Major players in the endoscopy devices and equipment market are Olympus Corporation, Fujifilm, Boston Scientific Corporation, Conmed Corporation, Stryker Corporation, Smith & Nephew Plc, KARL STORZ GmbH & Co KG, Hoya Corporation, Johnson & Johnson, and Ethicon.
The global endoscopy devices and equipment market is expected to grow from $7.22 billion in 2021 to $7.88 billion in 2022 at a compound annual growth rate (CAGR) of 9.1%. The market is expected to grow to $10.59 billion in 2026 at a compound annual growth rate (CAGR) of 7.7%.
The endoscopy devices and equipment market consist of sales of endoscopy devices and equipment which are used to diagnose diseases or examine the interiors of organs.
The main products of endoscopy devices and equipment are endoscopes, endoscopy operative devices, and endoscopy visualization systems.The endoscope is a lighted optical instrument that is used to get a deep look inside the body.
An endoscope, which is rigid or flexible used to examine organs, like the throat or esophagus. The various application involved is bronchoscopy, arthroscopy, laparoscopy, urology endoscopy, neuroendoscopy, gastrointestinal endoscopy, obstetrics/gynecology endoscopy, ENT endoscopy, and others that are used by various end-users such as hospitals, clinics, and others.
North America was the largest region in the endoscopy devices and equipment market in 2021.Asia Pacific was the second largest market in endoscopy devices and equipment market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The rise in incidence and prevalence rates of gastrointestinal (GI) diseases is driving the endoscopy devices and equipment market.The increasing incidence of gastrointestinal diseases such as colorectal cancer, gastroesophageal reflux disease, ulcerative colitis (UC), inflammatory bowel disease (IBD), and Crohn’s disease (CD) are supporting the endoscopy devices and equipment market.
The endoscopy devices are used in performing non-invasive or minimally invasive surgical procedures to treat life-threatening diseases.The Asian countries have the highest prevalence rates of gastrointestinal diseases such as cancer.
In Korea, with every 39.6 persons per 100,000 suffering from cancer, Mongolia with 33.1 per 100,000, and Japan with 27.5 per 100,000 ranked as 1, 2, and 3 respectively. Due to the rising prevalence of GI diseases, developing countries are experiencing high demand for minimally invasive surgical procedures, increasing the demand for endoscopy devices.
Regulatory changes are likely to increase costs related to new product development and service offerings to clients.These changes are related to customer data protection such as the European Union’s General Data Protection Regulation (GDPR), changes to equipment approval procedures, and other regulatory changes.
For instance, according to Dr.Fazal data 2020, 92% of working at an enterprise (over 1,000 employees) expect GDPR compliance to cost their business over $50,000.
About 44% of the companies spend more than $50,000 and about 10% spend over a million dollars. according to a report by Ernst and Young (EY), Fortune 500 companies are spending $7.8 billion to comply with GDPR. The GDPR is an EU law on the data protection and privacy of individuals residing in the European Union and the European Economic Area (EEA). It also regulates the export of personal data outside the EU and EEA areas. Additionally, the FDA is requesting more clinical data to support claims, therefore increasing the time to process 510(k) by over 55% over the last decade. The potential loss of revenue due to delay in product release and additional costs incurred due to stringent approval processes puts strain on investments relating to new product development, thereby affecting the growth of the market.
Companies in the endoscopy devices and equipment market are increasingly developing endoscopy robotic systems as they are more flexible, effective than conventional endoscopy devices.These robotic endoscopy devices help in eliminating difficulties in therapeutic endoscopy, expanding endoscopy’s vision and reach, reducing labor intensity, improving communication, reach, vision, control, and the ability to perform an endoscopy.
These devices are used in gastrointestinal surgeries, urology/gynecology surgeries, ENT surgeries, cardiovascular surgeries, neuro/spinal surgeries, laparoscopy surgeries, and arthroscopy surgical applications.In 2021, Fujifilm partnered with SMART Medical Systems for developing a next-generation solution for colon endoscopy, the G-EYE 700-series endoscope system.
The unique innovation offers exceptional visualization capabilities and outstanding quality of diagnostic images.
Medicines and Healthcare products Regulatory Agency(MRHA), a regulatory body for medical devices of the UK, is a regulatory body governing drug and device alerts, drug safety updates, blood regulation, and safety, marketing authorizations and licensing guidance, medical devices regulation, and safety and many other activities.According to safety guidelines by MRHA, the medical device manufacturing companies in the industry recall their medical devices if any problem or defect is detected.
For instance, in February 2019, US Endoscopy Inc., an endoscopy device design and manufacturing company, voluntarily sent an urgent product recall notice to the end-users of the Padlock Clip defect closure system to detect the problem with the device. This product was recalled as the company received an MRHA report indicating esophageal laceration during the patient procedure where the Padlock Clip defect closure system was used. To reduce incidences associated with the endoscopy devices, concerning MRHA safety concerns on medical devices, the company examined the implant and corrected it.
The countries covered in the vision care devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
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Gross Domestic Product Per Capita
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