Increase in adoption of innovative endoscopy devices such as capsule endoscopes and robot-assisted endoscopy along with ultra-high-definition visualization systems is anticipated to boost the market growth in the coming years. According to a new report published by Allied Market Research, titled, “Endoscopy Devices Market by Product, Hygiene, Application, and End User: Opportunity Analysis and Industry Forecast, 2019–2027,” The global endoscopy devices market size was valued at $31.78 billion in 2019, and is projected to reach $43.82 billion by 2027, at a CAGR of 4.1% from 2019 to 2027.
Moreover, rise in prevalence of gastrointestinal, urological, gynecological, and respiratory disorders, which necessitates endoscopic procedures for diagnosis & treatment also propels the market growth. In addition, rise in adoption of endoscope and visualization systems in healthcare settings, coupled with technological advancements also aids growth of the endoscopy devices market.
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Impact Of Covid-19 On Endoscopy Devices Market (Pre And Post Analysis)
The COVID-19 pandemic has had a major global impact on endoscopic services. Furthermore, the infection is transmitted through contact and droplets. Therefore, healthcare providers of endoscopy are facing tremendous risk during the pandemic as the spread is mainly through direct contact or aerosol droplets, and endoscopy procedures require a short physical distance between patients and personnel. A report from Hong Kong, based on experience with SARS, showed that the risk of infection is 5% for physicians, 4% for nurses, and 8% for healthcare assistants. It emphasized the importance of practicing strict isolation, infection control measures, and adherence to use of personal protective equipment (PPE). All these factors are anticipated to impact the endoscopy devices market as well in the future.
Key Findings Of The Study
By product, the endoscope segment was the major revenue contributor in 2019, and is anticipated to continue this trend during the forecast period.
Depending on hygiene, the sterilization segment is expected to exhibit the highest CAGR with 5.3% during the forecast period.
By application, the gastrointestinal endoscopy segment was the largest revenue contributor in 2019, and expected to continue this trend from 2019 to 2027.
U.S. generated the highest revenue in the global endoscopy devices market in 2019, accounting more than one-third of the global market in 2019.
Asia-Pacific is anticipated to grow at a highest CAGR during the forecast period.
Key Market Segments
Major players operating in the endoscopy devices market include HOYA Corporation, Olympus Corporation, Stryker Corporation, Boston Scientific Corporation, Fujifilm Holdings Corporation, CONMED Corporation, Medtronic Plc, Karl Storz GmbH & Co. KG, Smith & Nephew, Plc, Johnson & Johnson, and Medrobotics Corporation.
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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