The Global Endoscopy Devices Market Size was valued at USD 36.9 Bn in 2020 and is expected to reach USD 59.3 Bn by 2027, growing at a CAGR of 7.1% during the forecast period.
The devices are used in medical imagining to look inside the body to examine the cavity of the body or interior organ. This endoscopy device is directly inserted into the body to examine organs to diagnose, prevent, and treat diseases and complications regarding internal organs.
Endoscopy Devices Market Dynamics
The main driving factors for the endoscopy devices market growth are the increasing adoption of minimally invasive endoscopic procedures and the rising use of endoscopic bariatric metabolic therapies due to growing awareness about endoscopy devices. The increasing prevalence of gastrointestinal, urological, gynecological, and respiratory disorders and rising incidence of cancer and obesity due to the unhealthy lifestyle of the populace are considerably the boosting factors for the growth of the targeted market.
Moreover, the launch of the new product owing to advancement in technology is another propelling factor for the growth market. However, the lack of skilled professionals to operate the endoscopy devices and infection caused by few endoscopic procedures are expected to impede the growth of the endoscopy devices market. The presence of a strong pipeline of the endoscopy devices products can create lucrative opportunities for the growth of the market.
The Global Endoscopy Devices Market Segmentation:
The unique insights provided by this report also includes the following:
Based on product, the endoscopy visualization systems segment is expected to hold the largest share in the global endoscopy devices market due to increased advancement in endoscopy visualization systems technology
Based on the product, the endoscopy devices market has been segmented into endoscopy visualization systems, mechanical endoscopy equipment, accessories, other endoscopy devices. The endoscopy visualization systems segment held the highest share in the base year. The increasing demand for endoscopy visualization systems among surgeons that make the surgical procedure easier due to its property of visualization that helps to locate the exact site for the surgery. Additionally, it lowers the risk of complications and helps for quick recovery which are the driving factors for the growth of the endoscopy visualization systems segment.
Based on applications, the laparoscopy segment is accounted for the highest share in 2020, due to the increased prevalence of cancer
In the base year 2020, the laparoscopy segment is expected to grow at the highest rate during the forecast period. Laparoscopy is used to detect the disorders of the abdomen pelvic region and detect cancer are the major propelling factors for the growth of the laparoscopy segment in the endoscopy devices market over the forecast period. For instance, the International Agency for Research on Cancer estimates that the global incidence of cancer is expected to reach 29.5 million by 2040 from 18.1 million in 2018.
Geographically, North America accounted for the largest share of the global endoscopy devices market
In the base year 2020, North America dominated the market. The major reasons behind the dominance of the North America region are the increasing prevalence of gastrointestinal, urological, gynaecological, and respiratory disorders in the region and increased healthcare expenditure. The easy availability of endoscopic devices in this region and increased awareness about minimally invasive surgeries.
The technological advancement, the increasing prevalence of cancer, and the raised demand for endoscopic procedures are some other factors that are expected to drive the global endoscopy devices market growth in the North America region.
COVID-19 Impact on the Global Endoscopy Devices Market Growth
COVID-19 has highly affected the industries in terms of growth, economy, health, and mental well-being of every individual. In this challenging situation, every industry is trying to give the best services in terms of quality and safety. The outbreak of COVID-19 has affected positively on the healthcare industry and the endoscopy devices market. This is due to increasing respiratory and infectious disorders in patients. However, due to the outbreak of COVID-19, the funding for the innovation in endoscopy devices distracted is the restraining factor for the growth of the global market.
The report also provides an in-depth analysis of key trends in global endoscopy devices market
The report also provides an in-depth analysis of recent news developments and investments
Company Profiles and Competitive Intelligence
The key players operating in the endoscopy devices market are:
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