A report from MarketsandMarkets predicts that the global endoscopy market will reach $35.36 billion by 2021, up from its current level at $26.23 billion, at a compound annual growth rate (CAGR) of 6.2%. The report segments the market on the basis of product, application, end user, and region.
Based on product, the endoscopy equipment market is categorized into endoscopes, visualization systems, other endoscopy equipment, and accessories. In 2016, the endoscopes segment is estimated to account for the largest share of the endoscopy equipment market.
Based on application, the market is segmented into laparoscopy, gastrointestinal endoscopy, arthroscopy, obstetrics/gynecological endoscopy, urology endoscopy, bronchoscopy, media stinoscopy, otoscopy, and laryngoscopy. The gastrointestinal endoscopy segment is expected to account for the largest share of the market in 2016.
Based on end user, the market is segmented into hospitals and ambulatory surgical centers (ASCs)/clinics. The hospital segment is expected to account for the largest share of the endoscopy equipment market in 2016.
On the basis of region, the global market is divided into North America, Europe, Asia-Pacific, and rest of the world (Latin America, the Middle East, and Africa). In 2016, North America is poised to account for the largest share of the endoscopy equipment market, followed by Europe and Asia-Pacific. However, the Asia-Pacific market is projected to grow at the highest CAGR during the forecast period and serve as a major revenue pocket for companies offering endoscopy equipment.
Major factors driving market growth include: rising investments, funds, and grants by government bodies worldwide, rising number of hospitals and growing hospital investments in the expansion of endoscopy instruments, growing patient preference for minimally invasive surgeries, technological advancements, favorable reimbursement coverage in selected countries slated to propel the capsule endoscopy market, rising geriatric population, and rising prevalence of diseases that require endoscopy procedures.
For more information, visit MarketsandMarkets.