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endoscopy equipment market Value and Growth-2021
The global endoscopy equipment market to reach USD 35.23 billion by 2024 from an estimated USD 25.59 billion in 2019 at a CAGR of 6.6% during the forecast period. Endoscopy is a minimally invasive medical procedure to diagnose, prevent, and treat complications related to internal organs. In this procedure, an endoscope is used to examine an internal hollow organ or cavity in the body. The device is placed in the body through a natural hole.
Market Drivers and Restraints:
The endoscopic procedure is less invasive and saves money in terms of perioperative care and length of hospital stay. Additionally, these procedures are increasingly covered by health insurance providers in selected countries. These factors have increased the preference for endoscopic procedures among patients and physicians. In the United States, 11 million colonoscopies, 6.1 million upper endoscopies, 313,000 flexible sigmoidoscopies, 178,400 upper endoscopic ultrasound, and 169,500 endoscopic retrograde cholangiopancreatography procedures are performed annually in the United States.Endoscopy is increasingly used in the treatment / diagnosis of several major disorders such as cancer, orthopedic disorders, neurological disorders, and gastroesophageal reflux disorders.
The average list price for an HD colonoscopy system is $ 109,009. Healthcare providers, especially in developing countries like India, Brazil and Mexico, lack the financial resources to invest in these expensive and sophisticated technologies. In addition, staff must be trained to efficiently operate and maintain endoscopic equipment and systems. Endoscopic equipment maintenance is very important as improperly reprocessed endoscopes can lead to cross contamination and potentially expose patients to infection. This can add to the already high cost. Additionally, continuous heating and cooling during the disinfection procedure can cause wear of the insert and light guide, which can compromise the durability of endoscopic equipment. All of these factors add to the cost of endoscopic procedures.
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Report is segmented as:
● Visualization systems
● Endoscopic ultrasound
● GI Endoscopy
North America occupied the majority of the global endoscopic device market in 2019 due to its well-established healthcare infrastructure, rapid adoption of advanced technologies, growing elderly population, and increasing prevalence of gastrointestinal and abdominal diseases in the region. However, Asia Pacific is projected to exhibit the highest CAGR during the forecast period, due to population growth, increased prevalence of chronic diseases, and improved healthcare facilities.
Impact of COVID-19 on Endoscopy Equipment Market:
COVID-19 is an unprecedented global public health emergency that has affected nearly every industry and its long-term impact is expected to affect industry growth during the forecast period. The COVID-19 pandemic will have a limited negative impact on the endoscopic equipment market. Many screening tests and optional interventional procedures are postponed, but emergency procedures continue. If the market recovers, the market will expand moderately through 2030, due to better access to healthcare throughout the region and joint efforts by health systems to implement extensive screening programs, particularly for CRC.
The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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