Endoscopy Devices Market Growth & Trends

The global endoscopy devices market size is expected to reach USD 69.9 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.3% from 2021 to 2028. Rising preference for minimally invasive surgeries in comparison with open surgeries, owing to benefits provided by minimally invasive surgeries and technological advancements in endoscopic devices and visualization systems are some of the factors boosting the market growth.

Based on product, the endoscopy visualization systems segment dominated the market and accounted for a revenue share of 37.4% in 2020. This high share is attributable to the rising adoption of High Definition (HD) visualization systems by healthcare professionals owing to better imaging capabilities provided by them. In addition, technologically advanced visualization systems are beneficial in the diagnosis and treatment of complex health conditions such as GI disorders, cancer, urinary disorders, and lung disorders, thereby supporting growth.

In 2020, based on application, the Gastrointestinal (GI) endoscopy segment accounted for the largest revenue share in the market owing to the rising geriatric population and growing burden of gastrointestinal diseases. In addition, the rising adoption of endoscopy devices for the treatment and diagnosis of gastrointestinal conditions and the availability of technologically advanced products for gastroscopies are some of the other factors supporting the growth of the segment.

In 2020, based on end use, the hospitals segment accounted for the highest revenue share of 47.8% owing to the large utilization and adoption of endoscopy devices in hospitals or healthcare institutions and favorable reimbursement policies. Furthermore, hospitals are the preliminary healthcare facilities opted by patients in many of the countries and therefore the number of surgical procedures performed in hospitals is higher as compared to other health institutions. This is one of the prominent factors propelling the market growth.

North America dominated the market and accounted for the largest revenue share of 42.4% in 2020. This high share is attributable to factors such as increasing adoption of technologically advanced endoscopic devices and products, improved healthcare systems and infrastructures, and growing preference for minimally invasive surgical procedures. Furthermore, the growing prevalence of chronic conditions such as cancer and the rising burden of gastrointestinal disorders are other factors boosting the market growth.

The pandemic of COVID-19 has drastically impacted the market mainly owing to the rescheduling of elective surgeries. In addition, disruptions in the supply chain and changes in the regulatory scenarios with a view to curb the infection caused due to the COVID-19 virus are other factors that have hampered the growth of the market during the pandemic situation. For instance, according to an article published in BMJ Journals in 2020, the endoscopic procedures in the U.K. reduced by around 12.0% during the COVID-19 pandemic as compared to the pre-COVID period.

Endoscopy Devices Market Report Highlights

  • The market is anticipated to be valued at USD 69.9 billion by 2028, owing to rising preference for minimally invasive surgeries in comparison with open surgeries
  • The endoscopy visualization systems segment dominated the market and accounted for the highest revenue share in 2020, owing to the rising adoption of High Definition (HD) endoscopic visualization systems by healthcare professionals
  • In 2020, the Gastrointestinal (GI) endoscopy segment accounted for the highest revenue share in the market, owing to the rising geriatric population and growing burden of gastrointestinal diseases
  • The hospitals segment accounted for the highest revenue share in the market in 2020 owing to large utilization and adoption of endoscopy devices in hospital systems and favorable reimbursement policies
  • North America accounted for the largest revenue share of the market in 2020, owing to various factors such as increasing adoption of technologically advanced endoscopic devices and products, improved healthcare systems and infrastructures, and growing preference for minimally invasive surgical procedures