The increasing demand for minimally invasive procedures will propel advancements in endoscopy and improve its adoption among end users such as physicians.The adoption of artificial intelligence (AI) in endoscopic procedures and the entry of local companies into the regional endoscopic imaging systems market are significant opportunities in the global endoscopic imaging systems market. Moreover, the increasing demand in developing regions is also an opportunity for market growth.
The global endoscopic imaging systems market is projected to reach $6.94 billion in terms of revenue by 2030, at a CAGR of 7.43%, suggests the premium market intelligence study by BIS Research.
The comprehensive study of the global endoscopic imaging systems market by BIS Research extensively covers the market numbers based on the types of applications and region. It analyzes 15 companies offering endoscopic imaging systems along with a detailed global and regional market analysis, including the scrutiny of 10 key countries.
Recent Developments in Global Endoscopic Imaging Systems Market
• In October 2021, Fujifilm Healthcare Americas Corporation established its new El-740D/S dual-channel endoscope, an FDA-approved dual-channel endoscope that can be applied in upper and lower gastrointestinal areas.
• In August 2021, Boston Scientific Corporation received the U.S. Food and Drug Administration (FDA) approval for its Exalt B single-use bronchoscope.
• In August 2021, KARL STORZ Endoscopy-America, Inc., a subsidiary of KARL STORZ SE Co. KG, launched the newer version of the TELE PACK+ compact endoscopy system. After the update, the endoscopy system can be linked with StreamConnect for networking and data management.
• In July 2021, Fujifilm Medical Systems U.S.A., Inc. received the U.S. FDA approval for its ELUXEO Surgical System, an oxygen saturation endoscopic imaging system.
• In June 2021, HOYA Corporation's subsidiary PENTAX Medical established a joint venture partnership with Jiangsu Vedkang Medical Science and Technology to make single-use flexible medical endoscopic therapeutic products.
• In May 2021, Boston Scientific Corporation received CE mark approval for its Exalt B single-use bronchoscope.
• In April 2021, Olympus Corporation launched a new line of endoscopes known as the H-SteriScopes, including five new single-use bronchoscopes.
• In February 2021, Olympus Corporation acquired Quest Photonic Devices. Through this acquisition, the company broadened its offerings for endoscopy devices.
• In October 2020, Ambu A/S/ partnered with a prominent U.S. Group Purchasing Organization (GPO) to develop single-use endoscopes for various medical specialties.
Market Segmentation:
Segmentation 1: by Application
• Therapeutic Endoscopic Imaging Systems
• Diagnostic Endoscopic Imaging Systems
The global endoscopic imaging systems market in the application segment is expected to be dominated by the diagnostic endoscopic imaging systems segment during the forecast period 2022-2030.
Segmentation 2: by Region
• North America: U.S., Canada
• Asia-Pacific: Japan, South Korea, India, Rest-of-Asia-Pacific
• Europe: Germany, France, U.K., Italy, Spain, Rest-of-Europe
• Commonwealth of Independent States (CIS)
• China
• Latin America
• Middle East and Africa
The North America and Europe region are expected to witness the maximum growth during the forecast period, followed by the Asia-Pacific region, which is expected to grow at the fastest rate. Furthermore, despite a few challenges, such as the shortage of skilled professionals for endoscopic imaging procedures and the lack of reimbursement systems in underdeveloped countries, the global endoscopic imaging systems market will continue to grow.
Asia-Pacific to be the Fastest-Growing Regional Market in Global Endoscopic Imaging Systems Market
In terms of region, the global endoscopic imaging systems market is segmented into North America, Europe, Asia-Pacific, China, CIS Region, Latin America, and Middle East Africa.
Impact of COVID-19
The COVID-19 pandemic was an unprecedented event in the global healthcare system. Healthcare systems in various economies collapsed, and technology integration skyrocketed. The endoscopic procedures were impacted similarly during the initial phase of the pandemic. Several non-emergency procedures were delayed or canceled to minimize infection risk during the early months of 2020. Similar to other medical specialties, the adoption rate was also negatively impacted in endoscopic imaging systems. The limited demand for new devices, high costs of endoscopic imaging systems, and disrupted supply chain were the major factors that hampered the production and sales of endoscopic imaging systems, specifically during the peak pandemic in 2020.
Demand – Drivers and Limitations
Following are the demand drivers for the global endoscopic imaging systems market:
- Growing adoption of minimally invasive procedures
- Improving clinical quality standards of the endoscopic procedures
- Growing technology integration in endoscopic imaging systems
The market is expected to face some limitations too due to the following challenges:
- Dearth of skilled professionals
- Lack of reimbursement system in developing countries
Analyst's Take on the Market:
According to Abdul Wahid, Principal Consultant – BIS Research, "Endoscopy is one of the medical specialties that have witnessed significant advancements. Its market will continue to grow considerably during the forecast period due to the increasing demand for minimally invasive procedures and the improving clinical quality standards for endoscopic procedures. The evolution in endoscopy appears to be paradigm-altering and can improve the recovery quality of the patients."
View the report on - Global Endoscopic Imaging Systems Market
Key Companies Operating in the Market and Competitive Landscape
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Some prominent players in this market are:
- Ambu A/S
- Arthrex, Inc.
- B. Braun Melsungen AG
- Boston Scientific Corporation
- CONMED Corporation
- Fujifilm Holdings Corporation
- HOYA Corporation
- Johnson Johnson
- KARL STORZ SE Co. KG
- Olympus Corporation
- Richard Wolf GmbH
- Smith Nephew Plc
- SonoScape Medical Corp.
- Stryker Corporation
- Xion GmbH
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Key Questions Answered in the Report
- What is the projected market size for the global endoscopic imaging systems market by the end of 2030? Furthermore, what is the projected global installed base of the systems by the end of 2030?
- How do the regulations in various regions impact the regional and global endoscopic imaging systems market?
- What was the impact of COVID-19 on the growth of the global market?
- What is the patent filing trend for the global endoscopic imaging systems market? Which key companies have been involved in the patent filing from 2019 to 2021?
- Who are the key players in the global endoscopic imaging systems market? What was the market share of the companies in 2021?
- Which strategy is most widely adopted by the companies in the global endoscopic imaging systems market for strengthening their foothold in the market?
- What are the key market drivers and restraints that influence the global endoscopic imaging systems market? What is their impact in the short, mid, and long term?
- What is the projected market size of the diagnostic and therapeutic endoscopic imaging systems by the end of 2030? Furthermore, which segment is projected to grow with the highest CAGR during the forecast period 2022-2030?
- What is the pricing framework of the endoscopic imaging systems across various regions? How does this influence the installed base in the regional markets and consequently their market size?
- Which regional market is projected to grow with the highest CAGR during the forecast period 2022-2030?
The scope of this report has been carefully derived based on interactions with experts in different companies across the world. This report provides a market study of endoscopic imaging systems
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