CHICAGO, Aug. 13, 2019 /PRNewswire/ -- According to the new market research 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", published by MarketsandMarkets™, the Endoscopy Equipment Market 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% during the forecast period. The key factors driving the growth of this market include the growing investments, funds, and grants, growing demand for endoscopy, technological advancements, and rising number of hospitals and increasing hospital investments in endoscopy facilities.
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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 increasing number of colonoscopy procedures performed in developed countries.
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Hospitals accounted for the largest market share in 2018
Based on end-users, the market is segmented into hospitals, ambulatory surgical centers (ASCs)/clinics, and other end users (diagnostic centers, mobile endoscopy facilities, and office endoscopy services). The hospital segment accounted for the largest share of the endoscopy equipment market in 2018. The large share of this segment can be attributed to increasing government and private funding and the growing preference among physicians and patients to perform endoscopic procedures in a hospital-based environment.
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North America dominated the market in 2018
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.
The key players in the global endoscopy equipment market are Olympus (Japan), KARL STORZ (Germany), Stryker (US), Boston Scientific (US), Ethicon (US), Fujifilm Corporation (Japan), Medtronic (Ireland), Hoya Corporation (Japan), Richard Wolf GmbH (Germany), Smith & Nephew (UK), Cook Medical (US), and B. Braun (Germany).
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