Endoscopy is a minimally invasive diagnostic procedure used to examine the interior surfaces of organs and tissues.
Due to its use in a wide variety of areas and its adaptability to any type of surgical procedure, the global demand for endoscopy is very high. Advancements in endoscopic technology have created new opportunities for early and accurate diagnosis and treatment through the introduction of minimally invasive surgery, capsule endoscopy and robot-assisted endoscopy.
North America holds the largest share of the global endoscopy market, accounting for $14.1 billion in 2014, while the Asia-Pacific zone is the fastest growing region. Johnson & Johnson (Ethicon), Olympus and Covidien are the market leaders, holding a combined share of more than 50% of the global endoscopy device market in 2014. Other major players include Boston Scientific, Conmed, Fujifilm Holdings, Hoya, Karl Storz, Smith & Nephew and Stryker.
Growth Factors and Risks
IQ4I Research & Consultancy analysis indicates that the global endoscopic device market was valued at $32.3 billion in 2014 and is expected to grow to $47.4 billion by 2020. Endoscopy procedures offer an enhanced view of body organs. Their expansion is benefitting from both the rising demand for minimally invasive surgery and technological advancements such as high-resolution 3D systems, capsule endoscopy, and miniature endoscopes.
On the other hand, the shortage of endoscopic technicians and contamination risks associated with the procedures are factors of concern which are expected to hamper market growth.