April 06, 2016
Wellesley, Mass., April 06, 2016 – Endoscopy technology has changed the manner of detecting diseases and performing surgeries, with less invasive methods that are gaining attention across the globe. BCC Research reveals in its new report that technological advancements such as accurate visibility, high-definition imaging and documentation and more should command strong market growth.
An endoscope allows a physician to look inside the body through existing openings or through small incisions. The endoscope is a tube that has a small light source and camera at one end and an eyepiece at the other. The global endoscopy device market comprises endoscopes, visualization and documentation systems, endoscopic accessories, and services.
The global endoscopy device market should grow from $32.5 billion in 2015 to about $45.2 billion by 2020, reflecting a five-year compound annual growth rate (CAGR) of 6.8%. The laparoscopy market should total $10 billion and $16.2 billion in 2015 and 2020, respectively, demonstrating a five-year CAGR of 10%. The arthroscopy market should grow from $4.6 billion in 2015 to $6.3 billion by 2020, with a five-year CAGR of 6.6%. The endoscope segment commanded the largest market in 2015 and should continue strong growth through 2020. The visualization and documentation systems segment should demonstrate the highest CAGR, at almost 10%, during the forecast period.
Over the next five years, the endoscopy market should grow significantly. Major growth drivers include global aging population; the increase in the number of individuals with cancer, diabetes, and obesity; and the rise in patients’ preference for minimally invasive surgeries. Additionally, shorter hospital stays, faster recoveries, and reduced medical budgets should enhance growth. Growth obstacles include the shortage of qualified endoscopic technicians, the high cost of initial investment, contamination risk, and patient safety during endoscopic procedures.
Overall, new applications for the technology, as well as new innovations in the technology itself, should encourage market expansion. “Advancements in the technology have resulted in several improvisations, including increased angles in the field of view in endoscopes; reduced outer diameters of scopes; endoscopy systems that are integrated with high-resolution technologies such as 3-D systems; capsule endoscopes; and miniaturized endoscopy systems,” says BCC Research analyst Jackson Highsmith.
Endoscopy Devices: Applications and Global Markets (HLC093C) analyzes the industry by product, company, and geography. The report examines competitive technologies and emerging applications and trends. Analyses of global market drivers, with data from 2014, 2015, and projections of CAGRs through 2020 also are provided.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.
Endoscopy Devices: Applications and Global Markets( HLC093C )
Publish Date: Mar 2016
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email press@bccresearch.com or visit www.bccresearch.com/media to request access to our library of market research.