Endoscopy Equipment Market

This study involved four major approaches in estimating the current endoscopy equipment market size. Extensive research was conducted to collect information on the market as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the value market. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.

Secondary Research

The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Business, Factiva, and D&B Hoovers), white papers, annual reports, companies house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the endoscopy equipment market. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.

Some of the key secondary resources referred to in this study include:

• American Society for Gastrointestinal Endoscopy (ASGE)
• Society of Gastroenterology Nurses and Associates (SGNA)
• European Society of Gastrointestinal Endoscopy (ESGE)
• American Gastroenterological Association (AGA)
• European Society of Gastroenterology and Endoscopy Nurses and Associates (ESGENA)

Primary Research

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side include CEOs, consultants, subject-matter experts, directors, general managers, developers, and other key opinion leaders of the various companies that offer endoscopy equipment products. Primary sources from the demand side include industry experts such as hospital directors, infection control practitioners, reprocessing technicians, and other medical professionals.

Primary research was conducted to identify segmentation types; industry trends; technology trends; key players; and key market dynamics such as drivers, restraints, opportunities, challenges, and key player strategies.

Market Size Estimation

The total size of the endoscopy equipment market was arrived at after data triangulation from four different approaches, as mentioned below.

Bottom-up Approach: Revenues of individual companies were gathered from public sources and databases. Shares of the medical device cleaning businesses of leading players were gathered from secondary sources to the extent available. In certain cases, the share of the business unit was ascertained after a detailed analysis of various parameters, including product portfolio, market positioning, selling price, and geographic reach and strength. Individual shares or revenue estimates were validated through expert interviews.

Country level Analysis: The size of the endoscopy equipment market was obtained from the annual presentations of leading players and secondary data available in the public domain. The share of endoscopy equipment products in the overall endoscopy equipment market was obtained from secondary data and validated by primary participants to arrive at the total endoscopy equipment market. Primary participants further validated the numbers.

Primary Interviews: As a part of the primary research process, individual respondent insights on the market size and growth were taken during the interview (regional and global, as applicable). All the responses were collated, and a weighted average was taken to derive a probabilistic estimate of the market size and growth rate.

Geographic market assessment (by region & country): The geographic assessment was done using the following approaches:

Approach 1: Geographic revenue contributions/splits of leading players in the market (wherever available) and respective growth trends

Approach 2: Geographic adoption trends for individual product segments by end users and growth prospects for each of the segments (assumptions and indicative estimates validated from primary interviews)

At each point, the assumptions and approaches were validated through industry experts contacted during primary research. Considering the limitations of data available from secondary research, revenue estimates for individual companies (for the overall endoscopy equipment market and geographic market assessment) were ascertained based on a detailed analysis of their respective product offerings, geographic reach/strength (direct or through distributors or suppliers), and the shares of the leading players in a particular region or country.

After complete market engineering with calculations for market statistics, market size estimations, market forecasting, market breakdown, and data triangulation, extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods to perform market estimation and market forecasting for the overall market segments and subsegments listed in this report. Extensive qualitative and further quantitative analysis was also done from all the numbers arrived at in the complete market engineering process to list key information throughout the report.

Breakdown of Primary Interviews (Supply Side): By End-User Type, Designation, and Region

* Others include sales managers, marketing managers, and product managers

Note: Tiers of companies are defined by their total revenues; as of 2020, Tier 1>= USD 500 million, Tier 2 = USD 200 million to USD 500 million, and Tier 3<= USD 200 million

To know about the assumptions considered for the study, download the pdf brochure

Breakdown of Primary Interviews (Demand Side): By End-User Type, Designation, and Region

Note 1: Other end users segment includes research institutes.

Note 2: Other designation includes type-c executives of hospitals and clinics.

Data Triangulation

After arriving at the market size, the total market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed wherever applicable.

Approach to derive the market size and estimate market growth

The market rankings for leading players were ascertained after a detailed assessment of their revenues from the endoscopy equipment business using secondary data available through paid and unpaid sources. Owing to data limitations, in certain cases, the revenue share was arrived at after a detailed assessment of the product portfolios of major companies and their respective sales performance. At each point, this data was validated through primary interviews with industry experts.

Objectives of the Study

• To define, describe, and forecast the endoscopy equipment market by product, application, end user, and region
• To provide detailed information about the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
• To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall endoscopy equipment market
• To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
• To forecast the size of the endoscopy equipment market with respect to five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
• To profile the key players and comprehensively analyze their market shares and core competencies2 in the endoscopy equipment market
• To track and analyze competitive developments such as partnerships, agreements, acquisitions, product launches, and expansions in the endoscopy equipment market

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players

Geographic Analysis

• Further breakdown of the Rest of Asia Pacific endoscopy equipment market into South Korea, New Zealand, and other countries.

Growth drivers for endoscopy instruments Market from macro to micro

Macro drivers:

Growing demand for minimally invasive procedures: Endoscopy instruments are used in minimally invasive procedures, which are becoming increasingly popular due to their many advantages over traditional surgical procedures. These procedures are less invasive, have shorter recovery times, and fewer complications.

Increasing prevalence of chronic diseases: Chronic diseases such as cancer, gastrointestinal disorders, and respiratory diseases are on the rise globally. Endoscopy is a commonly used diagnostic tool in the management of these conditions, which is driving the demand for endoscopy instruments.

Technological advancements: The development of advanced endoscopy instruments with improved imaging technology, better ergonomics, and greater maneuverability is driving the growth of this market.

Aging population: The aging population is more prone to chronic diseases, which require diagnosis and treatment using endoscopy instruments. As the world's population ages, the demand for endoscopy instruments is likely to increase.

Micro drivers:

Growing demand for endoscopy procedures in outpatient settings: Many endoscopy procedures can now be performed in outpatient settings, which is driving the demand for portable and handheld endoscopy instruments.

Increasing adoption of capsule endoscopy: Capsule endoscopy is a non-invasive diagnostic tool that allows physicians to visualize the digestive tract without the need for traditional endoscopy. The increasing adoption of this technology is driving the demand for capsule endoscopy instruments.

Growing demand for endoscopic ultrasound (EUS): EUS is a minimally invasive diagnostic tool that allows physicians to visualize and diagnose conditions within the digestive tract and adjacent organs. The growing demand for EUS is driving the demand for specialized endoscopy instruments.

Increasing demand for therapeutic endoscopy procedures: Endoscopy is not only used for diagnosis but also for therapeutic purposes. The increasing demand for therapeutic endoscopy procedures is driving the demand for specialized endoscopy instruments.

Future use cases of endoscopy instruments along with commentary of adaption, market potential, risk

The future use cases of endoscopy instruments are likely to expand as technology advances and new medical needs emerge. Here are some potential future use cases along with commentary on their adaptation, market potential, and associated risks:

Robotics-assisted endoscopy: Robotics-assisted endoscopy is a growing field that involves the use of robotic systems to perform endoscopic procedures. This technology has the potential to improve the accuracy and precision of endoscopic procedures, reduce operator fatigue, and enhance patient outcomes. The market potential for robotics-assisted endoscopy is high, but there are some risks associated with the technology, such as the high cost of robotic systems and potential technical failures.

Virtual endoscopy: Virtual endoscopy is a non-invasive imaging technique that uses advanced imaging technology to create a three-dimensional image of the inside of the body. This technique has the potential to replace traditional endoscopy in certain applications, such as colon cancer screening. The market potential for virtual endoscopy is high, as it has the potential to reduce patient discomfort and increase screening rates. However, there are some risks associated with the technology, such as the possibility of missing small lesions that may be detected with traditional endoscopy.

Nanotechnology-enabled endoscopy: Nanotechnology-enabled endoscopy is a growing field that involves the use of nanoparticles to enhance endoscopic imaging and drug delivery. This technology has the potential to improve the accuracy and precision of endoscopic procedures and enable targeted drug delivery to specific tissues. The market potential for nanotechnology-enabled endoscopy is high, but there are some risks associated with the technology, such as the potential for nanoparticles to accumulate in tissues and cause toxicity.

Wireless endoscopy: Wireless endoscopy is a new technology that involves the use of small, wireless endoscopic devices that can be swallowed or inserted into the body to provide imaging or diagnostic information. This technology has the potential to reduce patient discomfort and improve diagnostic accuracy, particularly in hard-to-reach areas of the body. The market potential for wireless endoscopy is high, but there are some risks associated with the technology, such as the potential for the device to become stuck in the body or the possibility of wireless interference.

Future hypothetic challenges of endoscopy instruments Market

There are several hypothetical challenges that the endoscopy instruments market could face in the future. Here are a few potential challenges:

Increased competition: As the endoscopy instruments market continues to grow, more companies are likely to enter the market, which could lead to increased competition. This could lead to pricing pressures and decreased profit margins for companies in the market.

Regulatory challenges: The endoscopy instruments market is highly regulated, and changes in regulations or more stringent requirements could increase the cost and time required to bring new products to market. This could slow down innovation and make it more difficult for companies to differentiate themselves in the market.

Advancements in alternative technologies: As alternative technologies, such as non-invasive imaging or surgical robots, continue to advance, they may become more widely adopted and reduce the demand for traditional endoscopy instruments.

Economic downturns: Economic downturns could lead to decreased healthcare spending and reduced demand for endoscopy instruments. This could have a negative impact on the growth of the market.

Safety concerns: As with any medical technology, safety concerns could arise, such as the potential for adverse events or infections associated with endoscopy procedures. This could lead to increased scrutiny and regulatory oversight, as well as decreased patient confidence in the safety of endoscopy procedures.

Supply chain disruptions: Supply chain disruptions, such as shortages of raw materials or disruptions in transportation or manufacturing, could lead to delays or decreased availability of endoscopy instruments.

Futuristic growth use-cases of endoscopy instruments Market

Here are a few potential use-cases:

Artificial intelligence (AI) enabled endoscopy: AI has the potential to revolutionize endoscopy by providing real-time guidance and analysis during procedures. AI algorithms can analyze the endoscopic images in real-time, identify abnormalities or suspicious areas, and alert the operator to investigate further. This could improve the accuracy and efficiency of endoscopic procedures and reduce the need for repeat procedures. The AI-enabled endoscopy market is expected to grow rapidly in the coming years.

Personalized medicine: Advances in genomics and precision medicine are driving the development of personalized endoscopy instruments. By analyzing a patient's genetic makeup and other factors, such as lifestyle and environmental exposures, personalized endoscopy instruments could be tailored to each patient's individual needs. This could improve the accuracy and effectiveness of endoscopic procedures and lead to better patient outcomes.

Telemedicine: Telemedicine has the potential to expand the reach of endoscopy by enabling remote consultation and diagnosis. This could be particularly useful in rural or underserved areas, where access to specialized medical care may be limited. Telemedicine-enabled endoscopy could also reduce the need for travel and improve patient convenience.

Wearable endoscopy: Wearable endoscopy devices, such as smart pills or swallowable cameras, are a growing area of interest. These devices can be ingested by the patient and then pass through the digestive system, providing real-time imaging of the digestive tract. Wearable endoscopy could be particularly useful in detecting and monitoring chronic conditions such as Crohn's disease or ulcerative colitis.