Endoscopy Devices Market: Snapshot
Endoscopic devices are used in diagnostic and surgical procedures to have visual access inside the body. These medical devices are used for monitoring different systems of the body such as gastrointestinal, urological, ear nose and throat (ENT), cardiovascular, neurological, spine and others. Gastrointestinal track is frequently monitored by endoscopic procedures to diagnose various complications such as abdominal pain, dysphagia, bleeding in upper GI, abnormal growths, ulcers, inflammation of GI tract and other complications. The global market for endoscopy devices was valued at USD 24,904.4 million in 2012 and is expected to reach USD 36,897.0 million in 2019 at a CAGR of 6.8% from 2013 to 2019.
Quick recovery, no blood loss, and reduced hospital stay are important factors determining the success of endoscopy market. Various advances in endoscopy technology such as development of high definition (HD) and 3D visualization technologies, miniaturization of components, and wireless technology made diagnosis and surgeries even easier. Capsule endoscopy and robot assisted endoscopy procedures have further revolutionized the market for endoscopy devices. The endoscopy devices market also comprises of operative devices which are further categorized in energy systems, suction/irrigation systems, access devices, operative hand instruments and others while visualization systems include ultrasound devices, HD systems and standard definition (SD) systems. HD and SD systems being further segmented into 2D and 3D systems. Ethicon Endo-Surgery leads the global endoscopy devices market, followed by Covidien and Olympus respectively.
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Geographically, North America dominated the global endoscopic devices market owing to presence of well-equipped and better financed hospitals and healthcare institutions, well informed and trained healthcare professionals and increased use of modern tech instruments in diagnosis and treatment. In addition, ready acceptance of novel medical approaches such as robot assisted technologies coupled with increased healthcare expenditure further propels the scope and demand for endoscopic devices in this region. In Asia Pacific ongoing developments of medical imaging devices, increasing healthcare awareness and highest contribution towards burden of majority of the diseases, are expected to drive the growth of this market during the forecast period. On the other hand factors such as high cost of technology followed by lack of trained professionals might hamper the growth of endoscopic devices market worldwide.
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Olympus Corporation, Karl Storz Endoscopy, Boston Scientific Corporation, Cook Medical, Inc., Covidien PLC, Hoya Corporation, Richard Wolf GmbH, and Fujifilm Holdings Corporation are the leading global players in endoscopy devices market creating a tough competition on a global level. Given Imaging (now part of Covidien) and Intuitive Surgical, Inc. are pioneers and biggest contributor in capsule and robotic assisted endoscopic devices market respectively.
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