Endoscopy Device Market to Grow Owing to Increasing Awareness Regarding Gastrointestinal Diseases & Technological Innovations: MRFR
The Worldwide Endoscopy Device Market report is a comprehensive analysis report by experts which gives detail analysis of top players, solid segments, therapy and applications.
Pune, India – July 31, 2018 /MarketersMedia/ —
Endoscopy Device Market – Dynamics
Growing Number of Procedures and Rising Diseases and Risk Factors Drive a Large Market
Endoscopy remains one of the most common procedures in the hospital. According to Centers for Disease Control and Prevention, approximately 15,000,000 endoscopic procedures are performed every year in the United States. Rising prevalence of chronic diseases and increasing funding and reimbursement are promoting the growth of the market. As per the American Cancer Society, 90 % colorectal cancer (CRC) cases were detected in individuals with over 50 years in the U.S. Colonoscopy was also found to be the most effective, and the most commonly adopted procedure for diagnosis and screening.
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Moreover, the increasing geriatric population across the globe is indirectly driving the endoscopic devices market. According to the WHO, estimates, the world’s population aged over 60 years will nearly double from by 2050. In the U.S, more specifically, more than 20 % of the total population will be aged 65 years or over by 2030.
Technological Advance in Endoscope Devices Is Expected To Result In Greater Adoption and Expanse
Application expanse in the form of endoscopic surgery, a type of minimally invasive surgery is driving the market expanse. Virtual and capsule endoscopy is another area which is driving faster market growth.
Risk of Infection and Complications Is the Prime Constrain On the Market
Infections and complications caused by endoscopy devices may hamper the market growth. It is estimated that approximately 2.7 % of endoscopic procedures result in the transmission of infectious disease due to non-sterile endoscopes. It is also expected that almost 270,000 infections per year in the United States are a result of endoscopic cross-contamination.
Endoscopy Device Market – Major Players
Some of the key players in Endoscopy Device Market are Cogentix Medical, Integrate Endoscopy, J&J services Inc, Shaili Endoscopy, Interscope Inc., Cantel Medical, Micro-Tech Endoscopy, Cognetix, Stryker, OLYMPUS, KARL STORZ Gmbh & Co. KG, FUJIFILM, PENTAX MEDICAL, and RICHARD WOLF.
Endoscopy Device Market – Segmentation
The Global Endoscopy Device Market is segmented on the basis of type, therapy, treatments & procedures, application, accessory & processors, and end user.
On the basis of type, it is segmented into flexible endoscopes, rigid endoscopes, capsule endoscopes, surgical endoscopes, and robot-assisted endoscopes.
On the basis of therapy, it is segmented into colonoscopy, gastroscopy, arthroscopy, laparoscopy, sigmoidoscopy, endoscopic retrograde cholangiopancreotography, ureteroscopy, and cystoscopy
Endoscopy Device Market – Overview
The Global Endoscopy Device Market is expected to grow at a CAGR of 6.3% during the forecast period 2017-2023.
An endoscopy is a procedure that allows physicians or surgeons to look interior parts of the organ. The technique is used for both diagnostic and therapeutic purpose. To perform endoscopy a specialized instrument is used named as endoscope. Various types of endoscopes and adoption of endoscope depends upon the affected body organ, for instance, bronchoscopes are used for lungs related problem, arthroscopes are preferred for problems associated with joints, and many others. Other instruments required during an endoscopic procedure includes biopsy forceps, cytology brush, flexible forceps, trocar sleeves, etc. For therapeutic purpose, the endoscopes are either attached or passed through surgical instruments to perform particular surgery. Endoscopic surgery is a type of minimally invasive surgery in which an endoscope is inserted in the body through small incisions to examine the internal organs.
Endoscopy Device Market – Key Developments
Integrate Endoscopy
July, 2016: Integrated Endoscopy received clearance from the FDA for its nuvis Single-Use Arthroscope. It is the first FDA-approved disposable rigid endoscope.
In February, 2016: Integrated Endoscopy demonstrated its nuvis Single-Use Arthroscope at the 2016 American Academy of Orthopaedic Surgeons (AAOS) Meeting in Orlando, USA.
Johnson & Johnson Services Inc.
September, 2016: Acclarent Inc., a subsidiary of Johnson & Johnson, received FDA approval for ACCLARENT AERA Eustachian Tube Balloon Dilation System. It is a first FDA-approved device to treat Eustachian Tube Dysfunction effectively.
March, 2016: Ethicon, a medical device company of the Johnson & Johnson, acquired NeuWave Medical, Inc.
June, 2015: Verb Surgical Company was created by the collaboration of Ethicon and Verily.
March, 2015: Ethicon, a medical device company of the Johnson & Johnson, enter into a collaboration with Google, Inc.
Endoscopy Device Market – Regional Analysis
The Americas led by the U.S. dominate the market owing to the presence of large healthcare expenditure, and excellent reimbursement. Europe accounts for the second largest market owing to an emphasis on diagnosis, large healthcare expenditure, and increasing prevalence of cancer. As per Organization for Economic Co-operation and Development (OECD), Germany spent 11 % of the total GDP on healthcare in 2015.
The Asia Pacific is the fastest growing market owing to expanding economies of countries like India and China. Asia Pacific is the fastest growing market, which is growing at a CAGR of 6.8 % from 2017 to 2023
The Middle East & Africa is expected to hold the least market share due to poor development of healthcare, and economy. The Middle East and Africa region are expected to be dominated by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
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