(MENAFN- GlobeNewsWire - Nasdaq) Key endoscopy devices market players include Stryker Corporation, Boston Scientific Corporation, Karl Storz GmbH & Co. KG, Smith & Nephew Inc., Richard Wolf GmbH, Medtronic Plc (Covidien), PENTAX Medical, Machida Endoscope Co., Ltd., and Olympus Corporation.
New York , Feb. 13, 2024 (GLOBE NEWSWIRE) -- The global endoscopy devices market size is projected to grow at a CAGR of over 5% from 2024 to 2036. The market is expected to garner a revenue of USD 52 billion by the end of 2036, up from a revenue of USD 35 billion in the year 2023. The reason behind the growth is impelled by the increasing prevalence of cancer cases across the globe. It has been proved that; endoscopy is the gold standard test for diagnosing stomach cancer. By 2040, there will be more than 27 million new instances of cancer annually worldwide. The growing development of advanced endoscopy devices is believed to fuel the market growth.
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For instance, in a recent study conducted in 2022, it is stated that the future of endoscopy is being driven by artificial intelligence, since it is highly sensitive and accurate, and makes it possible to detect and treat early Barrett's neoplasia in a single treatment, and will also be beneficial in the diagnosis and excision of Barrett's esophagus neoplasms. Continuous advancements in endoscopic technologies have led to the development of more sophisticated and user-friendly devices. These include high-definition imaging, narrow-band imaging (NBI), 3D visualization, and robotic-assisted endoscopy. Improved imaging quality enhances diagnostic accuracy, while innovations like robotic-assisted procedures offer increased precision and control during surgeries. This drives the demand for newer endoscopy devices as healthcare providers seek to incorporate cutting-edge technologies into their practices.
Endoscopy Devices Market: Key Takeaways
Market in North America to propel highest growth The endoscopes segment to garner the highest growth Market in Asia Pacific to grow at a highest rate
Increasing Geriatric Population across the Globe to Boost Market Growth
Endoscopic retrograde cholangiopancreatography (ERCP) is a frequently used endoscopic treatment that diagnoses and treats pancreaticobiliary diseases in older individuals by combining fluoroscopic imaging with luminal endoscopy as the older population suffers more frequently from acute pancreatitis caused by gallstones, ischemic and idiopathic acute pancreatitis. According to the World Health Organization (WHO), the number of individuals 60 years of age and over will increase to 2.1 billion worldwide by 2050. Physicians utilize endoscopy including laparoscopy and arthroscopy for many purposes such as imaging, surgery, and other applications. For instance, more than 300 million major surgical procedures are carried each annually worldwide. Endoscopies are minimally invasive treatments that allow doctors to see within the body without creating any incisions whereby endoscopy instruments are directly put into organs through anus or mouth openings. Endoscopies are minimally invasive treatments that allow doctors to see within the body without creating any incisions whereby endoscopy instruments are directly put into organs through anus or mouth openings.
Endoscopy Devices Industry: Regional Overview
The global endoscopy devices market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Prevalence of Gastrointestinal Diseases to Drive the Market Growth in North America Region
The endoscopy devices market in North America region is estimated to garner the largest revenue by the end of 2036. The high prevalence of gastrointestinal diseases in North America underscores the critical role of endoscopy devices in diagnosis and treatment. Endoscopic procedures, such as colonoscopies, are essential for the early detection of conditions like colorectal cancer. The substantial number of affected individuals contributes to the sustained demand for endoscopy devices in the region. Gastrointestinal diseases affect approximately 70 million Americans annually, as reported by the Centers for Disease Control and Prevention (CDC). The region's substantial investment in research and development fosters continuous technological advancements in the field of endoscopy. Advanced features such as high-definition imaging and robotic-assisted surgeries are made possible by the commitment to innovation. This commitment propels the growth of the endoscopy devices market as healthcare providers strive to integrate cutting-edge technologies into patient care.
Technological Advancements to Propel the Growth in the Asia Pacific Region
The Asia Pacific endoscopy devices market is estimated to garner the highest CAGR by the end of 2036. The prevalence of gastrointestinal diseases, including colorectal cancer, is a major driver for endoscopy device adoption. Endoscopic procedures, such as colonoscopies, are crucial for early detection and management. The high incidence of such diseases in the Asia Pacific region underscores the critical role of endoscopy devices in healthcare. Asia Pacific bears a significant burden of gastrointestinal diseases, with more than 3 million new cases of colorectal cancer reported annually, according to the International Agency for Research on Cancer (IARC). The aging demographic is more prone to age-related health issues, leading to an increased demand for diagnostic and therapeutic interventions. Endoscopy devices play a pivotal role in addressing the healthcare needs of the elderly population, contributing to the growth of the market in the Asia Pacific region. The commitment to technological advancements is reflected in the increasing healthcare investments in the Asia Pacific region. As countries allocate resources to improve healthcare infrastructure, there is a corresponding uptake of advanced endoscopy devices. These investments drive the adoption of cutting-edge technologies, enhancing diagnostic capabilities and treatment outcomes.
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Endoscopy Devices Segmentation by Device Type
Endoscopes Endoscopic Operative Device Visualization Equipment
Amongst these segments, the endoscopy devices market endoscopes segment is anticipated to hold the largest share over the forecast period. The global prevalence of chronic respiratory diseases is thought to have increased by over 35% during the previous three decades. Additionally, new advancements provide a larger scope of endoscopic applications and an increase in the number of obese people who prefer bariatric surgery for weight reduction are among the factors driving the growth. Besides this, the visualization equipment segment is poised to garner a noteworthy share. Endoscopy visualization system components consist of camera heads, insufflators, a light source, monitors, printers, and video processors that can used in Endoscopic examinations such as bronchoscopy, and cystoscopy to aid in visualization and interpretation of the endoscopic images.
Endoscopy Devices Segmentation by Application
Gastroenterology Pulmonology Orthopaedic Surgery Cardiology ENT Surgery Gynaecology Neurology
Amongst these segments, the endoscopy devices market gastroenterology segment is anticipated to hold a significant share over the forecast period. Obesity is linked to various gastrointestinal conditions, such as fatty liver disease and gastroesophageal reflux. Gastroenterologists are crucial in managing and treating obesity-related gastrointestinal issues. The global rise in obesity rates amplifies the demand for gastroenterological services. The global obesity rate nearly tripled by 2020, with over 1.9 billion adults categorized as overweight, as reported by the World Health Organization (WHO). Public health initiatives and guidelines underscore the importance of preventive screenings for gastrointestinal conditions. Gastroenterologists play a central role in these screenings, particularly for colorectal cancer. The emphasis on early detection through screenings contributes to the sustained growth of the gastroenterology segment. The Centers for Disease Control and Prevention (CDC) recommends colorectal cancer screening starting at age 45 for average-risk adults. Technological innovations enhance the diagnostic capabilities of gastroenterologists, allowing for non-invasive and precise examinations. Capsule endoscopy, in particular, offers a less invasive alternative for small intestine visualization. The integration of such technologies drives growth in the gastroenterology segment.
Endoscopy Devices Segmentation by End-Use
Hospitals Outpatient Facilities
Few of the well-known market leaders in the global endoscopy devices market that are profiled by Research Nester are Stryker Corporation, Boston Scientific Corporation, Karl Storz GmbH & Co. KG, Smith & Nephew Inc., Richard Wolf GmbH, Medtronic Plc (Covidien), PENTAX Medical, Machida Endoscope Co., Ltd., Olympus Corporation, and other key market players.
Recent Development in the Market
Ethicon Endo-surgery, LLC. Introduced ECHELON 3000 Stapler with more than 35% greater jaw aperture and over 25% greater articulation span that offers haptic and audio feedback in real-time to give surgeons easy, one-handed powered articulation to enable them to meet each patient's individual needs and improve access and control for surgeons during each transection, in cramped areas. Boston Scientific Corporation acquired Apollo Endosurgery, Inc. to add unique technology for endobariatric treatments and broaden the scope of endoluminal surgery, a burgeoning discipline that is a primary emphasis for Endoscopy in their business portfolio and to expect robust and sustained growth throughout our company.
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