The global endoscopy equipment market is projected to reach USD 40.6 billion by 2027 from USD 28.9 billion in 2022, at a CAGR of 7.0%. The competitive landscape includes the analysis of the key growth strategies adopted by major players between January 2019 and May 2022. Players in the global endoscopy equipment market have employed various strategies to expand their global footprint and increase their market shares such as agreements, divestitures, expansions, and acquisitions.
“The wireless displays and monitors segment is expected to account for the largest share of the visualization systems market”
The wireless displays and monitors segment accounted for the largest share of the visualization systems markets in the forecast period. The large share of this segment can be attributed to factor that several medical device manufacturers have commercialized 3D-compatible endoscopes. These devices have significantly enhanced surgical precision and gained attention as they provide extremely accurate three-dimensional images of the area being operated. Technological advancements in these devices are further expected to propel their demand in the coming years.
“Gastrointestinal endoscopy segment is expected to account for the largest share of the endoscopy equipment market”
Based on application, the gastrointestinal endoscopy segment accounted for the largest share of the endoscopy equipment market in the forecast period. This segment is also expected to witness the highest CAGR of 8.4% during the forecast period. The largest share and the highest growth rate of this segment can be attributed to the significant increase in the number of adults in the US undergoing CRC screening, which is a major market for endoscopy products, is expected to sustain the growth of the GI endoscopy segment. Colonoscopy is a widely used endoscopic procedure in the US, considered the gold standard for colorectal cancer screening; approximately 15 million colonoscopies are performed per year.
“Hospitals segment holds the highest market share in the endoscopy equipment market”
Based on end user, the hospitals segment is likely to dominate the endoscopy equipment market during the forecast period owing to the growing healthcare sector in emerging economies, the increasing out-of-pocket healthcare expenditure across the world, and the rising demand for endoscopic procedures are the other major factors supporting the growth of the hospital segment.
“North America to dominate the endoscopy equipment market during the forecast period”
The endoscopy equipment market in North America dominated the endoscopy equipment market in the forecast period. The largest share of North America in the global market is attributed to the favorable reimbursement policies for endoscopic procedures in the the high healthcare spending in the country, favorable reimbursement policies for endoscopic procedures, an increased incidence of cancer, constant research on endoscopy techniques, and a high number of FDA approvals for endoscopy systems in the US.
Key Market Players:
The prominent players in the endoscopy equipment market include Olympus Corporation (Japan), KARL STORZ SE & Co. KG (Germany), Stryker Corporation (US), Boston Scientific Corporation (US), JOHNSON & JOHNSON (US), Fujifilm Holdings Corporation (Japan), Medtronic Inc. (Ireland), Hoya Corporation (Japan), Nipro Corporation (Japan), Smith & Nephew Plc (UK), Richard Wolf GmbH (Germany), B. Braun Melsungen AG (Germany), The Cooper Companies, Inc. (US), Dantschke Medizintechnik (Germany), ConMed Corporation (US), Intuitive Surgical, Inc. (US), Cook Medical (US), Ambu A/S (Denmark), CapsoVision, Inc. (US), Fortimedix Surgical B.V. (Netherlands), Laborie Medical Technologies Inc. (Canada), Teleflex Incorporated (US), Carl Zeiss AG (Germany), and Arthrex, Inc. (US).
A breakdown of the primary participants for the endoscopy equipment market referred to for this report is provided below:
- By Company Type: Tier 1–55%, Tier 2–25%, and Tier 3–20%
- By Designation: C-level–43%, Director Level–32%, and Others–25%
- By Region: North America–38%, Europe–23%, Asia Pacific–29%, RoW- 10%
The market study covers the endoscopy equipment market across various segments. It aims at estimating the market size and the growth potential of this market across different segments by product, by application, by end user, and by region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants in this market and provide information regarding the closest approximations of the endoscopy equipment market and its segments. This report will help stakeholders understand the competitive landscape, gain insights to position their businesses better, and plan suitable go-to-market strategies. The report will also help stakeholders in understanding the pulse of the market and gaining information on key market drivers, restraints, opportunities, and challenges.