The global endoscopy equipment market size is expected to grow from USD 25.32 billion in 2020 to USD 38.48 billion by 2026 at a CAGR of 7.2%.
The endoscopes segment accounted for the largest market share in the global endoscopy equipment market during the forecast period. A large share of this share can be attributed to the high-level adoption of these devices by end-users, the increased selection of patients and physicians by slow invasive procedures, and the ongoing advances in endoscopy technology.
The gastrointestinal endoscopy segment holds the largest market share in endoscopy equipment during the forecast period. This segment is expected to witness the highest CAGR during the forecast period. The largest share and high growth rate of this sector can be attributed to the increase in the adult population in the US, China, Japan, and India and the increase in colorectal cancer (CRC) cases in young adults, leading to increased awareness among the targeted population of CRC screening.
The hospitals segment is likely to hold the largest share in the endoscopy equipment market during the forecast period due to increased adoption of endoscopy equipment in hospitals, increased public and private funding in the field of health care, and greater availability of highly skilled healthcare professionals and highly advanced technology facilities.
North America dominated the market for endoscopy equipment during the forecast period. North America's largest share in the global market is due to the best reimbursement policies for endoscopic procedures in the US, the increase in cancer cases, high hospital investment to buy new endoscopic equipment, a strong focus on research activities to improve endoscopy techniques, as well as new funding is Canadian hospitals.
The major players operating in the endoscopy equipment market are Johnson & Johnson (US), Olympus Corporation (Japan), KARL STORZ SE & Co. KG (Germany), Stryker Corporation (US), Boston Scientific Corporation (US), Medtronic Inc. (Ireland), Hoya Corporation (Japan), Smith & Nephew Plc (UK), Richard Wolf GmbH (Germany), ConMed Corporation (US), Carl Zeiss AG (Germany), Intuitive Surgical, Inc. (US), Fujifilm Holdings Corporation (Japan), Cook Medical (US), Ambu A/S (Denmark), Nipro Corporation (Japan), CapsoVision, Inc. (US), The Cooper Companies, Inc. (US), Fortimedix Surgical B.V. (Netherlands), B. Braun Melsungen AG (Germany), Medi-Globe (Germany), Laborie Medical Technologies Inc. (Canada), Teleflex Incorporated (US), Cantel Medical Corp. (US), Dantschke Medizintechnik (Germany), and Arthrex, Inc. (US).
Endoscopy procedures are non-invasive procedures that use endoscopy tools and equipment to examine a patient's internal organs or tissues in detail. During endoscopy, many tools, and equipment, including processors, video monitors, video recorders, sensors, monitoring equipment, light sources, video processors, insufflators, endoscope cabinets, endoscopy cart, or trolley, are used to ensure safety, a successful process. Endoscopy machines are mainly used by gastroenterologists, gynecologists, nephrologists, neurologists, cardiologists, hepatologists, and liver transplant surgeons.
The COVID-19 epidemic has caused a global crisis. Surgeons and patients visiting hospitals for various treatments are at high risk for COVID-19 infection. Hospitals in Germany are burdened with cases of COVID-19; therefore, all selected surgery was canceled or postponed. About 40-50% of endoscopy procedures were canceled at major hospitals throughout Germany. There has been a decline in sales of endoscopy equipment in Q2 and Q3 of 2020.
Sales of disposable endoscopes have increased in contrast to automatic endoscopes as many hospitals and clinics lack the resources and capacity to adhere to the strict COVID-19 guidelines set by the European Society for Gastrointestinal Endoscopy (ESGE) and the German Respiratory Society. (Deutsche Gesellschaft für Pneumologie und Beatmungsmedizin or DGP). The use of negative pressure suits and protective equipment, as well as ward allocation of wards, is recommended to avoid the risk of infection. As a result, the total cost of endoscopic treatment has increased. These factors have halted the growth of the endoscopy market by 2020. However, with the introduction of vaccines worldwide, the market is likely to recover in the coming years.
Endoscopy procedures are minimally invasive procedures that are performed on one or more small incisions, using small tubes, small cameras, and surgical instruments. Minor pain, short or no hospital stay, or minor complications related to pre- and post-surgery care are major benefits of endoscopy procedures. Therefore, these procedures are more economical, more efficient, and safer than conventional surgery. Also, these processes are covered by health insurance providers in rich countries such as the US, Canada, UK, Germany, Australia, and a few Middle Eastern countries, such as the United Arab Emirates. These factors lead to the high popularity of endoscopy procedures among patients and physicians. Annually, approximately 11.0 million colonoscopies, 6.1 million high endoscopies, 313,000 flexible sigmoidoscopies, 178,400 high endoscopic ultrasound examinations, and 169,500 endoscopic retrograde cholangiopancreatography procedures were performed in the US.
Endoscopy is increasingly being used to diagnose/treat a few major disorders, such as cancer, osteoporosis, neurological disorders, and gastroesophageal reflux disorder (GERD). According to GLOBOCAN, 457 960 new cancer cases were detected in the UK by 2020, and this number is expected to reach 27.5 million by 2040 (an increase of 61.7%). As a result, there will be a significant increase in the number of cancer surgeries; for example, approximately 80% of cancer cases may require surgery (Source: Lancet International Surgery Commission). Therefore, an increase in targeted diseases, including cancer, neurodegenerative, infectious diseases, immune system, metabolic, and heart disease, is expected to accelerate the need for endoscopy procedures, which will accelerate the growth of the endoscopy machine market in the coming years. .
Brazil, Russia, India, China, and South Africa (BRICS) are among the fastest-growing economies in the world. According to the World Economic Forum, the emerging economy accounts for about a third of all health care costs worldwide by 2020. More than half the world's population lives in India and China because these countries are home to the highest number of patients.
The growing burden of cancer, the rapid development of health care infrastructure, the rapid growth of medical tourism, and the existence of flexible laws in these countries are encouraging players in the endoscopy equipment market to expand their presence in developing countries.
Currently, several endoscopy manufacturers are setting up locations in the Asia Pacific, the Middle East, and Latin America. Key players such as Stryker and KARL STORZ have already established their production and R&D facilities in these countries. In addition, the proliferation of markets in developed regions, such as North America and Europe, will force endoscopy equipment manufacturers to focus on emerging markets in the years to come.
There is a serious shortage of doctors and surgeons around the world. This shortage of trained specialists in endoscopy is expected to be demonstrated in the Asia Pacific, Latin America, and Europe (excluding the UK, where training has been provided by endoscopists nurses over the past 10 years by the United Kingdom Central Council for Nursing, Midwifery. and Health).
Trained specialists are required to successfully perform endoscopy procedures to prevent the spread of disease in endoscopy centers. The shortage of qualified doctors and nurses for endoscopy in large regions is expected to have a negative impact on the few endoscopy procedures performed annually around the world. A few market players, like Olympus, have set up training centers to overcome this concern. In Asia alone, the company has 22 endoscopy training centers. Such measures will raise awareness of the latest technological advances in the field of endoscopy, as well as increase the number of trained endoscopy specialists.