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Endoscope Market to Generate Revenue Worth $28.4 Billion by 2024

Published Date:   October 2019

The global endoscope market was valued at $18.9 billion in 2018, which is projected to reach $28.4 billion by 2024, progressing at a CAGR of 7.2% during the forecast period (2019–2024). Based on type, the colonoscope category is expected to witness the fastest growth, at a CAGR of 8.3%, during the forecast period. The widespread prevalence of colon-related diseases and the growing emphasis on their early diagnosis and prevention, which require endoscopy procedures, are some major factors behind the growth of the category.

Rising Number of Product Launches is a Key Trend in Endoscope Market

The global endoscope market is evolving with the development and launch of technically advanced products. In the current time, these products play a pivotal role in the effective diagnosis and treatment of various conditions, such as chronic gastrointestinal bleeding, colon cancer, peptic ulcer disease (PUD), ulcerative colitis, and muscle spasms. The advanced products that are being launched provide enhanced visualization of the body parts, such as organs and tissues. Moreover, the technically upgraded endoscopes provide better results with minimal errors. For instance, in March 2019, Olympus Corporation launched its small intestine endoscopy system, PowerSpiral, with a motorized rotation system in Europe and some parts of the Asia-Pacific (APAC). This system uses a motorized rotator, which is fixed on the upper side of the endoscope and gently grips onto the mucosa, providing deeper penetration into the small intestine.

Market for Endoscopes is Likely to Witness Significant Progress Due to Surge in Geriatric Population

The increasing geriatric population is a key factor driving the growth of the endoscope market. It has been observed that apart from geriatric population, chronic diseases are another major contributor in the growth of the market. According to the United Nations Department of Economic and Social Affairs (UNDESA)’s World Population Ageing 2017 publication, the population of people aged 60 years or above is growing at a considerable rate, globally. This number increased from 382 million in 1980 to 962 million in 2017 and is further expected to reach 2.1 billion by 2050. European countries, including Italy, Germany, France, Spain, and the U.K., are experiencing an increase in their geriatric population. According to the World Population Ageing 2017 factsheet, 29.4% of the Italian population was 60 years or older. This figure is likely to rise to 40.3% by 2050. Further, 28.0% of German citizens were aged 60 years or over in 2017, and this share is expected to reach 37.6% by 2050. Similarly, the population of those 60 years or older in France in 2017 accounted for 25.7% of the total, and it is expected to rise up to 32.2% by 2050.

Elderly people require extensive care, as they are more prone to illnesses due to their low immunity level and require longer recovery time. Chronic diseases, such as cancer, cardiovascular diseases, diabetes, and respiratory diseases, are commonly observed in the elderly, which require regular monitoring through endoscopic procedures.

Segmentation Analysis of Endoscope Market

  • Based on type, the esophagoscope category is expected to hold the largest share, of 25.6%, in the endoscope market in 2024, mainly due to the increase in the number of endoscopic surgeries performed for the treatment esophagus related diseases.
  • On the basis of application, the gastroenterology category is predicted to grow at the highest CAGR, of 8.0%, during the forecast period. This can be mainly ascribed to the rising prevalence of diseases such as colon polyps, peptic ulcer disease, colitis, and pancreatitis across the globe.
  • Based on end user, hospitals are expected to dominate the global market, contributing 50.2% revenue in 2024. The rise in the number of hospitals and increasing prevalence of chronic diseases are some of the major factors driving the growth of this end-user category.

Geographical Analysis of Endoscope Market

North America is expected to account for the largest share in the endoscope market by 2024, followed by APAC. Together, North America and APAC are expected to account for a 75.3% market share in 2024. This can be mainly attributed to the continuous technological advancements, surging geriatric population, increasing prevalence of chronic diseases, presence of giant players, improved healthcare services, and increase in the number of hospitals.

Other regions, which include Europe, Latin America (LATAM), and Middle East & Africa (MEA), also hold considerable shares in the endoscope market on account of the increasing healthcare spending, surging prevalence of chronic diseases, and growing access to health services.

  • In 2018, Germany held a 35.1% share in the European endoscope market and is predicted to prosper at a CAGR of 8.4% during the forecast period. This is mainly due to the ongoing technological advancements and improving healthcare infrastructure in the country.
  • Brazil is projected to be the fastest-growing market in the LATAM region during the forecast period. The surging number of hospitals offering endoscopy procedures and increasing healthcare expenditure are the major reasons for the growth of the market in the country.
  • In Saudi Arabia, the rising adoption of minimally invasive surgeries, improved healthcare infrastructure, and presence of well-established hospitals are the key factors driving the growth of the market, which is why the country is expected to witness the highest CAGR in MEA.

Competitive Landscape of Endoscope Market

The endoscope market is fragmented with the presence of giant players, such as Boston Scientific Corporation, Smith & Nephew PLC, Stryker Corporation, Medtronic PLC, Olympus Corporation, FUJIFILM Holdings Corporation, and KARL STORZ SE & Co. KG.

The players in the endoscope market have adopted product launches and mergers and acquisitions as key strategies to maintain their position. For example, in May 2017, Boston Scientific Corporation launched SpyGlass DS Direct Visualization System for single-operator duodenoscope-assisted cholangiopancreatoscopy (SODAC) or visual examination of the bile ducts. It requires just one operator and provides unprecedented, direct visualization of all bile duct quadrants.

Browse report overview with detailed TOC on "Endoscope Market Research Report: By Type (Esophagoscope, Arthroscope, Colonoscope, Bronchoscope, Cystoscope, Laryngoscope, Laparoscope, Colposcope), Application (Gastroenterology, Orthopedic, Pulmonology, Urology, Gynecology), End User (Hospitals, Specialty Clinics, Diagnostic Centers), Geographical Outlook (U.S., Canada, Germany, France, U.K., Italy, Spain, China, Japan, India, Australia, Brazil, Mexico, Saudi Arabia, South Africa, U.A.E.) – Global Opportunity Analysis and Growth Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/endoscope-market

Moreover, in May 2019, FUJIFILM Holdings Corporation acquired medwork GmbH, a company that develops, manufactures, and markets instruments for therapeutic and diagnostic endoscopy. The acquisition helped FUJIFILM Holdings Corporation to expand its endoscopic product portfolio.

Some of the other players operating in the endoscope market are CONMED Corporation, HOYA Corporation, CANTEL Medical Corp., B. Braun Melsungen AG, Maxer Endoscopy GmbH, Smart Medical Systems Ltd. and GI Supply Inc.

Market Segmentation by Type

  • Esophagoscope
  • Arthroscope
  • Colonoscope
  • Bronchoscope
  • Cystoscope
  • Laryngoscope
  • Laparoscope
  • Colposcope
  • Others

Market Segmentation by Application

  • Gastroenterology
  • Orthopedic
  • Pulmonology
  • Urology
  • Gynecology
  • Others

Market Segmentation by End User

  • Hospitals
  • Specialty Clinics
  • Diagnostic Centers
  • Others

Market Segmentation by Region

  • Global Endoscope Market
    • By type
    • By application
    • By end user
    • By region – North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East and Africa (MEA)
  • North America Endoscope Market
    • By type
    • By application
    • By end user
    • By country – U.S. and Canada
      • U.S. endoscope market
        • By type
        • By application
        • By end user
      • Canada endoscope market
        • By type
        • By application
        • By end user
  • Europe Endoscope Market
    • By type
    • By application
    • By end user
    • By country – Germany, France, U.K., Italy, Spain, and Rest of Europe
      • Germany endoscope market
        • By type
        • By application
        • By end user
      • France endoscope market
        • By type
        • By application
        • By end user
      • U.K. endoscope market
        • By type
        • By application
        • By end user
      • Italy endoscope market
        • By type
        • By application
        • By end user
      • Spain endoscope market
        • By type
        • By application
        • By end user
  • APAC Endoscope Market
    • By type
    • By application
    • By end user
    • By country – China, Japan, India, Australia, and Rest of APAC
      • China endoscope market
        • By type
        • By application
        • By end user
      • Japan endoscope market
        • By type
        • By application
        • By end user
      • India endoscope market
        • By type
        • By application
        • By end user
      • Australia endoscope market
        • By type
        • By application
        • By end user
  • LATAM Endoscope Market
    • By type
    • By application
    • By end user
    • By country – Brazil, Mexico, and Rest of LATAM
      • Brazil endoscope market
        • By type
        • By application
        • By end user
      • Mexico endoscope market
        • By type
        • By application
        • By end user
  • MEA Endoscope Market
    • By type
    • By application
    • By end user
    • By country – Saudi Arabia, South Africa, U.A.E., and Rest of MEA
      • Saudi Arabia endoscope market
        • By type
        • By application
        • By end user
      • South Africa endoscope market
        • By type
        • By application
        • By end user
      • U.A.E. endoscope market
        • By type
        • By application
        • By end user