Endoscopes Market to Expand Beyond USD 37.6 Billion by 2026

The global endoscopes market was valued at USD 29,151 million in 2017 and is projected to exhibit a CAGR of 6.6 percent from 2018 – 2026. The endoscope devices market is projected to witness significant growth owing to increasing adoption of endoscopic procedure worldwide for diagnosis and treatment of various disease especially GI tract associated disease. Endoscopic procedures are minimally invasive and efficient for diagnosis and surgical purpose. Furthermore, endoscopy promotes less post-operative pain, lowers risks of complications after surgery, and reduces hospital stay due to rapid healing. North America region is expected to dominate the market due to increasing number of endoscopic procedure. For instance, according to the American Society for Gastrointestinal Endoscopy, 2016, an estimated 20 million gastro intestinal endoscopic procedures are performed annually in the US.

Moreover, increasing prevalence of Gastro Esophageal Reflux Disease (GERD) is expected to drive growth of the endoscopes market in this region. Review study published in journal Gut in 2014, stated that North America faces prevalence of GERD in the range of 18-28 percent, Europe has annual prevalence in the range of 9-26 percent. Other prominent regions include South America (23 percent) and Middle East (9-33 percent). Europe region is projected to witness lucrative growth in endoscopes market, owing increasing number of ageing population. As per the United Nations 2017 report, Europe currently has highest percentage (25 percent of entire population) of old age population. Old age people often suffer from GI tract (Cancer, IBD) and other disease, in addition they are most prone to orthopedic trauma and disease. Therefore, increasing number of endoscope procedures such as GI endoscopy and arthroscopy are expected to propel growth of the endoscope market.

Key players are launching innovative products in the endoscopy market on order to maintain leading position in market. These new products address the various needs such minimum invasion, better visualization, efficient performance for diagnosis and treatment. For instance, in December 2017, DePuy Synthes launched PUREVUE Visualization System at the Orthopedic Summit 2017. It is an imaging platform for minimally invasive endoscopic surgery that consist of a light source, image processer, local image management, intuitive touch-screen navigation, and customizable settings for various Minimally Invasive Surgery (MIS). In March 2017, Olympus Corporation launched the VISERA ELITE II, a surgical endoscope system with an Infra-Red (IR) imaging capability, by end of 2017 it announced to expand product in different regions such as in Japan, Europe, and parts of Asia. Pentax Medical along with Hitachi Medical Systems in September 2017, launched a new ultrasound video bronchoscope for endo bronchial ultrasound (EBUS).

Companies are also performing strategic mergers and acquisitions in order to increase market presence and diversify product portfolio. In February 2018, Stryker Corporation completed acquisition of Entellus Medical Inc., a medical technology company that offers products in minimally invasive treatment of various ear, nose and throat (ENT) diseases, imaging solution, HD wireless camera, and surgical instrument section, which would complement Stryker’s portfolio and would strengthen the same. In 2015, DePuy Synthes acquired Utah-based Olive Medical Corporation and entered the arthroscopic visualization market to serve patients with knee, hip, and shoulder joint pain or injury. – Coherent Market Insights

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