The global endoscopy market has grown over the years due to the increasing demand for minimally invasive surgeries. Endoscopic procedures are also affordable when it comes to pre-operation cost or post-operation cost. They are also affordable in terms of the stay at the hospital. Technological innovations and breakthrough technologies in the field of endoscopy will further fuel the market in the coming years. Innovations in technology have led to several improvements which include - the increased angles for viewing during endoscopy procedure and decreased outer diameters of scopes. It has also resulted into endoscopy systems which are integrated with high-resolution 3D systems, miniaturized endoscopy equipment, and capsule-based endoscopes.
Some other factors which are driving the growth of this market include the growing aging population and favorable reimbursement in certain locations. Another factor which contributes towards the growth of this market is the increasing incidences of disorders which require endoscopy procedures. For example, obesity is a driving element behind the growth of gastrointestinal endoscopy market sector, because obese patients are demanding for gastric banding and gastric bypass to help in their weight loss program. The major element which restrains the growth of this market is the substitute procedures. In certain countries, due to limited practical experience specialists prefer conventional open surgery over endoscopy. Also, substitute treatments such as radiation therapy constrain the market.
Endoscopy Types and Equipment
Endoscopy is a medical procedure which helps the doctor to view the inside of the body using an instrument called endoscope. An endoscope is basically a tiny camera which is attached to a thin, long tube. The doctor is able to move it through a body passage or opening, which enables the practitioner to examine the inside of an organ. However, endoscopy is sometimes also used for surgery, e.g. - removal of polyps out of the colon. There are various different kinds of endoscopy.
In arthroscopy, an endoscope is inserted into a joint using a small incision. It is performed to examine and treat various orthopedic disorders. It is used for conditions such as torn cartilage, ACL reconstruction, torn surface cartilage, and trimming of damaged cartilage. In bronchoscopy a practitioner will use endoscopy for viewing the inside of airways for therapeutic or diagnostic purposes. A bronchoscope is used in this procedure, which is inserted into the airways either through the nose or mouth, or sometimes through a tracheotomy. Colonoscopy lets a practitioner view inside the large intestine. Due to this procedure the doctor can detect any abnormal growths, ulcers, or inflamed tissue. Apart from these procedures there are other endoscopy procedures such as cystoscopy, laparoscopy, thoracotomy, mediastinoscopy, etc.
Global Endoscopy Market Trends
The endoscopy equipment market is a highly competitive market. There are several companies in the market, which operate both at the domestic and international level. Some of the leading companies in this market include Boston Scientific Corporation, Olympus, Covidien, Johnson & Johnson, Smith & Nephew, Karl Storz, Stryker, and others. Some factors responsible for the intense competition are the technology, cost, and service diversities. Companies often will try to outdo each other in terms of providing the consumer with the latest and most innovative product. They also aim to sell these products at a competitive price.
Along with the products, companies will try to provide the best service to the consumer than their counterparts. Hence, companies will be often involved in superior marketing strategies and consumer relationship building tactics. This market is dominant in developed nations; however, it still needs more innovative technologies to get a new shape in the developed countries. Currently, North America has the largest share in the global endoscopy devices market, which is followed by Europe and Asia.
Although, North America is dominating the market share, many fast-growing countries in Asia such as China, India, Japan, and others will become a lucrative market. This is because the government from these nations is spending for the availability of better healthcare facilities.
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