The global endoscopy equipment market is projected to reach $34.8 billion by 2022, up from an estimated $25.6 billion in 2017, at a compound annual growth rate (CAGR) of 6.4%, according to analysis from Research and Markets.
The report states that market growth is majorly driven by such factors as favorable government initiatives, a rising number of hospitals and growing hospital investments in endoscopy facilities, technological advancements, and the rising prevalence of diseases that require endoscopy.
Endoscopes are expected to account for the largest share of the market in 2017, and this segment is also estimated to grow at the highest CAGR during the forecast period. The dominant market share and growth rate of this segment can be primarily attributed to the rising adoption of minimally invasive procedures, increasing technological advancements, and disposable endoscopes and the subsequent need to repeat the purchase of these single-use products.
Based on application, the GI endoscopy applications segment is expected to command the largest share of the market and grow at the highest CAGR during the forecast period. The rising geriatric population, improved healthcare infrastructure in developing countries, and the increasing number of colonoscopy procedures performed in developed countries, are some factors supporting the growth of this segment.
Based on end user, the hospitals segment is expected to register the highest CAGR during the forecast period. This can be attributed to increasing government and private funding and the growing preference among physicians and patients to perform endoscopic procedures in a hospital-based environment.
Geographically, the North American segment is expected to account for the largest share of the market in 2017. The large share of this region can primarily be attributed to the favorable reimbursement scenario in the United States, the rising incidence of cancer, increased investments by hospitals to purchase new endoscopic equipment, increasing research activities to improve endoscopy, and the implementation of a new funding model for Canadian hospitals.