What is the Future Scope of Endoscopy Equipment Market amidst COVID-19?
Posted by HealthcareNews on April 10th, 2020
The ongoing COVID-19 pandemic—and the worldwide reaction to it—has compelled companies to radically rethink their strategies and the way they operate. We salute the industry experts helping companies survive and sustain in this pandemic.
At MarketsandMarkets™, analysts are undertaking continuous efforts to provide analysis of the COVID-19 impact on the Endoscopy Equipment Market. We are working diligently to help companies take rapid decisions by studying:
1. The impact of COVID-19 on the Endoscopy Equipment Market, including growth/decline in product type/use cases due to the cascaded impact of COVID-19 on the extended ecosystem of the market.
2. The rapid shifts in the strategies of the Top 50 companies in the Endoscopy Equipment Market
3. The shifting short-term priorities of the top 50 companies’ clients and their client's clients
You can request an in-depth analysis detailing the impact of COVID-19 on the Endoscopy Equipment Market:
According to the recent report “Endoscopy Equipment Market by Product (Endoscope (Flexible, Rigid, Capsule) Visualization Systems, Endoscopic Ultrasound, Insufflator)), Application (GI Endoscopy, Laparoscopy, Cystoscopy, Bronchoscopy, Colonoscopy, Arthroscopy) - Global Forecast to 2024", is projected to reach USD 35.2 billion by 2024 from an estimated USD 25.6 billion in 2019 at a CAGR of 6.6%
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By product, the endoscopes segment accounted for the largest share of the market in 2018
Based on the product, the endoscopy equipment market is segmented into endoscopes, visualization equipment, other endoscopy equipment, and accessories. In 2018, the endoscopes segment accounted for the largest share of the global market. The large share of this segment can be attributed primarily to the rising adoption of minimally invasive procedures, increasing technological advancements, and disposable endoscopes along with the corresponding need to repeat the purchase of single-use products.
By application, the GI endoscopy segment dominated the market in 2018
Based on application, the market is segmented into laparoscopy, gastrointestinal endoscopy, arthroscopy, obstetrics/gynecology endoscopy, urology, bronchoscopy, mediastinoscopy, ENT endoscopy, and other applications. GI endoscopy applications commanded the largest share of the endoscopy equipment market in 2018. The large share of this segment can be attributed to the rising geriatric population, improving healthcare infrastructure in developing countries, and the number of colonoscopy procedures performed in developed countries.
Geographical Growth Analysis:
In 2018, North America accounted for the largest share of the endoscopy equipment market, followed by Europe. Factors such as a favorable reimbursement scenario in the US, rising incidence of cancer, increasing investments by hospitals to purchase new endoscopic equipment, increasing research activities to improve endoscopy, and implementation of a new funding model for Canadian hospitals are contributing to the large share of North America.
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