The endoscopy equipment market size is valued at USD 31.44 billion in 2020 and is expected to reach USD 46.23 billion by 2028, at a CAGR of 7.51% during the forecast period 2022-2028. Endoscopy is a medical procedure in which a specialized instrument is inserted into body through a small cut or an opening by which the internal organs and vessels of the body are viewed and operated. An endoscope is a flexible tube that is attached to a camera which will be very helpful in operating or removing tissues for biopsy. The surge in demand for endoscopy due to huge inclination towards minimally invasive or non-invasive surgeries is expected to enhance the revenue share.
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Endoscopic procedures are low risk processes and can be easily reimbursed by insurance. Growing geriatric population, most vital factor which drives the global market, is highly susceptible for various chronic diseases. According to UNO estimations in 2012, geriatric population was about 810 Mn and it is anticipated to grow over 2,000 Mn people by 2050. Endoscopy equipment market is highly fragmented market owing to the presence of large number of market players. Players inmarket are focused on various growth strategies such as acquisitions, mergers, collaborations and partnerships, new product developments in order to enhance the product portfolio and strengthen geographical presence. For instance, in 2016, Fujifilm has launched New ELUXEO endoscopy system in Europe, which is an innovative 4-LED Multi light technology utilizing system. According to American Cancer Society, annual cancer incidences in U.S. are 300.2 per 100,000 people and 296.6 cases per 100,000 people in Canada. Asia Pacific region is expected to offer lucrative growth. Especially in Japan, China and India, endoscopy equipment market is expected to experience unprecedented growth owing to venture capital investments and government investments in China, R&D support in Japan, rise in a number of endoscopic surgeries and growing healthcare infrastructure in India. Furthermore, growing awareness among consumers, increase in medical tourism, rise in disposable income, and geographical expansion in APAC countries by the eminent market players are expected to offer enormous opportunities over the forecast period.
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Factors that are driving global endoscopy equipment market are increase in incidence of various chronic diseases like cancers, heart diseases, gastrointestinal diseases and increase in geriatric population around the globe. According to WHO, cardiovascular disease is one of the leading cause of death worldwide, around 17.5 Mn people died in 2012 due to heart diseases. Furthermore, increase in adoption of minimally invasive or non-invasive surgeries, increase in technological advancements in endoscopy, favourable reimbursement policies are expected to accelerate market. However, dearth of skilled professionals, high cost associated with the procedure, lack of awareness regarding endoscopy procedures among consumers restrain the growth market.
Endoscopy equipment market is segmented as Latin America, Europe, Asia Pacific, North America, and Middle East and Africa. North America holds the largest market share in endoscope equipment market globally followed by Europe owing to the high number of technological advancements, presence of most of the global players, high adoption of minimally or non-invasive surgical procedures, presence of well-developed healthcare infrastructure, growing prevalence of chronic diseases, favourable regulatory procedures and reimbursement policies.
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There are several industry players working in the Endoscopy Equipment Market, which include HOYA Corporation, Olympus Corporation, Stryker Corporation, Boston Scientific Corporation, Fujifilm Holdings Corporation
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