Esophagoscope & Gastroscope Market Size to Grow at a CAGR of 6.2% During the Forecast Period 2021–2026
Increasing Prevalence of Gastrointestinal Diseases is the Major Driving Force for the Esophagoscope & Gastroscope Market
Hyderabad, India – July 20, 2021 /MarketersMedia/ —
The Esophagoscope & Gastroscope Market size was estimated at $876 million in 2020, projected to grow at a CAGR of 6.2% during the forecast period 2021-2026. Esophagoscopy and Gastroscopy are endoscopy procedures that analyze the mucosa of the esophagus, the stomach, and the duodenum. Esophagoscopy, focuses only on the esophagus, is not commonly used alone; instead, the entire upper gastrointestinal tract is examined. While Gastroscopy examines the stomach and duodenum, which is the first part of the small intestine.
Gastrointestinal cancer is a prevalent disease among Asian-Americans, with a prevalence rate of 48.8 per 1,000 hospitalizations, potentially boosting the demand for esophagoscopes and gastroscopes. Additionally, favorable reimbursement policies, in the developed nations and rising demand of minimally invasive surgeries is further anticipated to fuel the esophagoscopes and gastroscopes market growth. However, the allergic reactions and high cost associated with esophagoscopy & gastroscopy procedure could pose a threat to the market’s growth during the forecast period 2021-2026.
Esophagoscope & Gastroscope Market Segment Analysis- By Product Type
By Product, the Esophagoscope & Gastroscope Market is classified into Flexible, Rigid and Capsule devices. Flexible devices accounted for the largest share of the market and is predicted to expand at a steady CAGR of 5.7% over the forecast period 2021-2026, owing to medical professionals’ increasing preference for flexible endoscopes. Moreover technical advances, improved productivity and safety, offered by ergonomic and flexible endoscopes further drives the market growth. However Capsule product type, is anticipated to register significant growth owing Increasing risk of infections associated with the use of conventional reusable products.
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Esophagoscope & Gastroscope Market Segment Analysis – By End User
Based on End User, the global market is segmented as hospitals, speciality clinics, ambulatory surgical centers and others. The hospital segment accounted for major share of esophagoscope & gastroscope market in 2020. This is due to increased government and private support, as well as a growing preference among physicians and patients for endoscopic procedures to be performed in a hospital setting. Moreover, owing to favorable payment policies and widespread acceptance, the number of operations conducted in hospitals is higher than in other health-care settings.
However, ambulatory surgical centers is expected to grow at a faster CAGR of 8.7%. Some of the major factors supporting the demand for endoscopic surgeries or procedures in ambulatory surgical centers are the reduced time needed for endoscopy, the reduction in pain due to the advent of keyhole surgeries, and the reduction in recovery time.
Esophagoscope & Gastroscope Market Segment Analysis – By Geography
Based on geography, North America dominated the Esophagoscope & Gastroscope Market with a region share of 38.4% in 2020 followed by Europe and APAC. Increased geriatric population that are more prone to chronic disease and surgery along with increasing health concerns in this region are the major factors propelling the growth. Additionally, the presence of large number of esophagoscope & gastroscope device manufacturing company that invest heavily on the research and development of technologically advanced devices is further predicted to drive the market growth in this region.
Esophagoscope & Gastroscope Market Drivers
Increasing Prevalence of Gastrointestinal Diseases
The increased use of esophagoscopes and gastroscopes is primarily due to the increasing prevalence of gastrointestinal diseases. Gastrointestinal cancer is a prevalent disease among Asian-Americans, with a prevalence rate of 48.8 per 1,000 hospitalizations, indicating that the demand for esophagoscopes and gastroscopes will continue to increase. Other diseases, such as gastroesophageal reflux disease, gastrointestinal bleeding, stomach cancer, functional gastrointestinal diseases are also expected to increase demand for endoscopy procedures, which will drive demand for esophagoscopes and gastroscopes even higher.
Increase Cases of Minimally Invasive Surgeries
The demand for esophagoscopes and gastroscopes is expected to grow as a result of the ease with which minimally invasive procedures can be performed and the low risks associated with them. Globally, about 10 million minimally invasive procedures were performed. Endoscopic procedures accounted for 525,000 of these.
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Esophagoscope & Gastroscope Market Challenge
High Cost of the Product
Despite the increased prevalence of gastrointestinal diseases, there are some factors preventing product acceptance. The high cost of the procedure and minimal invasive surgeries is a major constraint to the market. Additionally, the allergic reactions and diseases, which is caused post the procedure are also limiting the adoption of these devices.
Esophagoscope & Gastroscope Market Landscape:
Key companies of this market are Olympus Corporation , Fujifilm Holdings Corporation , Hoya Corporation (PENTAX Medical), KARL STORZ GmbH & Co. KG , Teleflex Inc., Sonoscape Medical , Endomed Systems , Aohua, Smart Medical Systems and Medigus.
Developments:
In 2019, Olympus launched “PowerSpiral” a small intestine endoscopy system in Europe and Asia, including India and Hong Kong.
Key Takeaways
Geographically, the North America region held 38.4% of the total market share in 2020 owing to the increasing preference for minimally invasive surgeries and favorable reimbursement policies.
Increasing prevalence of gastrointestinal diseases is the major driving force for the Esophagoscope & Gastroscope Market during the forecast period 2021-2026.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the Esophagoscope & Gastroscope Market will be provided in the research report.
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