Endoscopy Visualization Systems Market Is Set to Expand at A CAGR Of 7.2% To Reach US$ 2.2 Billion By the Year 2028
The increasing prevalence of gastrointestinal, urology, gynecology and respiratory disorders, growing ageing population, changing lifestyle and hygiene have led to health problems worldwide. Gastrointestinal, urology, gynecology and respiratory disorders present a large patient pool undergoing endoscopic surgeries every year, especially in the emerging economies. These factors are expected to boost the growth of the endoscopy visualization system market over the forecast period. According to the latest report published by the company, the global endoscopy visualization system market is projected to account for over US$ 2,167.8 Mn, in terms of value, by 2028 end. The report further projects significant growth of the endoscopy visualization system market with an average CAGR of 7.3% through 2028.
Endoscopy Visualization System Market: Dynamics
Gastrointestinal cancer is one of the common diseases in Asia and Americas, with the prevalence rate around 48.8 per 1,000 hospitalized cases. The increasing prevalence of other diseases such as gastrointestinal bleeding, stomach cancer, and functional gastrointestinal diseases is also expected to increase the demand for endoscopy procedures. Ageing, obesity, hygiene and changing lifestyle are the prime factors responsible for gastrointestinal, urology, gynecology and respiratory disorders. Population aged 65+ years is growing worldwide. With increasing prevalence of such disorders, the demand for minimally invasive surgery is also increasing, which is expected to drive the growth of the endoscopy visualization system market. Healthcare initiatives by the governments have surged the awareness level and increased the number of patients opting for minimally invasive endoscopy surgeries. This factor, in particular, is projected to play an instrumental role in driving the growth of the endoscopy visualization system market over the forecast period.
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An endoscopy visualization system is used in the visualization and interpretation of the high definition endoscopic images of all endoscopy surgeries. The endoscopy visualization system provides improved endoscopic images. It is used to examine many types of endoscopic surgeries such as general surgery, gastroenterological surgery, respiratory surgery, urology, obstetrics/gynecology, orthopedic surgery, endocrine surgery, pediatric surgery, and anesthesiology, among other surgical treatments. The endoscopy visualization system is used for endoscopic procedures in which the endoscope is inserted through the opening of the body or through a small incision, which leads to less chances of infection as compared to the traditional operative procedures. The images obtained from the visualization system can help the surgeon to better understand and find the perfect treatment for the disorder. Also, the use of endoscope reduces the healthcare expenditure. The endoscopy procedures take short time, reduce the time of hospital stay and have low risk of complication. The above-mentioned post-operative benefits of the endoscope are expected to drive the demand for endoscopy visualization systems.
Endoscopy Visualization System Market: Regional Insights
The stringent rules and regulations by the U.S. Food and Drug Administration (FDA) and the European Commission for the new product launch are expected to hinder the growth of the endoscopy visualization system market. The increasing government spending in North America is expected to boost the growth of the endoscopy visualization system market over the forecast period. The healthcare infrastructure in Latin America is growing rapidly. With a rapidly growing healthcare infrastructure, the demand for advanced medical devices and minimally invasive procedures is also increasing in the region. The European Society of Gastrointestinal Endoscopy has drawn specific regulations and guidelines for endoscope users with technical and legal implications.
The new European ESGE guidelines help concur healthy competition in the market and boost the revenue of the global endoscopy visualization system market. The active healthcare landscape in the Asia Pacific region is projected to boost the growth of the medical devices industry. Government initiatives for Foreign Direct Investment (FDI) through third-party investors in the healthcare industry for infrastructure development and growth of the industry are also expected to propel the demand for advanced procedures and consequently the growth of the endoscopy visualization system market. The Asia-Pacific ex. Japan endoscopy visualization system market is estimated to create an incremental $ opportunity worth US$ 342.5 Mn between 2018 and 2028.
Endoscopy Visualization System Market: Segmentation
The company has segmented the global endoscopy visualization system market by product type into high-range endoscopy visualization system, mid-range endoscopy visualization system and low-range endoscopy visualization system based on their price range. In terms of revenue, the high-range endoscopy visualization system in the global endoscopy visualization system market is expected to hold major share over the forecast period owing to advanced features and clear and high definition endoscopic images. However, the mid-range endoscopy visualization system and low-range endoscopy visualization system segments in the global endoscopy visualization system market are expected to witness high growth in low- and middle-income countries, in terms of revenue, through 2028. Further, the company segmented endoscopy visualization system by area type and end-user. The areas are gastrointestinal tract, respiratory tract, ear, urology tract, female reproductive tract and through small incision. In terms of revenue, gastrointestinal tract is expected to hold major share over the forecast period owing to increasing prevalence of gastrointestinal disorder. The end-users are hospitals, ambulatory surgical centers, specialty clinics and diagnostic imaging centers. In end-user, hospital is expected to hold major share owing to availability of advanced technology and facilities.
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Endoscopy Visualization System Market: Key Participants
The report tracks some of the key participants operating in the global endoscopy visualization system market, such as Olympus Corporation, Karl Storz GmbH & Co KG., Pentax Medical Company (Hoya Corporation), Stryker Corporation, Fujifilm Holding Corporation, Conmed Corporation, Boston Scientific Corporation, DePuy Synthes (Johnson & Johnson Services, Inc.), Smith & Nephew and Richard Wolf GmbH.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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