As endoscopy devices are minimally invasive, the adoption of endoscopy has increased rapidly across the globe, reports Transparency Market Research in its latest publication. TMR’s report, titled ‘Endoscopy Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019’, studies the global endoscopy devices market based on the device type, areas of application, and geography. According to the report, the market was valued at US$24.9 billion in 2012 and is further expected to reach an approximate value of US$36.9 billion in 2019. The overall market is growing at a CAGR of 6.8% from 2013 to 2019. In the past few years, the demand for endoscopy devices has increased tremendously due to the growing preference for minimally invasive surgeries and demand for cost-effective endoscopic procedures in terms of pre- and post-surgical operations.
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The demand from this market has also increased due to the reduced chances of infection and blood loss as a result of noninvasive procedures and shorter stay at hospitals because of a quicker recovery. These factors are advantageous in the field of medicine, especially oncology. Hence, the adoption of endoscopy is increasing rapidly across major regions in the world. The global endoscopy devices market is categorized by two key criteria – device type and application. Based on the device type, the endoscopy market comprises endoscopes, operative devices, visualization systems, and high-definition (HD) visualization systems. The visualization systems segment further includes image processing devices, display, camera, control unit, and illumination devices, whereas other specialized operative instruments include internal closure devices, energy systems, irrigation systems, and others.
Among the various endoscopy devices, capsule endoscopes and robot-assisted endoscopes have completely transformed the endoscopy market. Capsule-shaped endoscopy devices deliver high-quality images of the gastrointestinal tract to external receivers. Due to these effective devices, the diagnosis of gastrointestinal conditions has become more efficient and accurate. One of the leading market players, Given Imaging, which is acquired by Covidien, accounts for nearly 85% of the global capsule endoscopy market. Other key players in the capsule endoscopy market are Jinshan Medical, Olympus, and IntroMedic.Visualization systems have also witnessed significant technological advancements in the recent past. The development of three-dimensional (3D) camera systems has reduced the errors and improved depth perception during surgical procedures, hence reducing the overall surgery time. Similarly, endoscopic ultrasound devices allow doctors to effectively diagnose intestinal tract conditions and obtain more accurate images, allowing more detailed and thus more precise examination of the same.
International market players and companies in the field of endoscopy devices are mainly aiming at Asian countries, especially India, China, and Japan, for lucrative opportunities in the upcoming years. Factors propelling growth of the endoscopy devices market in emerging economies such as Brazil, India, China, and Southeast Asia are the improving healthcare sectors in these countries, rapidly developing economic conditions, and the resultant increase in disposable incomes.