Endoscopy Equipment and Software Market: Introduction
The technology used for capturing the images of the internal organs and vessels of the body is called endoscopy. It is predominantly used in finding the cause of diseases, and also helps in surgical or therapeutic procedures.
Endoscopy has been used widely by all medical practitioners globally since it aids in diagnosing, preventing, and treating complications associated with internal organs. It has been used to investigate the body’s cavity or interior hollow organs. With the help of a natural opening or cavity or through a minor incision, these devices are placed inside the body. Also, several other devices are attached to endoscopy devices, such as a camera or light at the tip of the endoscopes, which aids physicians or medical practitioners in examining the internal organs.
The Global Endoscopy Equipment and Software Market Forecast:
The Global Endoscopy Equipment and Software Market size was at US$ 27,429.1 Million in 2021, and it is predicted that it will reach a valuation of US$ 47133.77 million by the end of 2030 with an annual development rate (CAGR) of 6.20% between 2022 and 2030.
The Global Endoscopy Equipment and Software Market Overview:
The increasing demand for endoscopy and rising investments, funds, and grants in this area are expected to drive this market growth over the forecast period.
Due to urbanization, the surge in the number of hospitals and hospitals’ investment in endoscopy facilities is poised to fuel the market growth. Also, technological advancements in the endoscopy equipment and software and the demand for minimally invasive surgeries are accelerating the growth of this market.
Global Endoscopy Equipment and Software Market: Market Drivers
Requirement of Endoscopy for Diagnosis and Treating Disease is Fuelling the Market Growth:
Endoscopy procedures are considered as microsurgeries, which are done by just making a small incision on the body, using tiny cameras, small tubes, and surgical instruments. Therefore, patients go through less pain and have shorter or no hospital stay with almost no complications associated with pre and post-surgery care. These are the major advantages of Endoscopy procedures, and these factors are anticipated to fuel the growth of this Market.
These procedures are more effective, cost-efficient, and safer than traditional surgeries. Furthermore, Health insurance providers offer subsidies and benefits for these procedures in rich countries such as Canada, Germany, Australia and U.K. and in a few Middle East Countries Like the United Arab Emirates etc.
The surge in Global Geriatric Population Poised to Boost the Market Growth:
The geriatric population has been growing rapidly across the globe, and this factor primarily positively affects the market. The geriatric population is vulnerable and prone to various chronic diseases, such as ophthalmic disorders, orthopaedic disorders, gastrointestinal disorders, among others. .
Also, the geriatric population is majorly suffering from immunological disorders. As per the published report, the worldwide growth rate of the geriatric population is 2.6% per year.
Additionally, as per the report published by the World Health Organisation (WGO), A total of 80% of the old population would be living in the low or middle-income nations by the year 2025.
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The Key Market Segmentation of the Global Endoscopy Equipment and Software Market:
This Market can be divided into Product Types, Applications, End-User, and Geographical landscapes, etc.
By Product Type:
- Endoscope
- Visualization System
- Other Endoscope Equipment
- Accessories
By Application:
- Gastrointestinal Endoscopy
- Laparoscopy
- Obstetrics/ Gynecology Endoscopy
- Arthroscopy
- Urology Endoscopy (Cystoscopy)
- Bronchoscopy
- Ent Endoscopy
- Mediastinoscopy
- Other Applications
By End-User:
- Hospitals
- Ambulatory Surgery Centres/Clinics
- Other End Users
By Geographical Landscape:
- North America
- Europe
- Asia Pacific
- South America
- The Middle East and Africa
Major Key Players :
- KARL STORZ SE & Co. KG (Germany)
- HOYA Corporation (Japan)
- Smith & Nephew (the U.K.)
- Fujifilm Holdings Corporation (Japan)
- Stryker Corporation (U.S.)
- Olympus Corporation (Japan)
- Braun (Germany)
- Medtronic Plc (U.S.)
- JOHNSON & JOHNSON (U.S.)
- Boston Scientific Corporation (U.S.)
- Ethicon Inc. (U.S.)
- CONMED Corporation (U.S.)
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The Covid-19 Impact Analysis:
The COVID-19 pandemic impacted the majority of the sectors worldwide. The Endoscopy Equipment and Software Market was also negatively affected by the pandemic. Patients and Surgeons who were visiting hospitals for various treatments were at high risk of getting infected by COVID-19. Therefore, all the optional surgeries were postponed or cancelled.
The outbreak of COVID-19 in China, and its spread across numerous countries globally, halted the manufacturing process of industrial sectors, which hampered the global Endoscopy Equipment and Software Market.
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