Endoscopy Devices Market Grows
The growing use of minimally invasive surgical procedures and new technology are among the factors fueling the growth of the global endoscopy devices market.
Research published in several industry reports predicts continued growth.
Research Beam’s report “Global Endoscopy Devices Market 2015-2022” estimates that the market is poised to reach $47.6 billion by 2022, growing at a CAGR (Compound Annual Growth Rate) of 5.90 percent from 2014 to 2022.
“Some of the key factors driving the market growth are rising preference for minimally invasive surgeries, technological advancements and aging population,” according to Research Beam. “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.”
Transparency Market Research, a global market intelligence company providing business information reports and services, also indicates new highs for the endoscopy devices market.
“The market was valued at $24.9 billion in 2012 and is further expected to reach an approximate value of $36.9 billion in 2019. The overall market is growing at a CAGR of 6.8 percent from 2013 to 2019,” according to Transparency Market Research. “In the past few years, the demand for endoscopy devices has increased tremendously due to the growing preference for minimally invasive surgeries and demand for cost-effective endoscopic procedures in terms of pre- and post-surgical operations.”
“The demand from this market has also increased due to the reduced chances of infection and blood loss as a result of noninvasive procedures and shorter stay at hospitals because of a quicker recovery. These factors are advantageous in the field of medicine, especially oncology. Hence, the adoption of endoscopy is increasing rapidly across major regions in the world,” according to Transparency Market Research.
BCC Research also indicates a robust growth of the endoscopy devices market over the next few years.
“Global market for endoscopy was totaled nearly $26.3 billion in 2012. Market is projected to reach nearly $27.7 billion in 2013, and this is anticipated to increase to $37.3 billion by 2018 at a compound annual growth rate of 6.2 percent,” according to BCC Research.
The research and Markets forecast through 2019 projects that the endoscopy market will eclipse $40 billion.
“The global endoscopy market is expected to reach approximately $43 billion by 2019 growing at around 7.0 percent CAGR from 2014 to 2019,” according to Research and Markets. “The major drivers for the market growth are aging population, increase in cancer, diabetes, and obesity patients along with a rise in patient’s preference for minimal invasive surgeries. Additionally, shorter stay in hospitals, speedy recovery, and reduced medical budget are expected to enhance the endoscopy market growth.”
Research and Markets foresees some challenges for the overall endoscopy market.
“However, the shortage of qualified endoscopic technicians, high cost of initial investment, contamination risk and patient safety of endoscopic procedures pose a threat for the market growth,” according to the report.
However, health care advances in developing countries are among factors that will promote market growth.
“Advancement in the field of endoscopic devices with accurate visibility, high-definition imaging and documentation, ease of handling and cleaning the devices and growing demand in emerging countries brings in more opportunities for the endoscopy market,” according to Research and Markets.
Some of the leading manufacturers in the global endoscopy market include Johnson and Johnson, Olympus Corp., Covidien plc, Boston Scientific Corp., Stryker Corp., Smith & Nephew and Karl Storz.