The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, April 25, 2023 /PRNewswire/ -- As per The Business Research Company's Endoscopy Devices And Equipment Global Market Report 2023, the global endoscopy devices and equipment market size will grow from $7.9 billion in 2022 to $8.5 billion in 2023 at a compound annual growth rate (CAGR) of more than 7%. The endoscopy operative devices market size is then expected to grow to $10.9 billion in 2027 at a CAGR of more than 6%. Going forward, the rising geriatric population, increasing incidence of chronic diseases, growing prevalence of obesity will drive the endoscopy devices and equipment market growth.
The global endoscopy devices and equipment market is fragmented, with a large number of small endoscopy market leaders. Olympus Corporation was the largest competitor with 5.3% endoscopy devices and equipment market share, followed by Boston Scientific Corporation, Stryker Corporation, Fujifilm, Karl Storz SE & Co. KG, Johnson & Johnson, Conmed Corporation and others.
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Major players in the endoscopy devices and equipment market are adopting these three technologies to ensure more efficiency in their devices and equipment:
1.Use Of Artificial Intelligence (AI) And Machine Learning
AI algorithms can improve image quality, detect abnormalities and assist during endoscopic procedures. Machine learning can also aid in the development of predictive models for disease detection and personalized treatment plans. For example, in March 2023, NVIDIA, a US-based technology company announced that it is collaborating with Medtronic, a US-based largest healthcare technology provider. The companies will integrate NVIDIA healthcare and edge AI technologies into Medtronic's GI Genius intelligent endoscopy module, developed and manufactured by Cosmo Pharmaceuticals.
2.3D Imaging Technology
3D imaging technology is being incorporated into endoscopy devices and equipment market, which allows for more detailed and accurate visualization of the area being examined. For example, in September 2022, Sony Corporation, a Japan-based manufacturer of consumer electronics products, Olympus Corporation, a Japan-based manufacturer of optics and reprography products and Sony Olympus Medical Solutions Inc, a Japan-based provider of medical and imaging device solutions, have developed a surgical endoscopy system that provides surgical visualization features including 4K, 3D, infrared (IR) imaging*1 and NBI (Narrow Band Imaging)*2.
3.Advanced Robotics Technology
Advanced robotics technology is being incorporated into endoscopy devices and equipment market, allowing for greater precision and control during procedures. Robotic endoscopes can also be remotely controlled, which can improve access to difficult-to-reach areas of the body. For example, in December 2022, KARL STORZ Endoscopy-America Inc, a US-based leading endoscope manufacturer, proudly announced its TIPCAM 1 Rubina with ARTip SOLO robotic assistance. TIPCAM1 Rubina is the only advanced endoscopic solution on the market that gives surgeons access to the most sophisticated visualization technologies.
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The global endoscopy devices and equipment market is segmented -
1) By Product: Endoscope, Endoscopy Operative Devices, Endoscopy Visualization Systems
2) By Application: Bronchoscopy, Arthroscopy, Laparoscopy, Urology endoscopy, Neuroendoscopy, Gastrointestinal endoscopy, Obstetrics/gynecology endoscopy, ENT endoscopy, Other Applications
3) By End-User: Hospitals, Clinics, Other End Users
As per The Business Research Company's endoscopy devices and equipment market analysis, the top growth potential in the endoscopy devices and equipment market by product will arise in the endoscope market, which will gain $6.9 billion of global annual sales by 2027. North America is expected to be the largest region in the endoscopy devices and equipment market, followed by Asia Pacific and Western Europe.
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