Endoscopy Devices Global Market estimated to be worth of $39.4 billion by 2028
Endoscopy is a minimally invasive or non-invasive medical procedure that uses specialized devices like the illuminated endoscopes, other endoscopy enabling instruments, and even several surgical tools for the detailed visualization of the deeper, and difficult to access internal organs for an exhaustive assessment, accurate diagnosis, and precise treatment of the highly prevalent chronic diseases. Incredible technological advancements of endoscopy products have led to the gradual transformation of tedious, passive observation practice of the past to the current user-friendly, efficient, and safer pro-active process of observing the morphological changes or anomalies from various perspectives, and treating them explicitly.
According to IQ4I analysis, the endoscopy devices global market is expected to reach $39,475.6 million growing at a high single digit CAGR from 2021 to 2028. Persistently elevating prevalence, and incidence of chronic diseases across the globe, and the need for early diagnostic, and therapeutic interventions, escalating inclination of patients towards the minimally invasive therapeutic procedures, gradual transition of endoscopy devices market towards single-use endoscopes, the emergence of technologically advanced endoscopy products, the trend of acquisitions, and collaborations in the endoscopy device industry, and the increasing awareness, and adoption of the highly beneficial endoscopic procedures across the emerging nations are some of the factors that are propelling the endoscopy devices market expansion. Factors like the exorbitant price of endoscopy devices, and the endoscopy procedures, lack of skilled professionals or technicians to handle the sophisticated endoscopy devices or perform the endoscopy procedures, increasing concerns about the adverse effects associated with endoscopy procedures, limited reimbursement facilities, and the threat of non-invasive diagnostic, and therapeutic procedures are hampering the market growth.
Based on the type of endoscopy products, the market is segmented into endoscopes, endoscopic instruments, and endoscopic accessories. Among these, the Endoscopic Instruments is the largest segment in 2021 and is expected to grow at a mid single digit CAGR from 2021 to 2028 due to the increasing popularity of image-guided endoscopic surveillance, diagnostic, and therapeutic procedures and the necessity of the various endoscopy instruments to ensure the efficiency, safety, and completeness of an endoscopy procedure, and for the delivery of superior endoscopic procedures. Endoscopes segment is the fastest emerging segment growing at a high single digit CAGR from 2021 to 2028 due to the escalating demand for timely, and precise minimally invasive or non-invasive diagnostic, and therapeutic procedures from the large chronic disease patient pool across the globe and increasing research activities for the development of advanced, and innovative endoscopy systems with enhanced disease characterization, and treatment capabilities.
The global endoscopy devices market based on applications has been classified into Arthroscopy, Pulmonary endoscopy, Laparoscopy, ENT endoscopy, Gastrointestinal endoscopy, Gynecology or obstetrics endoscopy, Neuroendoscopy, Urological endoscopy, and other Endoscopic applications consisting of cardiopulmonary endoscopy, dental endoscopy, ophthalmology endoscopy, and breast endoscopy. Among these, the Gastrointestinal endoscopy segment occupied the largest market share in 2021, and is expected to grow at a mid single digit CAGR from 2021 to 2028 due to the potential of gastrointestinal endoscopy to provide accurate diagnostic, and therapeutic solutions for the diseases of the digestive tract and increasing popularity of endoscopic surveillance as a preventive strategy for gastrointestinal cancer-associated morbidity. The laparoscopy segment is the fastest emerging segment growing at a double digit CAGR from 2021 to 2028 due to the increasing popularity of the minimally invasive therapeutic procedures like laparoscopic hernia repair, bariatric surgery, appendectomy, cholecystectomy across the globe, the ever-expanding therapeutic application spectrum of laparoscopic procedures, and the increasing research, and development activities leading to the emergence of numerous technologically advanced, patient-friendly, cosmetically advantageous laparoscopic procedures.
Based on the end-users, the endoscopy devices global market has been segmented into Hospitals, Endoscopy Ambulatory surgery centers (EASCs), Endoscopy Diagnostic Centers, and others consisting of Academic or Research Institutes, and Office based Endoscopy (OBE) suites. Among the various end-users, the Hospitals segment is the largest, and fastest emerging end-user in 2021, and is expected to grow at a high single digit CAGR from 2021 to 2028 due to the increased utilization of advanced endoscopy products in these clinical settings, the presence of a large number of sophisticated hospitals in the developed nations, and the constantly increasing number of hospitals with advanced infrastructural facilities in the developing nations and availability of reimbursement facilities for both the in-patient, and out-patient endoscopy procedures performed in the hospitals.
The endoscopy devices global market is divided into four major geographies namely, North America, Europe, Asia Pacific (APAC), and the Rest of the World (ROW). Among these, North America occupied the largest share in the 2021 endoscopy devices global market, and is expected to grow at a mid single digit CAGR from 2021 to 2028. The increasing inclination, and adoption of technologically advanced diagnostic procedures, and minimally invasive therapeutic procedures by the large patient pool of the region, availability of well-developed healthcare infrastructural facilities in the region, presence of several major endoscopy device companies in the region, and their increasing R&D investments in the region for the development of innovative, efficient, and safer endoscopy products are some of the factors that are propelling the endoscopy devices market growth in the region. Asia-Pacific region is the fastest emerging region growing at a high single digit CAGR from 2021 to 2028. Increasing awareness, and demand for technologically advanced diagnostic procedures, and minimally invasive therapeutic procedures by the large patient base of the region, developing healthcare infrastructural facilities in the region, medical tourism prospects of some of the countries in the region, presence of several major endoscopy device companies in the region, and their increasing R&D investments for the development of innovative, efficient, and safer endoscopy products are some of the factors that are boosting the endoscopy devices market in the region.
The rapidly growing space of the endoscopy devices market is substantiated by the ever-expanding patent portfolio of endoscopy device companies, the increasing number of FDA, and CE certified endoscopy products, and an increasing number of clinical trials for evaluating the efficacy, and safety of novel endoscopy products. Olympus, Fujifilm Holdings, Hoya Corporation, Boston Scientific are perpetuating their leading positions in the endoscopy devices market due to their strong patent portfolio that enables them to offer unique or differentiated endoscopy products, and survive the competition from new entrants. According to IQ4I analysis, during the period January 2020 to September 2021, around 23 endoscopy devices had received regulatory clearance from these highly prestigious regulatory authorities of the U.S. and Europe. The huge number of clinical trials mostly in Phase 2 (31.7% of the total trials) followed by Phase 1 (29.3%), Phase 3 (14.6%), Phase 1/2 (9.8%), Phase 2/3, and Early Phase 1 (7.3%) evaluating the feasibility of advanced GI Endoscopy, Pulmonary Endoscopy, ENT endoscopy, Urological endoscopy, Arthroscopy, and Laparoscopy techniques for diagnosing, and treating gastric cancer, Barrett's Esophagus, Rectal Cancer, Lung Cancer, Right-sided Colon Adenoma, Nasal Cavity adenocarcinoma, and other diseases suggests the growing interest of medical device companies in the development of innovative endoscopy products to enhance the diagnostic, therapeutic, and economical value of their innovative or incrementally innovated endoscopy devices.
According to IQ4I analysis, the Single-use endoscopes global market is expected of growing at an exponential CAGR from 2021 to 2028 due to the potential of single-use endoscopes to eradicate the risk of endoscope associated infections (EAI) associated with inefficient reprocessing, increasing focus of healthcare facilities, and organizations across the globe to prevent the spread of transmission of infections triggered by the recent COVID-19 pandemic. As per the estimates of IQ4I, the refurbished endoscopes global market is expected to grow at a low single digit CAGR from 2021 to 2028 due to the increasing popularity of refurbished endoscopy devices as the perfect solution to the cost containment strategies of healthcare facilities across the globe, especially for the new healthcare facilities. The Automated Endoscope Reprocessors (AERs) global market is expected to grow at a mid single digit CAGR during the forecasted period due to the increasing concerns about endoscopy associated infections (EAI) especially with the thermolabile flexible endoscopes around the world, and the potential of AERs to efficiently reduce the time-consuming, tedious, and often inefficient manual reprocessing process, and to standardize, and automate the various important reprocessing steps and increase the productivity of the healthcare facility.
To analyze the actual endoscopy devices market trend, IQ4I has estimated the current endoscopy procedure volume, an indicator of the adoption rate of the procedure, for some of the application areas, and has forecasted the procedural volume up to 2028. As per our estimations, the total number of global arthroscopy procedures, gastrointestinal endoscopy procedures, laparoscopy procedures and colonoscopy procedures are expected to grow at a double digit CAGR from 2021 to 2028.
Technological advancements are rapidly revolutionizing the endoscopy devices industry with various innovative and value-based, patient-friendly devices emerging in the market frequently. Various advanced technology products like disposable or single-use endoscopes, the highly comfortable, non-invasive, wireless capsule endoscopy technology, Artificial Intelligence (AI) powered endoscopy systems, partially autonomous Robotic-assisted endoscopes, advanced macroscopic and microscopic imaging technologies and endoscopic ultrasound (EUS) systems have all become increasingly popular currently. Development of therapeutic capsule endoscopes with controlled or active locomotion capabilities, molecular endoscopic imaging (MEI) technique, miniaturized endoscopes, 3D endoscopes, the scar-less Natural orifice transluminal endoscopic surgery (NOTES), and lesser invasive, and cosmetically advantageous Laparoendoscopic Single Site (LESS) Surgery are expected to drive the endoscopy devices market in the coming years. Thus the current technological advancements and upcoming technologies that help in overcoming the limitations of the present endoscopy product innovations will help in reversing the scattered adoption, and implementation rate of the highly efficient endoscopy procedures.
To increase their market reach by bringing innovative, and differentiated products to the market, and to stay abreast in the patient-driven market with smart, and superior medical devices, the endoscopy device companies are constantly striving for the approval of their innovative endoscopy products, and launch of these approved products in the highly remunerative markets. For instance, in August 2021, Boston Scientifics’ EXALT Model B Single-Use Bronchoscope designed for use in bedside procedures within the intensive care unit (ICU), and operating room (OR) had received FDA 510(k) clearance while the device had received CE mark in May 2021. In August 2021, Fujifilm launched its Advanced Image Enhancement Technology Upgrade for ELUXEO Endoscopic Imaging System, ELUXEO 7000X System that enables real-time visualization of hemoglobin oxygen saturation (StO2) levels in tissue during laparoscopic, and/or endoluminal procedures.
Acquisition as a strategy has also been adopted by the endoscopy device companies to conquer new high growth potential markets like therapeutic endoscopy, and highly remunerative regional markets, and thereby enhance their market share in these highly lucrative markets with an increased on-ground presence or domestic player support. For instance, in September 2021, Boston Scientific acquired the global surgical business of Lumenis LTD. to accelerate the delivery of its robust kidney stone management offerings, and expand its footprint across Europe, and Asia.
To rapidly globalize their endoscopy device innovations without making huge capital investments, smaller companies have adopted the strategy of entering into distribution agreements with well-established global players having strong and large distribution networks. Ireland-based Cosmo Pharmaceuticals, U.S. based CapsoVision, Inc., China based Hunan Vathin Medical Instruments Co., Ltd. have all entered into distribution agreements with some of the major players of the endoscopy devices global market.
More than half of the endoscopy devices global market is occupied by the top six players, and the remaining share of the market is occupied by other players. The top players in the endoscopy devices global market are Olympus Corporation (Japan), Boston Scientific Corporation (U.S.), Stryker Corporation (U.S.), Karl Storz SE & Co KG (Germany), Johnson, & Johnson (U.S.), Medtronic PLC (Ireland), Arthrex Inc. (U.S.), B. Braun Melsungen AG (Germany), Fujifilm Holdings Corporation (Japan), Hoya Corporation (Japan), and others.