Global Endoscopic Devices Market is expected to grow from USD 27.63 billion in 2019 to USD 47.82 billion by 2027, at a CAGR of 7.1% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Endoscopic Devices Market by Hygiene (Single-use, Reprocessing and Sterilization), Product Type (Endoscopes, Visualization & Documentation Systems, Mechanical Endoscopic Equipments, Accessories and Others), Application, End-User, Region, Global Forecast 2020-2027.
The global endoscopic devices market is expected to grow from USD 27.63 billion in 2019 to USD 47.82 billion by 2027, at a CAGR of 7.1% during the forecast period 2020-2027. North America holds the largest market share. The rise in the number of diseases which are related to abdomen and intestine, increase in the geriatric population and adoption of advance technology are some of the factors contributing to the growth of the market. Asia-Pacific is projected to grow with the highest CAGR. The reason for this is the rising medical technology and the rising prevalence of diseases like cancer.
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Key players of endoscopic devices market are Boston Scientific, Karl Storz, Ethicon, Olympus Corporation, Hoya Corporation, Richard Wolf GmbH, Fujifilm Corporation, Medtronic, Ethicon Endo-Surgery, Stryker Corporation, B. Brau, Smith & Nephew, Cook Medical and others.
The hygiene segment includes single-use, reprocessing and sterilization. The single-use sub-segment dominates the market, and it is expected to grow at an impressive rate over the forecasted years. Single-use endoscopy devices eliminate the risk of cross-contamination, which is why it is preferred by most of the consumers as well as doctors as it ensures the patient’s safety. Also, it is cost-effective in comparison to other alternatives. The product type segment includes endoscopes, visualization & documentation systems, mechanical endoscopic equipments, accessories and others. The endoscope sub-segment holds the majority of the market shares. The driving factor for the market growth is the rise in the number of chronic diseases and the rapid technological advancements in the device. The application segment includes arthroscopy, bronchoscopy, urology, neuroendoscopy, gynaecology endoscopy, colonoscopy, cystoscopy, laparoscopy, gastrointestinal endoscopy and others. Out of these, gastrointestinal endoscopy accounts for the largest market share. The reason for market growth is the increasing number of GI diseases, growing geriatric population, and GI tumours which accounts for the majority of the cancer-related death. The end-user segment includes hospitals, ambulatory surgery centres & clinics and others. Hospitals are the dominant end industry. Majority of the applicability of endoscopy devices are in the hospitals. They are used in the number of surgeries and investigation of root cause issue for the treatment of various diseases. Thus, the demand for these devices in hospitals is expected to grow at a significant rate.
Endoscopic devices help in investigating any unusual symptoms and a small tissue closely. Endoscopic devices are used in diagnostics and therapeutic procedures. It intervenes minimally into the body and results in a shorter time of recovery. The increase in age-related diseases, increase in geriatric population and prevalence of diseases like cancer has led to the demand of endoscopic devices. It is used in the treatment of gall stones, intestinal perforation, liver abscess, pelvic abscess, endometriosis, etc. They are preferred over the open surgeries, which are time taking and possess several risks for the patients.
About the report:
The global endoscopic devices market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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