Endoscope Market Set to Reach $28.4 Billion by 2024 – Increasing Number of Product Launches with Innovative Technologies – Benzinga

DUBLIN, March 10, 2020 /PRNewswire/ -- The "Endoscope Market Research Report: By Type, Application, End User, Geographical Outlook - Global Opportunity Analysis and Growth Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

From valuing $18.9 billion in 2018, the global endoscope market is predicted to reach $28.4 billion by 2024, advancing at a 7.2% CAGR during the forecast period (2019-2024).

The major driving factors of the market are the technological advancements, rising geriatric population, and growing burden of chronic diseases.

Based on type, the endoscope market is categorized into colposcope, laparoscope, laryngoscope, cystoscope, bronchoscope, colonoscope, arthroscope, and esophagoscope. Among all, during the historical period (2014-2018), the highest revenue in the market was generated by the esophagoscope category. This was attributed to the rising prevalence of chronic diseases, particularly in the throat, and the increasing emphasis on the diagnosis of diseases for early treatment, if possible, preventing the spread of the disease altogether. The fastest growth in the forecast period is expected to be witnessed by the colonoscope category.

The application areas in the endoscope market are gynecology, urology, pulmonology, orthopedic, gastroenterology, and others. The gastroenterology application held the largest revenue share in the market in 2018, and it is expected to register the highest CAGR in the forecast period. This remarkable growth of the category can be ascribed to the growing prevalence of chronic diseases, such as peptic ulcer disease, pancreatitis, colitis, and colon polyps. Further, the demand for endoscopes (colonoscopes) is rising due to the increasing prevalence of colorectal cancer.

The endoscope market is observing the trend of the increasing number of product launches with innovative technologies. These advanced products are helping in effectively diagnosing numerous diseases and conditions, such as colon cancer, chronic gastrointestinal bleeding, ulcerative colitis, and muscle spasms. They are able to provide enhanced visualization of body parts with minimal scope for errors. Olympus Corporation, in March 2019, launched a small intestine endoscopy system - PowerSpiral containing a motorized rotation system that helps in visualizing the deeper parts of the small intestine.

One of the drivers of the endoscope market are the rising prevalence of chronic diseases, including bronchitis, stroke, and cancer. The estimates provided by the Canadian Cancer Society 2017 established cancer to be one of the leading causes of deaths in Canada. Further, more than 836,000 deaths due to cardiovascular diseases were reported by the American Heart Association's Heart Disease and Stroke Statistics 2018. This has contributed to the high demand for endoscopic procedures worldwide, which, in turn, is fueling the requirement for endoscopes.

The manufacturers in the endoscope market are trying to increase their revenue by cutting down on the manufacturing cost of the instrument. They are doing that by relocating their manufacturing facilities to emerging economies, such as China and India, where the material and labor are available at significantly lower prices than developed countries. Further, to boost the economy of their countries, governments here offer incentives and subsidies to these companies for setting up their manufacturing plants. This is expected to drive the demand for advanced endoscopes, by motivating manufacturers to invest in technology R&D.

Therefore, the market for endoscopes is set to witness a significant growth in the forecast period due to the rising number of chronic diseases, such as cancer and cardiovascular diseases.

Key Topics Covered

Chapter 1. Research Background 1.1 Research Objectives 1.2 Market Definition 1.3 Research Scope 1.3.1 Market Segmentation by Type 1.3.2 Market Segmentation by Application 1.3.3 Market Segmentation by End-user 1.3.4 Market Segmentation by Region 1.3.5 Analysis Period 1.3.6 Market Data Reporting Unit 1.4 Key Stakeholders

Chapter 2. Research Methodology 2.1 Secondary Research 2.2 Primary Research 2.2.1 Breakdown of Primary Research Respondents 2.2.1.1 By region 2.2.1.2 By industry participant 2.2.1.3 By company type 2.3 Market Size Estimation 2.4 Data Triangulation 2.5 Assumptions for the Study

Chapter 3. Executive Summary

Chapter 4. Introduction 4.1 Definition of Market Segments 4.1.1 By Type 4.1.1.1 Esophagoscope 4.1.1.2 Arthroscope 4.1.1.3 Colonoscope 4.1.1.4 Bronchoscope 4.1.1.5 Cystoscope 4.1.1.6 Laryngoscope 4.1.1.7 Laparoscope 4.1.1.8 Colposcope 4.1.1.9 Others 4.1.2 By Application 4.1.2.1 Gastroenterology 4.1.2.2 Orthopedic 4.1.2.3 Pulmonology 4.1.2.4 Urology 4.1.2.5 Gynecology 4.1.2.6 Others 4.1.3 By End User 4.1.3.1 Hospitals 4.1.3.2 Specialty clinics 4.1.3.3 Diagnostic centers 4.1.3.4 Others 4.2 Market Dynamics 4.2.1 Trends 4.2.1.1 Evolution of the market with products launches 4.2.2 Drivers 4.2.2.1 Growing burden of chronic diseases 4.2.2.2 Surge in geriatric population 4.2.2.3 Technological advancements 4.2.2.4 Impact analysis of drivers on market forecast 4.2.3 Restraints 4.2.3.1 Stringent regulations to seek approval 4.2.3.2 High maintenance cost of endoscopy devices 4.2.3.3 Impact analysis of restraints on market forecast 4.2.4 Opportunities 4.2.4.1 Emerging economies 4.3 Porter's Five Forces Analysis 4.4 Regulatory Scenario 4.4.1 North America 4.4.2 Europe 4.4.3 APAC 4.4.4 LATAM 4.4.5 MEA

Chapter 5. Global Market Size and Forecast 5.1 By Type 5.2 By Application 5.3 By End User 5.4 By Region

Chapter 6. North America Market Size and Forecast

Chapter 7. Europe Market Size and Forecast

Chapter 8. APAC Market Size and Forecast

Chapter 9. LATAM Market Size and Forecast

Chapter 10. MEA Market Size and Forecast

Chapter 11. Competitive Landscape 11.1 Key Players Benchmarking 11.2 Strategic Developments of Key Players

Chapter 12. Company Profiles 12.1 Boston Scientific Corporation 12.2 Smith & Nephew plc 12.3 Stryker Corporation 12.4 Medtronic plc 12.5 Olympus Corporation 12.6 FUJIFILM Holdings Corporation 12.7 KARL STORZ SE & Co. KG 12.8 CONMED Corporation 12.9 HOYA Corporation 12.10 Cantel Medical Corp. 12.11 B. Braun Melsungen AG 12.12 Maxer Endoscopy GmbH

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Endoscope Market Set to Reach $28.4 Billion by 2024 - Increasing Number of Product Launches with Innovative Technologies - Benzinga