Endoscopy Visualization Systems Market Expected to Grow at a CAGR of 6.3% During the Forecast Period 2021-2026
Endoscopy Visualization Systems Market size was valued at $24.5 billion in 2020 and is expected to register a CAGR of 6.3% during the forecast period 2021-2026. Endoscopy Visualization System is a high definition (HD) video system used in all kinds of endoscopic surgeries. It consists of suction pumps, endoscopy cameras, wireless video, proprietary color calibration, ergonomically sleek and lightweight designs, easy-clean sealed front panels, and medical-grade quality and durability features. Endoscopy Visualization Systems includes advance camera, monitor, light source, insufflators, printers, wireless displays and others. Endoscopy Visualization Systems enhance the quality of the picture and video. Increasing prevalence of cancer and gastrointestinal disorders coupled with rising geriatric population is major factor driving the growth of the market. Moreover, growing demand for Endoscopy Visualization Systems in diagnostic & therapeutic procedures coupled with technological advancement in Endoscopy Visualization Systems further enhance the overall market demand for Endoscopy Visualization Systems during the aforesaid period.
Endoscopy Visualization Systems Market Segment Analysis- By Product Type
Based on the route of administration, Endoscopy Visualization Systems Market is segmented into High End Visualization System, Middle End Visualization System, Low End Visualization System. The High End Visualization System segment is estimated to dominate the market during the period 2021-2026. This can be attributed to its effective and safe treatment in the gastrointestinal disorders. Furthermore, it has excellent HD and 4K image quality, suction pumps and endoscopy camera. The Middle End Visualization System, segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 5.8% during the period 2021-2026. This is mainly owing to it is minimally invasive surgical interventions and diagnosis with faster recovery.
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Endoscopy Visualization Systems Market Segment Analysis- By End-User
Based on the end-user, Endoscopy Visualization Systems Market is segmented into Hospitals, Ambulatory Surgery Centers, Specialty Clinics, Diagnostic Imaging Centers, Others. In 2020, hospitals segment is estimated to hold major share in the market. This is mainly due to number of endoscopic surgeries undertaken at hospitals and is comparatively higher than other owing to special care taken by the staff. Moreover, hospital provides convenient environment and easy recovery also contributing to the dominance of this segment. Also, Ambulatory Surgery Centers is projected to grow with a CAGR of 5.1% over the period 2021-2026. This is owing to rising preference for outpatient surgeries and minimally invasive surgeries.
Endoscopy Visualization Systems Market Segment Analysis- By Geography
North America dominated the Endoscopy Visualization Systems market share accounting for 43% of the market in 2020. This is mainly owing to increasing prevalence of chronic diseases such as heart diseases, diabetes, obesity and others and colorectal cancer among geriatric population which leads to rise in demand for endoscopy visualization system in this region. According to American Cancer Society, colon cancer is the leading cause of death in U.S. in 2019 around 101,420 people died owing to this cancer.
However, the Asia-Pacific region is projected to be the fastest-growing over the period 2021-2026. This is owing to rising expenditure on healthcare coupled with rising advancement in endoscopy visualization system market.
Endoscopy Visualization Systems Market Drivers
Increasing Prevalence of Cancer, Gastrointestinal Disorder
Increasing prevalence of cancer such as colon and rectum cancer and gastrointestinal disorder across the globe is driving the growth of Endoscopy Visualization Systems market. According to, Global Cancer Observatory (GLOBOCAN), in 2018, around 1,849,518 people are suffering from colorectal cancers worldwide. The growing incidence of colon cancer leads to rise in demand for these devices. Moreover, increasing number of geriatric population is also set to increase the market growth. According to, the World Population Prospects 2017, the number of aged population age above 60 or over is expected to double 2.1 million by 2050.
Rising Demand For Minimally Invasive Procedures
Increasing demand for minimally invasive procedures is also driving the market. Minimally invasive surgeries are safe, effective and less complicated than open surgeries. Also, minimally invasive surgeries include fast recovery time, less blood loss & chances of infection and fewer marks after surgery on the body and is also set to the growth of Endoscopy Visualization Systems Market.
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Endoscopy Visualization Systems Market Challenges
High Cost
High cost of endoscopy and initial installations & set up and repair & service of equipment of endoscope required high investment is challenging the market. Along with this, lack of professional with the adequate skill and endoscopy specialist are also further challenging the growth of the market.
Covid-19 Impact
Moreover, the outbreak of COVID-19 around the world has impacted all industries including healthcare industry. Covid- 19 affects the Endoscopy Visualization Systems market including drastic reduction demand owing to lack of visits to healthcare facilities such as hospitals and clinics. Also owing to widespread of coronavirus it affects workforce and staffing issues, procedural prioritisation. These affects Endoscopy Visualization Systems market by cancellation of scheduled visit for primary care at hospitals and reflecting patients concern about infection.
Endoscopy Visualization Systems Market Landscape
Product launches, Merger & Acquisitions, Joint Ventures and R&D activities are key strategies adopted by players in the Endoscopy Visualization Systems Market. Endoscopy Visualization Systems top 10 companies are Johnson & Johnson Services, Inc., Olympus Corporation, Conmed Corporation, Boston Scientific Corporation, Carl Zeiss Meditec AG, Fujifilm Corporation, Laborie, Inc., Smith & Nephew Richard Wolf GmbH and Maxer Endoscopy GmbH.
Acquisitions/Product Launches
In September 2020, Laborie Medical Technologies (LABORIE) and Signet Healthcare Partners acquired GI Supply, a leader in specialty endoscopy and paracentesis products. This acquisition will help both companies to expand its product portfolio.
In July 2020, FUJIFILM Medical Systems launched ELUXEO Surgical System, a 4K UHD and Full HD imaging platform. It also include wireless monitor system.
Key Takeaways
In 2020, North America dominated the Endoscopy Visualization Systems Market owing to rising incidence of chronic diseases.
Increasing minimally invasive surgeries across the globe is driving the market growth of Endoscopy Visualization Systems.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Endoscopy Visualization Systems Market report.
High cost of endoscopy procedure and high installations & set up and repair & service of equipment of endoscope are challenging the growth of the market.
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B. Advanced (3D/4D) Visualization Systems Market
https://www.industryarc.com/Report/16849/advanced-3d-4d-visualization-systems-market.html
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