In 2023, the Global Endoscopy Equipment Market is valued at around USD 29.81 billion, and is expected to grow at a CAGR of about 7.12% during the predicted period, i.e., 2024 to 2030. The expansion of the market is majorly fuelled by the increasing incidences of chronic diseases and the growing awareness among patients regarding the availability of early detection and diagnosis via minimally Invasive Surgical processes.
Moreover, the demand for endoscopy equipment has been experiencing a substantial surge owing to an increase in minimally invasive surgeries. It is mainly due to the rising awareness among patients struggling with several health issues like neurological conditions, orthopaedic disorders, cancer, GERD, and others. Due to this, patients are inclined towards minimally invasive surgical procedures as they provide several advantages, like quicker recovery time, reduced postoperative discomfort, and short stays at the hospitals.
Diagnosis & Patient Care are being Transformed via AI-powered Endoscopy Equipment
Machine learning and AI are revolutionizing the endoscopy field by remarkably enhancing diagnostic abilities and procedure guidance. AI-powered solutions for real-time image analysis have emerged as a noteworthy trend in the Global Endoscopy Equipment Market. As healthcare providers increasingly emphasize the requirement for precision, and efficiency, the integration of AI and machine learning into endoscopy devices is on the rise.
Consequently, heightened technological demand has resulted in collaborative efforts among endoscopy equipment manufacturers to introduce and develop AI-integrated products to the market.
Flexible Endoscopes Occupies a Prominent Share of the Global Endoscopy Equipment Market
Based on products, the Global Endoscopy Equipment Market is classified into three main categories – Visualization systems, Endoscopes, and Accessories. However, the Flexible Endoscopes holds a major share of the industry. Flexible Endoscopy is preferred as the first-line therapeutic, owing to its ability to perform under local anesthesia & sedation and cost-effectiveness as it does not need any patient hospitalization.
Moreover, their widespread adoption can be accredited to their ability to access cavities & viscera, improve efficiency & safety, and provide enhanced ergonomic features. Hence, the increasing demand for flexible endoscopes, driven by the requirement for early detection and diagnosis of chronic diseases on a global scale, promises a notable growth opportunity for the market in the future.
Key Players of the Global Endoscopy Equipment Industry
There are several dominant players of the Global Endoscopy Equipment Market. However, as per the report of MarkNtel Advisors, the leading players are – Stryker Corporation, Smith & Nephew Plc., Richard Wolf GmbH, PENTAX Medical (HOYA), Olympus Corporation, Medtronic Plc (Covidien),
Machida Endoscope Co., Ltd., Karl Storz SE & Co. KG, Intuitive Surgical, Inc., FUJIFILM Holdings Corporation, Ethicon Endo-Surgery, LLC (Johnson & Johnson, CONMED Corporation, Boston Scientific Corporation, B Braun Melsungen, Arthrex Inc., and others.
New Development in the Global Endoscopy Equipment Market
In 2023, Fujifilm Holdings Corporation, declared the expansion of its endoscopy solutions portfolio by unveiling the clutch cutter, and Fush Knife in India.
North America Dominates the Global Endoscopy Market with the Maximum Share
Geographically, the Global Endoscopy Market expands across – Asia Pacific, North America, Europe, South America, and the Middle East & Africa. However, the market is dominated by the North American region due to the increasing commonness of chronic disease like gastrointestinal disorders, and cancer, the increasing demand for elective endoscopy procedures, the aging of the population, and the requirement for modern healthcare facilities supported by private sectors, and high government spending a few aspects contributing in the regional market expansion.
Moreover, the industry leaders are investing heavily in research and development to introduce new and innovative products to enhance endoscopy accuracy and performance.
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