Wayne, NJ, January 04, 2015 --(PR.com
)-- Endoscopy is a minimal invasive procedure to view the internal organs of the body. Endoscopic procedures are used to retrieve samples for biopsies, to remove foreign objects inside the body and to perform keyhole surgeries. The global endoscopy market is classified by product and application types. Rigid, flexible, capsule and video endoscopes are the major types of endoscope products. Depending on the medical applications the market is segmented into arthroscopy, colonoscopy, laparoscopy, gastro intestinal endoscopy, bronchoscopy, Urology endoscopy, and gynecology endoscopy.
The global endoscopy market is expected to reach approximately $47 billion by 2020 growing at around 7.0% CAGR from 2014 to 2020. The major drivers for the market growth are aging population, increase in cancer, diabetes, and obesity patients along with a rise in patient’s preference for minimal invasive surgeries. Additionally, shorter stay in hospitals, speedy recovery, and reduced medical budgets enhance the growth of the market. However, the shortage of qualified endoscopic technicians, high cost of initial investment, contamination risk and patient safety of endoscopic procedures pose a threat for the market growth.
Advancement in the field of endoscopic devices with accurate visibility, high definition imaging and documentation, ease of handling and cleaning the devices and growing demand in emerging countries brings in more opportunities for the endoscopy market.
The global endoscopy devices products market is segmented into endoscopes, visualization and documentation systems, endoscopic accessories and services. The endoscopes segment commanded the largest market in 2013 and is expected to grow strong by 2020. The visualization and documentation system is expected to grow at the highest CAGR of nearly 10.0% during the forecast period. Among the applications segment the Laparoscopic application segment holds the largest market in 2013 and the Neurology application segment is expected to grow at the highest CAGR of more than 10% during the forecast period.
North America accounts for the largest market share with increase in endoscopic treatment options and obese population followed by Europe and Japan. Although U.S. has a high market share, there is a growing demand for the endoscopy market in the emerging countries such as India and China. Along with an increase in medical spending, improvement in medical infrastructure and changes in life style attribute to the growth of the market in emerging countries.
Some of the leading players accounting for major market share include Johnson and Johnson (U.S.), Olympus Corporation (Japan) and Covidien plc (U.K.). The other significant players are Boston Scientific Corporation (U.S.), Stryker Corporation (U.S.), Smith & Nephew (U.K.) and Karl Storz (Germany).