38 Billion by 2024

Increasing Incidence of Gastrointestinal Diseases and Cancers Drives the Global Endoscopy Systems Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Endoscopy Systems market. The global market for Endoscopy Systems is projected to reach US$38 billion by 2024, driven by the minimally invasive nature of endoscopy, coupled with fewer post-operative complications, reduced hospital stay and faster recovery. Aging population, increasing incidence of cancer and GI diseases, growing access to improved healthcare, and the focus on early diagnosis are the other major growth drivers.

Gastrointestinal diseases and cancers are the major diseases that have been on the rise and that require endoscopy procedures, thus boosting their market growth. Increasing incidence and prevalence of GI conditions, such as gastro-esophageal reflux disease, oesophagitis, celiac disease, obscure gastrointestinal bleeding, Crohn's disease as well as colorectal cancer have enabled growth in general awareness and in turn surged screening for these diseases.  Growing preference by patients for minimally invasive surgeries, fewer post-operative complications, reduced hospital stay and faster recovery, represent the other major market driver for endoscopy systems. Development of innovative technologies further fuels the market. Key technology trends in the market include miniaturization of equipment, novel innovative spectroscopic and photonic multiband imaging methods, decreased diameter of endoscopes, more angles in the field of view, emergence of capsule endoscopy, and advanced visualization technology such as 3-D and high-definition (HD). Olympus, a leading gastrointestinal endoscope manufacturer, is a pioneer in employing high definition imaging in endoscopes and accounts for a major share of the global market.

Capsule endoscopy has witnessed tremendous popularity over the years. The area of gastroenterology is expected to benefit significantly from this technology, as it will enable doctors to identify abnormal growth and ulcers in the tract, in real-time, and also treat them. The timely diagnosis and also therapy facilitated by this technology, is expected to support its growth. Wireless disposable capsules are the largest, and also the most rapidly growing segment. As regards to target diseases, diseases of the colon would be the segment to grow at the fastest rate for capsule endoscopy through the analysis period. Small bowel capsules are witnessing increased demand, driven by the large number of people suffering from small-bowel disease.

As stated by the new market research report on Endoscopy Systems, the United States represents the largest market worldwide supported by technology innovation, aging society, favorable reimbursement policies, and rising prevalence of chronic lifestyle diseases. Developing countries in the Asia-Pacific region will emerge as lucrative markets for future growth driven by factors such as increasing healthcare expenditure, huge unmet medical needs, and increase in several disease conditions that require the use of endoscopes. Increased investments in the healthcare sector by the Indian government, and a significant rise in the prevalence of several chronic ailments in China are the other factors driving growth in Asia-Pacific.

Major players in the market include Boston Scientific Corporation, EndoChoice Inc., CONMED Corporation, Cook Medical Inc., Ethicon Endo-Surgery, Fujifilm Corporation, HOYA Corporation, Karl Storz GmbH & Co. KG, Medtronic Plc., Olympus Corporation, Richard Wolf Medical Instruments Corporation, and Stryker Corporation, among others.

The research report titled “Endoscopy Systems: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections in value (US$) for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America), and Rest of World. The market is also analyzed by the following product segments – Endoscopes, Visualization Equipment, and Others (Include Endoscopic Accessories, Mechanical and Electronic Endoscopic Instruments, and Operative Devices).

To connect with us, visit our LinkedIn page.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.