Published: October 2019 | Report Code: LS11758 | Available Format: PDF | Pages: 220
Valued at $18.9 billion in 2018, the global endoscope market is projected to generate $28.4 billion revenue by 2024, witnessing a CAGR of 7.2% between 2019 and 2024.
Among all regions, North America is expected to lead the market during the forecast period. The surging geriatric population, technological advancements, increasing prevalence of chronic diseases, presence of giant players, improved healthcare services, and rise in the number of hospitals are some of the major factors driving the growth of the endoscope market in North America. According to the American Cancer Society (ACS) 2018 data, colorectal cancer was the second-leading cause of cancer deaths (men and women combined) in the U.S., and it mainly affected older adults. The high prevalence of cancer is expected to spur the demand for endoscopes. In 2017, the American Hospital Association (AHA) reported an increase in the number of active U.S. hospitals to 6,200 from 5,534 in 2016. This rise in the number of hospitals will bring new facilities such as short and long-term acute care, rehabilitation, and other specialty centers.
Dynamics of Endoscope Market
The continuous technical evolution and growing adoption of endoscopes have increased the focus of manufacturers on advanced products, which can be used in all healthcare facilities. For instance, in February 2019, PENTAX Medical, a subsidiary of HOYA Corporation, launched its integrated electrosurgical and argon plasma coagulation (APC) platforms — ENDO ARC and ENDO PLUS. Both platforms provide electrosurgical cutting capabilities and address coagulation concerns. These are a few advancements in the field of endoscopy, which are trending and attracting healthcare professionals, thereby having a strong positive impact on the endoscope market.
Globally, the increasing burden of chronic diseases, such as cancer, cardiovascular diseases, and respiratory diseases, is leading to a high demand for advanced endoscopy equipment across the globe. According to the American Heart Association (AHA)’s Heart Disease and Stroke Statistics 2018, about 836,546 deaths were reported due to cardiovascular diseases in the U.S., which is about one in every three deaths. Further, the prevalence of cancer and other severe diseases is increasing across the globe. According to the Canadian Cancer Society 2017 estimates, cancer is the leading cause of deaths in Canada; about one in four individuals are expected to die from the disease, which is responsible for 30.2% of all deaths, followed by cardiovascular diseases, accidents, and chronic lower respiratory diseases. Patients suffering from all these diseases require endoscopic procedures for diagnosis. This rapidly increasing burden of cancer and other chronic ailments is leading to a rise in the number of endoscopic procedures performed worldwide, which, in turn, is expected to drive the endoscope market in the coming years.
The medical device manufacturers are trying to lower the manufacturing cost of the device by relocating to areas where they can find labor and materials at low cost, which is contributing to the growth of the endoscope market. Sometimes, government organizations are attracting manufacturing companies by giving incentives or relaxation in the tax. For instance, in China, the National Health and Family Planning Commission (NHFPC) established an incentive scheme in 2017 to encourage the production of medical devices in the country. This incentive scheme attracted a number of foreign companies, which are moving their production sites to China so that their products can meet the qualifications under the incentive scheme, in order to remain competitive in the Chinese market. Further, the relaxation in regulatory policies in several economies is attracting the major market players to invest in this market.
Endoscope Market Segmentation Analysis
Based on type, the esophagoscope category is leading the global endoscope market. This is owing to the widespread prevalence of chronic diseases and growing emphasis on the early diagnosis and prevention of diseases, which require endoscopy procedures.
When segmented on the basis of application, gastroenterology is projected to be the fastest growing category in the endoscope market. The growth in this application category is due to the rising prevalence of diseases such as colon polyps, peptic ulcer disease, colitis, and pancreatitis. Moreover, the rise in the number of colorectal cancer cases is boosting the demand for endoscopes in this application area.
Hospitals are the largest end-user category in the endoscope market, mainly due to the increase in the number of hospitals all over the world, where a large number of endoscopic procedures are performed.
Geographical Analysis of Endoscope Market
Globally, North America is the largest market for endoscopy devices, and the region is expected to hold a 47.7% share in the endoscope market in 2024. The rapid technological advancements, surging geriatric population, increasing prevalence of chronic diseases, presence of giant players, improved healthcare services, and increase in the number of hospitals are some prominent factors responsible for the high demand for these devices in the region. The U.S. is the largest market for endoscope in North America. Increasing prevalence of gastrointestinal, and respiratory diseases, growing geriatric population, presence of established players, improved healthcare services, and increase in number of hospitals are some of the major factors contributing to the growth in the U.S. market.
During the forecast period, APAC is expected to witness the fastest growth, primarily driven by the increasing healthcare expenditure, rising awareness about early disease diagnosis, and rising prevalence of chronic diseases. Moreover, in countries such as China and India, the ongoing technological advancements and improving healthcare infrastructure are supporting the growth of the endoscope market in APAC. The Indian market is expected to witness considerable growth, mainly on account of the large patient pool and increasing government initiatives for raising the awareness about the early diagnosis of diseases in the country.
Competitive Landscape of Endoscope Market
Some of the giant players which are contributing to the growth of the endoscope market are Boston Scientific Corporation, Smith & Nephew plc, Stryker Corporation, Medtronic plc, Olympus Corporation, FUJIFILM Holdings Corporation, and KARL STORZ SE & Co. KG. CONMED Corporation, HOYA Corporation, Cantel Medical Corp., B. Braun Melsungen AG, Maxer Endoscopy GmbH, SMART Medical Systems Ltd., and GI Supply Inc. are some other players operating in the market.
Recent Strategic Developments of Endoscope Market Players
In the recent years, the major players in the endoscope market have actively engaged in mergers & acquisitions to gain a competitive edge. For instance, in March 2018, Boston Scientific Corporation acquired EMcision Limited, a private company located in the U.K. and Canada. The acquisition expanded Boston Scientific Corporation’s endoscopy portfolio by adding the Habib EndoHPB probe, a novel endoscopic bipolar radiofrequency device, which coagulates the tissue in the gastrointestinal tract. The Habib EndoHPB probe is used by physicians in the treatment and palliative care of patients living with pancreaticobiliary cancers.
Key Questions Addressed in the Report
The endoscope market will generate revenue of $28.4 billion by 2024.
The endoscope industry was worth $18.9 billion in 2018.
The endoscope market will grow at a CAGR of 7.2% from 2019 to 2024.
Geographically, the endoscope industry will register the fastest growth in APAC and highest revenue in North America in the coming years.
The rising prevalence of chronic diseases, such as cardiovascular diseases, respiratory ailments, and cancer, is the biggest growth driver for the endoscope market.
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