Overview

Endoscopy Equipment and Software Market is estimated to value over USD 37.8 billion by 2027 end with a CAGR of over 6.4% during the forecast period 2020 to 2027.

Rising insistence for endoscopic procedures, increased funds and grants for research and development in endoscopy software, increased adoption of endoscopy equipment in hospital settings, advancements in technology are some of the crucial factors contributing to the growth of the market. According to the data provided by the Gastroenterology, 2019, over 10 million colonoscopies, over 6 million upper endoscopies, over 310,000 flexible sigmoidoscopies are performed every year in the United States. Furthermore, endoscopy is increasingly being used for treating multiple disorders like orthopedic disorders, cancer, gastroesophageal reflux disorders and neurological disorders. As per the report provide by the Cancer Research, UK, over 15 million cases of cancer were registered worldwide in 2017 and this number is predicted to reach over 25 million by 2040, i.e. a rise of over 60%. Furthermore, as per the report published by the Lancet Commission on Global Surgery, over 75% of cancer patients require surgery. Such factors shall contribute to the growth of the market.
Conversely, unfavourable reimbursement facilities in the United States, high expense of endoscopy equipment along with limited or no reimbursement in underdeveloped and developing nations are some factors restraining the endoscopy equipment and software market growth. Furthermore, the increased inclination of patients to Ayurveda medicines shall possibly impede the market growth. Furthermore, the healthcare professionals needed to be trained for maintaining and handling the endoscopic equipment effectively, but a lack of these professionals has impeded the market growth significantly.

Endoscopy Equipment and Software Market

Market Segmentation:

By Product
•   Endoscope
•   Visualization Systems
•   Software
•   Electronic
•   Mechanical
•   Accessories
By Application
•   Diagnostic
•   Surgery
By End User
•   Hospitals
•   Ambulatory Care Centre
•   Diagnostic Centre
By Region
•   North America
•   Europe
•   Asia-Pacific
•   Latin America
•   Middle East and Africa

The market is fragmented into product, application, end user and region. The product segment is divided into endoscope, visualization systems, software, electronic, mechanical and accessories. The endoscopes are predicted to hold the endoscopy equipment and software market share owing to benefits like low cost, ease in the implementation of procedure, real-time monitoring, low risk than conventional surgeries and the flexible nature of the procedure. Furthermore, increased priority of surgical procedures that are minimally invasive and the rising usage of single use endoscopes has assisted in the proliferation of the market.
The application segment is classified into diagnostic and surgery. The diagnostic segment is anticipated to lead the market, and this can be credited to a rise in the geriatric population with the increasing prevalence of disease, improvements in the healthcare infrastructure in underdeveloped and developing nations. The end user segment is bifurcated into hospitals, ambulatory care and diagnostic centre. The hospital segment is anticipated to dominate the market due to the increased initiatives by the governments of the emerging nations in developing an appropriate infrastructure for healthcare.

Regional Analysis:

The North America region is expected to dominate the market owing to an increased adoption of endoscopes in hospitals, increased occurrence of cancer, improvements in the reimbursement policies in the region, increased investments for research and development of endoscopic software and devices.

Competitive Landscape:

Some of the prominent market players are Olympus, KARL STORZ, Stryker, Boston Scientific, Ethicon, Fujifilm Corporation, Medtronic, Hoya Corporation, Richard Wolf GmbH, Smith & Nephew, Cook Medical, Cogentix Medical, and B. Braun.

FutureWise Key Takeaways:

• Growth prospects
• SWOT analysis
• Key market trends
• Key data-points affecting market growth

Objectives of the Study:

• To provide with an exhaustive analysis on the global endoscopy equipment and software market by product, by application, by end user and by region
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and Middle East and Africa
• To record, evaluate and analyze competitive landscape mapping- product launches, technological advancements, mergers and expansions

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