The global endoscopy equipment market is projected to reach USD 35.2 billion by 2024 from an estimated USD 25.6 billion in 2019 at a CAGR of 6.6 percent during 2019 to 2024, estimates MarketsandMarkets. The growth of this market is driven majorly by factors, such as growing demand for endoscopy, growing investments, funds, and grants, rising number of hospitals and increasing hospital investments in endoscopy facilities, and technological advancements.
The global endoscopy devices market is anticipated to experience significant growth during 2019 to 2024 with technological advancements in endoscopes that can be used for early detection of diseases and rise in prevalence rate of diseases that require endoscopy devices. In addition, favorable FDA approvals and reimbursement policies pertaining to endoscopy devices in developed economies, surge in patient preference for minimally invasive surgeries, and shorter recovery time and minimal postoperative complications, drive the growth of the global endoscopy devices market. Some other technologies like adoption of near-infrared radiation technology (NIR), flexible spectral imaging color enhancement (FICE), I-Scan technology, confocal laser endomicroscopy (CLE), and computer-aided detection systems are enhancing the diagnostic and therapeutic use of endoscopy. However, dearth of trained physicians and endoscopists and infections caused by few endoscopes restrict the growth of the market. On the contrary, unmet medical demands in developing countries are expected to provide remunerative opportunities for market expansion.
Major players in endoscopy market include: Johnson & Johnson; Olympus Corporation; Medtronic; Arthrex; Boston Scientific Corporation; Stryker Corporation; Arthrex; Smith & Nephew; Karl Storz; Hoya Corporation; Fujifilm Holdings Corporation; B. Braun Melsungen AG; Richard Wolf GmbH; Cook Medical; Intuitive Surgical; ConMed Corporation; WiSAP Medical Technology; and Endo-Technik.