Boston, MA, August 07, 2016 --(PR.com
)-- Endoscopy is a type of minimally invasive surgical procedure used to visualize and repair the damaged or diseased organs. This technique is used for diagnostic and therapeutic purposes involving a specialized instrument called endoscope attached to a light source and camera and inserted through a small incision made near the surgical site, to facilitate the visualization of the organ either by scope or through wireless monitors. Endoscopy is used to evaluate reasons for the cause of bleeding, pain and swelling of a particular organ, to remove tumors & abnormal growths and to retrieve tissue samples for the purpose of biopsy and cancer screening. According to IQ4I estimation, the endoscopy devices market is expected to reach $52,436 million by 2022.
Increasing demand for minimally invasive surgical procedures leading to fast recovery and reduced hospital stays, technological innovations offering a wider scope of applications for endoscopy, the rise in obese population preferring bariatric surgery for weight reduction are the factors driving the market growth. However, there are various factors like lack of skilled professionals to handle the endoscopic procedures and reprocessing techniques, expensive endoscopic procedures and risk of infections associated with endoscopic procedures limit the growth of endoscopy devices global market.
The endoscopy market is mainly segmented into applications, products, end-users and geography. The endoscopy devices global market by application is classified into gastrointestinal, arthroscopy, laparoscopy, gynaecology/obstetrics, pulmonary, neurology, urology, ENT, and others. Laparoscopy is expected to be the fastest growing segment with a single digit CAGR for the forecast period. Based on products the market is segmented into endoscopes, visualization & documentation systems, endoscopic equipments, accessories and services. Among products, visualization & documentation systems generated largest revenue in 2015. End-users include hospitals, ambulatory surgical centres, diagnostic laboratories & academic and research laboratories. Hospitals commanded the largest market share in 2015 as per estimates of IQ4I.
Based on geography, endoscopy market is divided into North America, Europe, Asia-Pacific and Rest of the world. The North American region commanded largest market revenue of in 2015. High investments in healthcare infrastructures and demand for quality services in this market are propelling the market growth. However, the Asia-pacific region is expected to grow at the higher single digit CAGR during the forecast period due to, increased healthcare awareness, improved economic growth and increasing healthcare funding by the governments. Significant mergers and acquisitions, collaborations, joint ventures are some of the industry trends that are playing a major role in the market growth.
Some of the technological advancements such as 3D endoscopic systems, miniaturized endoscopes, capsule endoscopes, robot-assisted endoscopes and ultrathin endoscopes are set to improve the field of endoscopy.
The major players in endoscopy market are Johnson & Johnson (U.S.), Olympus Corporation (Japan), Medtronic plc (U.K.), Boston Scientific Corporation (U.S.), Stryker Corporation (U.S.), Smith & Nephew (U.K.), Karl Storz (Germany), Hoya Corporation (Japan), Fujifilm Holdings Corporation (Japan), and B. Braun Melsungen AG (Germany).