The endoscopes segment dominated the Endoscopy Equipment Market:
Endoscopes accounted for the largest share of the market in 2018, and this segment is also estimated to grow at the highest CAGR during the forecast period. The dominant market share and growth rate of this segment can be attributed primarily to the rising adoption of minimally invasive procedures, increasing technological advancements, and the use of disposable endoscopes.
GI endoscopy accounted for the largest share of the Endoscopy Equipment Market:
The GI endoscopy applications segment is expected to command the largest share of the market and grow at the highest CAGR during the forecast period. Rising geriatric population, improving healthcare infrastructure in developing countries, and an increasing number of colonoscopy procedures performed in developed countries, are some factors supporting the growth of this applications segment.
Hospitals accounted for the largest share of the Endoscopy Equipment Market:
The hospital segment is expected to register the highest CAGR during the forecast period. This can be attributed to increasing government and private funding and the growing preference among physicians and patients to perform endoscopic procedures in a hospital-based environment.
North America to Offer Business Expansion and Investment Opportunities in Endoscopy Equipment Market:
The large share of North America in the global endoscopy devices market is attributed to the favorable reimbursement scenario in the US, rising incidence of cancer, increasing investments by hospitals to purchase new endoscopic equipment, and increasing research activities to improve endoscopy and the implementation of a new funding model for Canadian hospitals.
The major players in this market include Olympus (Japan), KARL STORZ (Germany), Stryker (US), Boston Scientific (US), Ethicon (US), Fujifilm Corporation (Japan), Medtronic (Ireland), Hoya Corporation (Japan), Richard Wolf GmbH (Germany), Smith & Nephew (UK), Cook Medical (US), and B. Braun (Germany).
Recent Development In Global Endoscopy Equipment Market:
1. Olympus launched small intestine endoscopy system “PowerSpiral” in Europe and parts of Asia, including Hong Kong and India
2. Olympus launched ENF-VT3, the world’s first rhino-laryngo videoscope to incorporate 4-direction angulation capability.
3. KarlStroz launched 4 mm Endoscopic NIR/ICG Fluorescence Imaging System to enhance minimally invasive neurosurgery
The growth of this market is driven majorly by factors such as growing demand for endoscopy, growing investments, funds, and grants, rising number of hospitals and increasing hospital investments in endoscopy facilities, and technological advancements.