According to the latest report published by Credence Research, Inc. “Endoscopy Devices: Market Growth, Future Prospects and Competitive Analysis, 2016-2022,” the endoscopy devices market was valued at USD 22.6 Bn in 2015, and is expected to reach USD 36.5 Bn by 2022, expanding at a CAGR of 7% from 2016 to 2022.
Market Insights
The global endoscopy devices market is anticipated to grow at a CAGR of 7% during 2016-2022. Growing incidence of gastrointestinal conditions and colon cancer and high demand for minimally invasive surgeries significantly contribute to the growth of endoscopy devices market. Availability of favorable reimbursement policies for endoscopic procedures also contribute to the increased adoption of endoscopy devices.
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Demand for minimally invasive procedures for both diagnostic and therapeutic applications will also drive the endoscopy devices market. Minimally invasive procedures offer advantages such as minimal scarring, shorter hospital stay, less post-operative complications, thus reducing the overall procedural cost. Hence, minimally invasive surgeries are being increasingly adopted worldwide. Geriatric population is at a higher risk of diseases such as gastrointestinal conditions, ophthalmic diseases, GI cancer, orthopedic diseases and others. With the growth in the number of such cases, the demand for endoscopy devices is anticipate to grow correspondingly.
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Devices for surgical interventions will together have the largest market share through the forecast period. Endoscopic visualization systems will have a significant position in the overall endoscopy devices market, as these devices are responsible for procedural imaging. Products such as capsule endoscopes will undergo the fastest market growth. Asia-Pacific is the fastest growing regional market. The market growth of this region is primarily facilitated by growing medical tourism, rapid development of healthcare infrastructure and growing popularity of minimally invasive surgical procedures.
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