Endoscopy Equipment Market Growing at 6.1% CAGR and will reach 33.6 Billion by 2020

Press Release   •   Dec 08, 2015 01:41 EST

Global endoscopy equipment market for the forecast period of 2015 to 2020. This market is expected to reach USD 33.6 Billion by 2020 from USD 23.8 Billion in 2015, at a CAGR of 6.1%. In 2015, the endoscopes segment is expected to account for the larger share of the global endoscopy equipment market, by product, while the laparoscopy segment is expected to account for the largest share of endoscopy equipment market, by application. Advancements in technology have also resulted in several improvisations, including increased angles in the field of view in endoscopes, reduced outer diameters of scopes, endoscopy systems that are integrated with high-resolution technologies such as 3D systems, and miniaturized endoscopy systems. The majority of leading players in this market are launching innovative products using advanced technologies to address the specific demands of their consumers, thereby stimulating the sales of their endoscopy equipment. Other factors that are driving the growth of the global endoscopy equipment market include a favorable reimbursement scenario in select geographies and increasing prevalence/incidence of diseases requiring endoscopy procedures.

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Endoscopy involves the examination of the internal organs and cavities of the body using an endoscope. Endoscopy equipment finds applications in various procedures like laparoscopy, gastrointestinal endoscopy, arthroscopy, obstetrics/gynecology endoscopy, urology endoscopy, bronchoscope, mediastinoscopy, otoscopy, and laryngoscope. Over the years, the global healthcare industry has witnessed a paradigm shift and is now increasingly focusing on minimally invasive therapies that not only cure serious illnesses but also have fewer side effects. In the past decade, the demand for endoscopy has increased significantly, largely because of patient preference for minimally invasive surgeries, low-risk procedures, and favorable health insurance coverage. Technological advancements and breakthroughs in the field of endoscopy are expected to drive the growth of the global endoscopy equipment market in the coming years.

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The market witnesses high competitive intensity, as there are several big and many small firms with similar product offerings. These companies adopt various strategies (agreements, partnerships, joint ventures, collaborations, geographic expansion, new product launches, and acquisitions) to increase their market shares and establish a strong foothold in the global market. In 2015, North America is expected to account for the largest share of the global endoscopy equipment market, followed by Europe, Asia-Pacific, and the Rest of the World (RoW).North America’s large share is attributed to the favorable reimbursement scenario in the U.S., increasing incidences of cancer in the U.S. and Canada, research on new technologies in the U.S., and the implementation of a new funding model for Canadian hospitals. In the coming years, It is expected to witness the highest growth rate in the Asian region, with emphasis on India, China, and Japan.

Some major players in the global endoscopy equipment market include Ethicon, Inc. (U.S.), Olympus Corporation (Japan), Fujifilm Holding Corporation (Japan), Boston Scientific Corporation (U.S.), Pentax Medical Corporation (Japan), Stryker Corporation (U.S.). KARL STORZ GmBH (Germany), Smith & Nephew plc (U.K.), Medtronic plc (Ireland), Richard Wolf GmBH (Germany), CONMED Corporation (U.S.), and Cook Medical Incorporated (U.S.)

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