According to a new market report published by Transparency Market Research "Endoscopy Devices Market (Endoscopes, Endoscopic Operative Devices, and Visualization Systems) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013-2019" the global endoscopy devices market was valued at USD 24.9 billion in 2012 and is expected to grow at a CAGR of 6.8% from 2013 to 2019, to reach an estimated value of USD 36.9 billion in 2019.
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Endoscopy procedures are performed by inserting rod shaped telescope and specialized instruments through small incisions in the body. These procedures can be diagnostic as well as operative, and are explored for various areas of surgery including gastrointestinal, urological, ENT, cardiovascular and joint surgeries. As these are minimally invasive procedures, they provide various advantages over open surgeries such as reduced blood loss, reduced chances of infection, shorter hospital stay, and quick recovery. Due to these advantages, the adoption of endoscopy is increasing rapidly; especially in the field of oncology.
An endoscopy system comprises of an endoscope, visualization system (which includes the camera, control unit, illumination devices, image processing devices, and display) and various specialized operative instruments (which include energy systems, internal closure devices, irrigation systems, and others). An endoscope that is rigid, finds applications in arthroscopy and laparoscopies and flexible endoscopes have application in gastrointestinal, urology and other systems where rigid endoscope may not reach. Modern endoscopes called as videoscopes have a "chip-on-tip" which deliver better image quality and are more durable. Fiberoptic endoscopes are fragile and delicate, hence get damaged easily. This is a major driver for videoscopes market and the technology is expected to replace fiberoptic and rod-lens systems in the near future. Consistent technological advances have added new products to the market and expanded boundaries of the endoscopy devices market. Capsule endoscopes and robot assisted endoscopes have revolutionized the endoscopy market.
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The capsule shaped devices possess built-in camera unit and wireless transmission system which delivers high quality images to external receiver as they pass through the gastrointestinal tract. The device has made diagnosis of gastrointestinal tract more efficient as the capsule is able to deliver images for intestinal areas where flexible endoscope cannot reach. Given Imaging (acquired by Covidien) accounts for about 85% of the global capsule endoscopy market share. Other key players in the capsule endoscopy market include Olympus, IntroMedic and Jinshan Medical. Intuitive Surgical leads the robot assisted endoscopy market with its flagship Da Vinci surgical system. Other companies making their mark in the robot assisted endoscopy market include Endo Control, Inc., Olympus, Meere Company, Inc., MAKO Surgical and Titan Medical, Inc. Visualization systems have been a prominent area of technological advancements.
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The development of chromoendoscopy has added another dimension to the evolving market of endoscopy. Three dimensional (3D) camera systems have improved the depth perception and hence reduced errors during surgery and which has further reduced the overall surgery time. Endoscopic ultrasound devices now allow doctors to effectively diagnose intestinal tract, which might be difficult to diagnose otherwise with traditional ultrasound devices. As the ultrasound device is close to the organ as, the images obtained are more accurate giving better examination of the intestinal tract.
Although various merits are propelling the endoscopy devices market, some factors impede the acceptance of several endoscopic devices. Prominent among these factors is the high cost of latest technology devices, which has delayed the penetration of these products in developing countries. Lack of skilled professionals is also a major concern for the market to develop. Considering various market dynamics, companies are eying Asian countries which mainly include India, China, and Japan for lucrative opportunities in future. Rapidly developing economic condition, improving healthcare sector, available disposable income, and large consumer base in emerging economies such as India, China, Brazil and South-East Asia due to high prevalence of diseases will drive the endoscopy devices market in these countries.