The global market for Endoscopy Systems is projected to reach US$43.7 billion by 2025, driven by the growing replacement of conventional "open surgeries" with minimally invasive procedures. A major chunk of growth in the market will come from the continuous technology progress and developments in minimally invasive surgery (MIS). Endoscopy is a major healthcare breakthrough that has revolutionized surgical care. Defined as a procedure wherein a flexible instrument mounted with a miniature camera is inserted into the body through a tiny incision to view and manipulate internal organs, endoscopy represents a powerful diagnostic as well as a surgical tool. Benefits of endoscopy include reduced postoperative pain; higher patient safety and reduced risk of post-surgical complications; lower risk of surgical site infections; reduced scarring and superior cosmetic outcome; faster recovery time and reduced hospital stays; and significantly lower healthcare and treatment costs. The migration to value based care model as part of the healthcare reforms underway worldwide is spurring the number of diagnostic and therapeutic endoscopic procedures performed, especially in the field of gastroenterology. Endoscopy has today evolved to become a platform through which a broad array of advanced imaging and therapeutic interventions are performed across myriad areas in healthcare. Types of endoscopic procedures include colonoscopy, sigmoidoscopy, enteroscopy, endoscopic retrograde cholangiopancreatography (ERCP), percutaneous endoscopic gastrostomy (PEG), laparoscopy, bronchoscopy, arthroscopy, cystoscopy, esophagoscopy, laryngoscopy, neuroendoscopy, thoracoscopy, proctoscopy, colposcopy, anoscopy. Examples of recent major advances made in endoscopy include capsule endoscopy, endoscopic ultrasound and microscopy, mucosal ablation and resection, pancreatic cyst drainage and debridement, endoscopic sphincterotomy with stone extraction or stenting, and percutaneous gastrostomy, among others.
Broader factors fueling growth in the market include aging population and its vulnerability to diseases; increasing incidence of cancer and gastrointestinal diseases; growing focus on early disease diagnosis; rising popularity of "natural orifice translumenal endoscopic surgery"; robust proliferation of endoscopy procedures in orthopedics, cardiology and urology; development of high-definition and three-dimensional endoscopy for use in neurology; favorable reimbursement scenario in select countries and government initiated launch of screening programs for early diagnosis; and rise of office-based endoscopy. The United States represents one of the major markets worldwide supported by technology innovation, aging society, favorable reimbursement policies, and rising prevalence of chronic lifestyle diseases. Together, the U.S and Europe account for over 62.2% share of the global market. China ranks as the fastest growing market with a CAGR of 7.9% over the analysis period supported by factors such as developments in healthcare infrastructure, improvements in the quality of healthcare services, increased access to affordable healthcare, growing prominence of capsule endoscopy in detecting pathologies such as tumors and lesions, increased patient and physician acceptance of endoscopic procedures as a result of benefits such as minimal morbidity and accurate diagnosis of mucosal disorders and booming medical tourism as the country emerges into a global healthcare destination.
Competitors identified in this market include, among others, Boston Scientific Corporation, Conmed Corporation, Cook Medical Inc., Ethicon Inc., Fujifilm Holdings Corporation, HOYA CORPORATION, KARL STORZ GmbH & Co. KG, Medtronic Plc., Olympus Corporation, Richard Wolf Medical Instruments Corporation, Stryker Corporation.