Global Endoscopy Equipment and Software Market

Endoscopy Equipment and Software Market Size, Share, Growth Analysis, By product(endoscopes, visualization systems, software, accessories), By application(diagnostics and surgery), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35G2130 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 63 | Figures: 75

Endoscopy Equipment and Software Market News

  • In February 2022, American society for gastroenterologist Endoscopy announced that with the help of Medtronic Plc through the Medtronic Health Equity Assistance Program it aims to provide colorectal cancer screening technologies in low income and underserved communities across the United States which will include the donation of 50 Medtronic GI Genius intelligent endoscopy modules.
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Endoscopy Equipment and Software Market size was valued at USD 42.42 billion in 2019 and is poised to grow from USD 45.6 billion in 2023 to USD 81 billion by 2031, growing at a CAGR of 7.5% in the forecast period (2024-2031).

endoscopy equipment and software market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Olympus Corporation', 'KARL STORZ SE & Co. KG', 'Fujifilm Holdings Corporation', 'Stryker Corporation', 'Boston Scientific Corporation', 'Cook Medical', 'Smith & Nephew plc', 'Medtronic plc', 'CONMED Corporation', 'Richard Wolf GmbH', 'Hoya Corporation', 'Pentax Medical (HOYA Corporation)', 'Given Imaging Ltd. (Medtronic plc)', 'Karlz Medical Inc.', 'EndoChoice Inc.', 'NeoScope Inc.', 'Machida Inc.', 'Ethicon Inc. (Johnson & Johnson)', 'Covidien plc (Medtronic plc)', 'Aohua Medical Technology Co. Ltd.'

Endoscopic surgery is more advantageous due to the benefits like reduced pain, quicker recovery times, short or no hospital stays, less postoperative issues, and less complications during surgery, which will boost the market in the upcoming years. The demand for endoscopy is also increasing as more insurance companies in major and developing nations like the US, UK, India, Australia, Germany, Canada, and others are recognising the benefits of endoscopic surgery. This will ultimately help the market grow in the future. The demand for endoscopy equipment and software will rise in the forecast period due to the growing use of endoscopy to detect diseases like cancer, orthopaedic diseases, neurological diseases, gastrointestinal problems, and gastroesophageal reflux disorder (GERD) as well as target diseases, including cancer, neurodegenerative, infectious, immune, metabolic, and cardiovascular diseases.

The market is driven by the growing inclination of medical professionals for using technologically enhanced endoscopic devices outfitted with a high-definition camera and light sources to assist doctors in analysing interior organs of interest. The primary drivers projected to drive the demand for endoscopic equipment are the shift in preference toward minimally invasive surgical techniques over standard surgeries to shorten hospital stay and minimise post-procedure problems. Therefore, it is anticipated that factors including greater patient satisfaction, enhanced economic viability, and shorter hospital stays would increase the demand for minimally invasive endoscopic procedures in the years to come, fueling the market's expansion.

North America held the largest share in the market for endoscopy devices in 2021, owing to reimbursement policies for endoscopic treatments in the US insurance market, an increase in the number of cancer patients, high investments by hospitals to purchase new endoscopic equipment, a strong focus on research to improve endoscopy techniques, and the implementation of a new funding model by Canadian hospitals.

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Global Endoscopy Equipment and Software Market

Report ID: SQMIG35G2130

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