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Meticulous Research® – leading global market research company published a research report titled “Endoscopy Equipment and Software Market by Product [Endoscopes (Flexible, Rigid, Capsule), Visualization Systems, Electronic, Mechanical, Software, Accessories], Application (Diagnostics, Surgery), End User (Hospitals, Ambulatory Care, Diagnostic Centre) - Forecast to 2024”.
Endoscopy is an imaging technology used for examination of interior organs or vessels of the body. This technology not only used to detect the damage but also helps in surgical or therapeutic procedures. Factors such as growing geriatric population with increasing prevalence of gastrointestinal, cancers, and other chronic diseases; rising number of hospitals; and technological advancement related to endoscopy are driving this market. Moreover, emerging opportunities from developing countries and rising preference for minimally invasive techniques provide high opportunities for this market in coming years.
Risen No. of Hospitals in the Developing Countries propelled the Growth of Endoscopy Equipment and Software Market
In recent years, various government initiatives towards the development of healthcare facilities have led to increase in number of hospitals. For instance, in India, in Union Budget 2017-2018, the government decided to setup 2 new AIIMS hospitals in Jharkhand and Gujarat. Further, in April 2014, the country developed AYUSH infrastructure comprised of over 8 lacs registered practitioners; 25,492 dispensaries; and 3,601 hospitals.
Moreover, the Chinese government is taking initiatives to shift the burden of care from public hospitals to private hospitals and owing to this, the number of private hospitals in China doubled to a total of 16,900 hospitals in just six years, from 2011-2017. This has presented high growth opportunities for endoscopy equipment suppliers in the private sector.
Endoscope to Dominate the Global Endoscopy Equipment and Software Market
Endoscopes commanded the largest market share of global endoscopy equipment and software market due to their advantages such as easy procedure, low cost, flexible nature, real-time monitoring, and low risk compared to surgeries. Moreover, growing preference to minimally invasive procedures and use of disposable or single-use endoscopes further help to increase the adoption of these equipment.
Diagnostic Application Segment to Witness the Largest Demand Through 2024
Based on application, the market is segmented into diagnostics and surgery. Within this, diagnostics application segment is expected to command the largest market share of the endoscopy equipment and software market. The large market share of this segment can be attributed to the rising aging population with prevalence of diseases and improving healthcare infrastructure in developing countries.
Hospitals Are the Largest Consumers of Endoscopy Equipment and Software
Growth in number of hospitals due to government initiatives in developing countries is the major driver of this market for hospitals. Moreover, physicians prefer to perform endoscopy in hospital based environment due to emergence of any complications during endoscopic procedure.
Asia-Pacific: Fastest Growing Regional Market
North America commanded the largest market share of the global endoscopy equipment and software market in 2017, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. However, Asia-Pacific will be the fastest growing regional market due to accelerated economic growth of many countries in this region, and growing government focus on healthcare sector; In addition, government initiatives towards the development of healthcare facilities and increasing health insurance penetration further supports the growth of this region.
Key Players analysis in the Endoscopy Equipment and Software Market
Vendors are moving towards launching of new products along with technological advancement for effective diagnosis and treatment. For instance, in May 2018, Olympus Corporation (Japan) launched ESG-300 Electrosurgery Generator, exclusively for GI and pulmonary. The advantage of this device includes ease of use, high procedural efficiency, and safety for GI and pulmonary as well as the device enables advanced therapeutic procedures including those that may require argon plasma coagulation. Moreover, in July 2017, Fujifilm Corporation (Japan) launched two new devices, namely ClutchCutter and FlushKnife, that can be used with compatible endoscopes when performing GI endoscopic submucosal dissection.
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