Endoscopy is the process of looking inside the body because of various medical reasons by directly inserting endoscopes into the organs. The acceptance of endoscopy is on the increase, led by the benefits offered by minimally invasive categories. Capsule endoscopy is one of the fastest rising among all the endoscope product types. The high predominance of gastrointestinal disorders like ulcers, Crohn’s disease, inflammatory bowel disease and other diseases in the colon are growing the use of endoscopy devices.
The global endoscopy devices market is expected to exceed more than $33 billion by 2020, according to Market Watch.
A recent report on the endoscopy equipment market by MarketsandMarkets.com predicts continued growth.
The global endoscopy equipment market is projected to reach $34.82 billion by 2022, according to the report. The research group also estimated the market to be $25.58 billion in 2017. The forecast reflects a compound annual growth rate (CAGR) of 6.4 percent during the forecast period.
“The key factors driving the growth of this market include favorable government initiatives, rising number of hospitals and growing hospital investments in endoscopy facilities, technological advancements, and rising prevalence of diseases that require endoscopy,” according to MarketsandMarkets.com.
Allied Market Research also predicts growth in the market in the near future and lists some factors pushing the market to new highs.
“Rise in incidences of cancer, gastrointestinal diseases and other chronic diseases worldwide, owing to the growth in geriatric population, obesity, and changes in demographics and lifestyle are the major factors that drive the growth of the endoscopy devices market,” according to Allied Market Research. “In addition, technological advancement in visualization, diagnosis and surgical endoscopic treatment; and increase in awareness of endoscopic technologies and its advantages among the patients and medical professionals stimulate the demand for endoscopic devices, thus boosting the market growth.”
Allied Market Research also listed some factors that could hinder growth but still expect continued growth.
“However, numerous factors are expected to restrain the market development. The impact of the drivers is estimated to be higher than the restraints. Moreover, an increase in the effects of drivers and restraints is anticipated to reveal new market opportunities for key players manufacturing endoscopy devices, especially flexible and capsule endoscopy systems,” according to the report.
The global endoscopy devices market is anticipated to grow at a CAGR of 5.7 percent from 2016 to 2022, and reach $40.8 billion by 2022, according to Allied Market Research.
Some key players that operate in the global endoscopy devices market include Olympus Corporation, HOYA Corporation, Fujifilm, Holdings Corporation, Boston Scientific Corporation, CONMED Corporation, Stryker Corporation, Smith & Nephew Plc, Medtronic Plc, KARL STORZ GmbH & Co. KG, and Johnson & Johnson.
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