Hyderabad, India -- (SBWIRE) -- 02/28/2023 -- Endoscopy Devices Market

Overview:

Endoscopy is a medical procedure that uses a flexible tube with a camera and a light to look inside the body. Endoscopy devices are used for diagnostic and therapeutic purposes in various medical specialties, such as gastroenterology, urology, gynecology, and pulmonology. The global endoscopy devices market has been growing rapidly in recent years, driven by factors such as technological advancements, increasing demand for minimally invasive procedures, and rising healthcare expenditures.

Market Size and Future Apprehension:

According to the most recent USD Analytics analysis, the worldwide "Endoscopy Devices Market" is expected to grow at a high CAGR over the forecast period 2023-2030.

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Market Dynamics:

Drivers:
The endoscopy devices market is primarily driven by the growing demand for minimally invasive procedures. Endoscopy procedures are less invasive than traditional surgeries, which reduces the risk of complications, shortens recovery time, and lowers healthcare costs. The growing awareness about the benefits of minimally invasive procedures is expected to further drive the market's growth.

Moreover, the increasing prevalence of chronic diseases, such as gastrointestinal disorders, respiratory diseases, and cancer, is also driving the demand for endoscopy procedures. Endoscopy devices are used for the diagnosis and treatment of these diseases, as they enable doctors to examine the affected organs and perform procedures such as biopsy and removal of abnormal tissue growth.

Restraints:
Despite the positive outlook for the endoscopy devices market, there are several factors that may restrain its growth. One of the main factors is the high cost of endoscopy procedures, which may limit their adoption, particularly in developing countries with limited healthcare budgets.

Segmentation Analysis:
The Endoscopy Devices Market is segmented by Product, Application, End User

By Product
- Endoscope
- Visualization System
- Other Endoscope Equipment
- Accessories

By Application
- Gastrointestinal Endoscopy
- Laparoscopy
- Obstetrics/ Gynecology Endoscopy
- Arthroscopy
- Urology Endoscopy (Cystoscopy)
- Bronchoscopy
- Ent Endoscopy
- Mediastinoscopy
- Other Applications

By End User
- Hospitals
- Ambulatory Surgery centers/Clinics
- Other End Users

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Based on Product:
The worldwide endoscopy devices market is segmented by product into endoscopes, visualisation and documentation systems, mechanical endoscopy equipment, accessories, and other endoscopy equipment. The endoscope segment was the largest revenue generator and is expected to remain so over the projection period. This is due to an increase in chronic illnesses, an ageing population, and an increase in the usage of technologically advanced medical technologies.

Based on Application:
Bronchoscopy, arthroscopy, laparoscopy, urology endoscopy, neuroendoscopy, gastrointestinal endoscopy, gynaecology endoscopy, ENT endoscopy, and other applications are categorised. During the projection period, the laparoscopy segment is predicted to develop at the fastest CAGR. This is due to an increase in the common use of laparoscopic equipment in the diagnosis and treatment of different diseases such as prostatectomy, pancreatic cancer, and gastrointestinal ailments. Furthermore, the global rise in morbid obesity is a crucial element driving the endoscopic devices market expansion.

Competitive Landscape:

The following are some of the major companies profiled in the Endoscopy Devices Market:

- DEXX Laboratories Inc. (US)
- VCA Inc. (US)
- GD Animal Health (Netherlands)
- Zoetis Inc. (US)
- NEOGEN Corporation (US)
- LABOKLIN GmbH (Germany)
- SYNLAB International GmbH (Germany)
- Heska Corporation (US)
- Virbac (US)
- Vaxxinova Gmbh (Netherlands)
- Thermo Fisher Scientific Inc. (US)

Regional Analysis:

The global endoscopy devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America and Europe are the largest markets for endoscopy devices, due to the availability of advanced healthcare infrastructure and high healthcare expenditures. In these regions, the market is driven by the increasing demand for minimally invasive procedures and the growing prevalence of chronic diseases.