Endoscopy Devices Market Forecasted to Cross Valuation of $42.8 Billion by 2028

According to a recent report by Transparency Market Research, the global endoscopy devices market was valued at $31.8 billion in 2020 and is projected to expand at a CAGR of 3.8% from 2021 to 2028.
 
Endoscopy procedures are minimally invasive and provide various advantages over open surgeries such as reduced blood loss, reduced chances of infection, shorter hospital stay, and quick recovery. This has increased the adoption of endoscopy, especially in the field of oncology.
 
An endoscopy system comprises an endoscope, visualization system (which includes the camera, control unit, illumination devices, image processing devices, and display), and various specialized operative instruments (which include energy systems, internal closure devices, irrigation systems, and others). An endoscope that is rigid, finds applications in arthroscopy and laparoscopies and flexible endoscopes have applications in gastrointestinal, urology, and other systems where rigid endoscope may not reach. Modern endoscopes called videoscopes have a ‘chip-on-tip’, which deliver better image quality and are more durable.
 
Fiberoptic endoscopes are fragile and delicate, hence are damaged easily. This is a major driver of the videoscopes market and the technology is expected to replace fiberoptic and rod-lens systems in the near future. Consistent technological advances have added new products to the market and expanded boundaries of the endoscopy devices market. Capsule endoscopes and robot-assisted endoscopes have revolutionized the endoscopy market. The capsule shaped devices possess a built-in camera unit and wireless transmission system, which deliver high quality images to an external receiver, as these pass through the gastrointestinal tract. The device has made diagnosis of gastrointestinal tracts more efficient as the capsule is able to deliver images for intestinal areas where flexible endoscopes cannot reach.

Technological Innovations

Technological innovations in medical imaging devices have increased the scope of medical devices, and thereby the customer base. Robotic-assisted endoscopic procedures have created a paradigm shift in the endoscopic devices market. Moreover, a minimally invasive diagnostic and surgical procedure performed using the robotic technology offers benefits such as less blood loss, less scarring, reduced risk of infection, and faster return to your life. Hence, increased robotic-assisted endoscopic procedures are anticipated to boost the market growth.
 
The development of chromoendoscopy has added another dimension to the evolving endoscopy market. Three dimensional (3D) camera systems have improved the depth perception and reduced errors during surgery, which has decreased the overall surgery time.

Endoscopic Operative Devices Segment to Dominate the Market

In terms of device type, the global endoscopy devices market has been segmented into endoscope, endoscopic operative devices, and visualization systems. The endoscopic operative devices segment dominated the global endoscopy devices market in 2020 and the trend is projected to continue during the forecast period. The demand for minimally invasive surgery has increased in the past few years, owing to its advantages over open surgeries.
 
Endoscopy surgeries provide benefits to doctors as well as patients. Benefits for patients include lesser chances of infections, quick recovery, smaller surgery marks on body, and low cost; while benefits to doctors include reduced hospital stay and higher customer satisfaction. Operative endoscopy includes arthroscopy, laparoscopy, spinal endoscopies, and various other surgeries for sample biopsy, and cardiovascular surgeries.

North America to Dominate Global Market

North America dominated the global endoscopy devices market in terms share in 2020. The majority of the leading companies in the market are based in the U.S., and hence have a better understanding of the local market. Additionally, patients’ ability to afford expensive medical services has fueled the growth of the market in North America. Increases in incidences of cancer, an aging population, and a high rate of obesity are likely to propel the market in the region during the forecast period. A rise in obesity has increased the number of bariatric procedures performed in the U.S., a majority of which are carried out laparoscopically.

Competition Landscape

The global endoscopy devices market is fragmented in terms of number of players. Key players in the global market include Ethicon Endo-Surgery, Covidien plc, Olympus Corporation, Boston Scientific Corporation, Intuitive Surgical, Inc., Stryker Corporation, Richard Wolf, FUJIFILM Holdings Corporation, KARL STORZ GmbH & Co. KG, HOYA Corporation, B. Braun Melsungen AG, Arthrex, Inc., Cook Medical, Inc., and Smith & Nephew plc.