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Endoscopy Market| Arthroscopy, Laparoscopy, GI Endoscopy Applications to boost the Market Growth

Author : Rahul Sankrityayan | Published Date : 2019-04-11 

The Endoscopy Market is set to exceed USD 40 billion by 2024; according to a new research report by Global Market Insights. Growing geriatric population has influenced industry growth positively. American geriatric population was around 46 million in 2016 and is estimated to reach 98 million by 2060. The drastic increase in elderly population will have significant impact on the endoscopy industry growth.

Rising incidences of gastrointestinal disorders will act as major driver for the growth of endoscopy market. Irritable Bowel Syndrome (IBS) is one of the most frequently diagnosed gastrointestinal disorder amongst the American population. In U.S., around 3.5 million people visit physician annually for IBS treatment thereby escalating demand for endoscopy procedures. GI disorders are highly prevalent in geriatric as well as the paediatric population escalating the overall demand for minimally invasive endoscopic procedures.

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Endoscopes accounted for largest revenue share in 2017 due to rising prevalence of chronic conditions such as cancer and gastrointestinal ailments coupled with technological advancements in endoscope enabling minimally invasive endoscopic surgery. Minimally invasive procedure offers several benefits including reduced hospital stays, less blood loss due to smaller incisions, lower risk of long-term surgical scars, faster recovery and higher patient outcomes, thus fueling endoscopy market growth.

Arthroscopy is another application arena that has been gaining renewed prominence in the endoscopy market of late. The growing concern among the specialists about the disadvantages of a traditional approach to diagnosing femoroacetabular impingement, labral tears, and other issues related to hip joints has been encouraging them to innovate next-gen instruments. Recognizing the significance of educating research scholars about the effective treatment of hip impingements, many U.S.-based medical centers and universities have included hip arthroscopy in their syllabus. 

This approach of medical education centers will help them treat rapidly increasing number of cases of hip impingements effectively, owing to the ample availability of trained professionals. The use of endoscopy in arthroscopy applications leads to the minimization of post-operative pain and other associated comorbidities. The post-treatment benefits of arthroscopy treatment in terms of recovery and comfort are certain to fuel U.S. endoscopy market size.
 
GI endoscopy segment held more than 40% industry share in 2017 and is anticipated to follow similar trend in upcoming years owing to increasing cases of ulcers. Gastrointestinal disorders require continuous monitoring and accurate diagnosis, that can be achieved by utilizing endoscopy devices will drive segment growth. Moreover, water related infections highly prevalent in Asia Pacific leading to increasing incidences of gastrointestinal disorders will boost Endoscopy Market growth. 

Validating the aforementioned fact, few days before, the Thailand based medical facility provider, Samitivej Hospital signed a deal with Sano Hospital, a Japanese healthcare facility specializing in endoscopy. Sano is renowned for its development of gastrointestinal endoscopy techniques, which could be extensively used for detecting cancerous tissues. Through this partnership, the two parties have introduced new gastrointestinal endoscopy techniques that can help in the removal early-stage tissues of esophageal, colorectal, and gastric cancers. As per statistics, colon cancer is one of the leading causes of deaths across the world. Reportedly, cases of colon cancer have been increasing from last few years and it has become a most influencing factor for the rise of mortality rate across Thailand.

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Major industry players operating in Endoscopy market are B.Braun, Boston Scientific, Conmed Corporation, Cook Medical LLC, Ethicon US, LLC, Fujifilm Corporation, Hoya Corporation, Storz, Medtronic, Olympus Corporation, Richard Wolf GmbH, Smith & Nephew PLC and Stryker. Key industry leaders have been focusing on R&D to provide superior quality endoscopy devices in the market. In December 2017, Pentax Medical, a division of Hoya medical announced launched of HD duodenoscope with disposable distal cap for expansion of its endoscope product portfolio. Inorganic growth strategies such as strategic partnership and collaboration is also undertaken by market players to sustain market position and gain significant market share.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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