Endoscopy is a medical procedure that involves the use of an endoscope, a long, thin, flexible tube with a camera and light, to examine the interior of the body. Endoscopy devices are used for diagnostic and therapeutic purposes across various specialties such as gastroenterology, pulmonology, and gynecology.
The global endoscopy device market was valued at approximately $36.5 billion in 2020 and is expected to grow at a CAGR of over 6% from 2021 to 2028. The growth of the market is driven by factors such as the increasing prevalence of gastrointestinal and respiratory disorders, technological advancements in endoscopic devices, and the growing demand for minimally invasive surgical procedures.
The market is segmented into product types such as flexible endoscopes, rigid endoscopes, and capsule endoscopes. Flexible endoscopes are expected to hold the largest market share due to their widespread use and versatility, while capsule endoscopes are expected to grow at the fastest rate due to their non-invasive nature and convenience.
The endoscopy device market is highly competitive, with a large number of players operating globally. Major players in the market include Olympus Corporation, Boston Scientific Corporation, Johnson & Johnson, and Fujifilm Holdings Corporation.
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Increasing prevalence of functional gastrointestinal disorders such as stenosis, hemorrhoids, diverticular disease, colon polyps, colon cancer, etc. worldwide is expected to drive growth of the global endoscopy device market, over the forecast period. For instance, according to an article published in January, 2021 by National Center for Biotechnology Information, more than 40% of people are affected with functional gastrointestinal disorders worldwide. Endoscopic devices are used to look inside the stomach of the patients affected with gastrointestinal disorders.