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. According to Global Market Insights, Inc., endoscopy market size is expected to exceed USD 52.0 billion by 2027.
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.
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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.
In terms of the product type, endoscopic ultrasound segment was valued at around USD 1,210 million in 2020 and is projected to witness a robust CAGR of 8.1% through 2027. This can be attributed to the significant technological advancements in endoscopic ultrasound (EUS) devices. Over the past few years, incorporation of advanced design in devices and equipment has evoked the utility of EUS as therapeutic and diagnostic tools which is fostering the segment growth.
Based on application bifurcation, GI endoscopy segment is estimated to register substantial gains over coming years owing to rising prevalence of gastrointestinal disorders. One such severe GI disorder is Gastrointestinal tumor which has emerged as one of the leading causes of deaths around the globe. Increasing awareness campaigns pertaining to the GI disorders is augmenting the demand of GI endoscopic treatments. For instance, the United European gastroenterology is involved in spreading awareness regarding GI disorders and promoting research initiatives for developing effective solutions for these disorders. The above-mentioned factors are positively influencing GI endoscopy segment growth. For the records, in 2020, the segment had secured a considerable market share by recording a valuation of over USD 6,910 million.
Based on end-use bifurcation, hospital segment had recorded a substantial valuation of over USD 15,580 million in 2020 and is expected to grow exponentially over coming years. The growth can be credited to increasing patient inclination toward hospitals for their endoscopic procedures as they offer enhanced healthcare services and sophisticated medical devices. Growing government and private funding and favorable reimbursement scenario has further increased the preference for hospitals among patients.
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In terms of regional outlook, Brazil endoscopy market is anticipated to observe an appreciable growth over the coming years. It had dominated the overall LATAM endoscopy industry by registering a valuation of more than USD 321 million in 2020. This is majorly due to ongoing technological advancements and increasing number of patients with gastrointestinal disorders which is fueling the demand for endoscopic devices in the country. Another important factor supporting the business space is significant rise in the number of domestic skilled healthcare professionals which has instigated the number of endoscopic procedures in the country. This is evident from a credible report, which mentions that in 2018, around 3,180 healthcare professionals in Brazil were authorized to perform endoscopic procedures increasing from nearly 2,630 in 2016.
Key players in the market are: B. Braun Melsungen AG, Boston Scientific, Conmed Corporation, Cook Medical LLC, Ethicon US, LLC, Fujifilm Corporation, Hoya Corporation, Karl Storz, Medtronic, Olympus Corporation, Richard Wolf GmbH, Smith & Nephew PLC, Stryker
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