With increasing prevalence of chronic disorders across the globe and introduction of innovative treatment solutions for these disorders, endoscopy market is anticipated to witness tremendous growth over the coming years. Patients with severe chronic conditions are usually recommended to undergo endoscopic procedures as it helps the surgeons to look inside the body parts without performing major incisions. This has urged the industry players to develop advanced endoscopic devices facilitating improved visualization and navigation. For instance, Third Eye Panoramic system by Avantis Medical Systems provides up to a 330-degree view of the colon to the physicians which helps them in screening the folds and flexures of the colon.
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Endoscopic surgery techniques are also popular as they are minimally invasive which makes them highly preferred for treating patients with cancer in order to minimize the intensity of pain. Such factors are potentially elevating the demand for endoscopic devices. Given that, manufacturers are focusing on expanding their product capacity to effectively meet the growing consumer demand.
Citing an instance, in 2019, FUJIFILM Corporation announced its plans to build a “smart” manufacturing facility in the site of FUJIFILM Techno Products Co., Ltd. to develop advanced endoscopy products. According to the company, this facility will incorporate AI and IoT technologies to achieve high production efficiency. Reportedly, the company invested nearly USD 36 million for the construction, which will double its endoscope production capacity. Such initiatives are anticipated to enhance the industry growth over the foreseeable future.
According to Global Market Insights, Inc., endoscopy market size is expected to exceed USD 52.0 billion by 2027.
1) Robust demand for endoscopic ultrasound
The endoscopic ultrasound (EUS) market is projected to record a CAGR of 8.1% by 2027, The EUS segment was worth over USD 1,210 million in 2020 backed by enhanced technological advancements in endoscopic ultrasound devices. Innovative design of these devices and equipment has widened their usage as therapeutic and diagnostic tools lately.
Companies performing in this niche are forming new partnerships to strengthen their business presence. In 2020, HOYA Corporation along with Hitachi, Ltd., announced a five-year contract with respect to Endoscopic Ultrasound Systems in order to strengthen their technical collaboration and to ensure Hitachi’s continued supply of diagnostic ultrasound sensor related parts and ultrasound systems.
2) Increasing adoption in hospitals
The hospital end-user segment held a valuation of above USD 15,580 million in 2020 on account of better healthcare systems and easy availability of medical devices. There is a rising preference for endoscopic procedures among patients and physicians as well as growing private and government funding to expand hospital infrastructure. These aspects could boost the need for endoscopic devices.
3) Brazil emerging as a promising business avenue
The Brazil endoscopy market held a valuation of over USD 321 million in 2020. Robust technological developments and high number of people suffering from gastrointestinal illnesses has led to high supply and demand for endoscopic devices.
Additionally, an increased number of skilled healthcare professionals are driving a surge in the number of endoscopic procedures. As per reports, around 3,180 healthcare professionals have been authorized to perform endoscopies in Brazil, in 2018.
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Partial Chapter of the Table of Content
Chapter 2 Executive Summary
2.1 Endoscopy industry 3600 synopsis, 2016 - 2027
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Application trends
2.1.4 End-use trends
2.1.5 Regional Trends
Chapter 3 Endoscopy Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027
3.3 Industry impact forces
3.3.1 Growth drivers
184.108.40.206 Growing geriatric population globally
220.127.116.11 Innovative endoscopy devices for endoscopy in Europe and North America
18.104.22.168 Rising incidences of gastrointestinal disorders, cancer and other chronic conditions in Asia Pacific
22.214.171.124 Increasing demand for minimally invasive procedures
3.3.2 Industry pitfalls & challenges
126.96.36.199 Dearth of skilled physicians and endoscopists in developing countries
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By application
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Porter’s analysis
3.8 Competitive landscape, 2019
3.8.1 Competitive matrix analysis, 2019
3.9 PESTEL analysis