Market Analysis: Endoscopes
Despite some patient safety concerns and a spot on a list of technology hazards, endoscopes continue to be an important and valuable health care tool in the United States and throughout the world.
A report from Market Research Store forecasts continued growth for the endoscope market for at least the next five years.
“The global endoscopy devices market is estimated to be $30.1 billion in 2014 and is poised to reach $47.6 billion by 2022, growing at a CAGR of 5.90 percent from 2014 to 2022,” according to Market Research Store. “Some of the key factors driving the market growth are rising preference for minimally invasive surgeries, technological advancements and aging population. Whereas factors such as lack of skilled professionals and high investment costs for endoscopic equipment are restraining the market growth. Growing economic conditions, high income, developing health sectors and a large consumer base in emerging countries like India and China will drive the endoscopy device market opportunities.”
“By geography, the global endoscopy device market is segmented into North America, Europe, Asia Pacific and Rest of the World. The North America (segment) holds the largest share of the global endoscopy equipment market, followed by Europe and Asia,” Market Research Store reports.
Another report also predicts continued market growth.
“The global endoscopy devices market is a fast growing market with huge potential for growth due to rapid technological advancements and large sum of public and private investment in medical infrastructure and health care,” according to Occams Business Research. “The global endoscopy devices market was valued at $31 billion approximately in 2015, and it is estimated to cross the $47 billion mark by 2022 with a healthy CAGR of around 6 percent for the forecast period 2015-2022.”
BCC Research also projects continued growth for the endoscope market.
“The global endoscopy device market is expected to grow from $32.5 billion in 2015 to roughly $45.2 billion by 2020, with a compound annual growth rate (CAGR) of 6.8 percent for the period of 2015-2020,” according to BCC Research.
MarketsandMarkets is another research group that predicts growth for the endoscope market.
“This market is expected to reach $33.6 billion by 2020 from $23.8 billion in 2015, at a CAGR of 6.1 percent,” MarketsandMarkets reports.
An increase in the number of minimally invasive surgeries is among factors propelling the growth of the global endoscope market, according to MarketsandMarkets.
“Rising investments, funds, and grants by government bodies worldwide, rising number of hospitals and growing hospital investments in the expansion of endoscopy instruments, growing patient preference for minimally invasive surgeries, technological advancements, favorable reimbursement coverage in selected countries slated to propel the capsule endoscopy market, rising geriatric population, and rising prevalence of diseases that require endoscopy procedures are major factors driving the endoscopy equipment market,” according to the report.
Some major players in the endoscope market include Ethicon Inc., Olympus Corp., Fujifilm Holding Corp., Boston Scientific Corp., Pentax Medical Corp., Stryker Corp., KARL STORZ GmBH, Smith & Nephew plc, Medtronic plc, Richard Wolf GmBH, CONMED Corp. and Cook Medical Inc.