Endoscopy refers to looking inside the body for medical reasons using a medical instrument called endoscope, used to examine the interior of body structures and internal organs. Unlike other medical instruments like X-rays and CT scan, the endoscope is inserted directly inside the organ which provides extensive details of the organs under inspection like GI tract, bronchi or liver. Endoscopic examination helps to analyze ulcers, gastrointestinal conditions and abdominal pain, abnormal growths in the colon and other abdominal, and digestive tract bleeding.
The flexible endoscope is a tube-like medical device equipped with light source and camera, which is generally used to carry out therapeutic treatments and diagnostic inside the cavities and intuitive organs of the human body such as the esophagus, brain, lungs, gastrointestinal tract, abdomen, and others. The endoscopic examination may be performed by a physician or a surgeon, and the patient may be fully conscious or under an effect of anesthesia. A cutting device can be connected to the point of the flexible endoscope, and the setup can then be used to carry out surgery. This type of surgical procedure is called Key-hole surgery and usually results in only a tiny scar on the body.
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In 2016, global flexible endoscopy market was valued at USD 26.23 billion. It is anticipated to reach approximately USD 35.36 billion by the end of 2022. The compound annual growth rate is expected to be 6.3% during the forecast period of 2017 to 2022. Growing incidences of gastrointestinal diseases, cancer, and other chronic diseases around the world, due to the obesity, climb in population, and changes in demographics & lifestyle, swift increase in the count of elderly people who are at threat of ophthalmic diseases, orthopedic and gastrointestinal as well as few types of cancer are the key factors which are propelling the growth of the flexible endoscopy equipment market.
Moreover, technological improvement in diagnosis, visualization, and surgical treatment using endoscope; growing awareness about endoscopic technologies and its advantages amongst the medical professionals as well as patients; and patients’ preference for minimally invasive surgeries; these facts are encouraging the demand for endoscopic equipment, hence promoting the global market growth. Other factors for the brisk growth in flexible endoscopes equipment market are an increase in government healthcare expenditure and improved compensation coverage in health insurances. However, higher cost of products and fragility of the equipment are the restraining factors for the global flexible endoscopy market.
The key market players of the Global Flexible Endoscopy Equipment Market are Ethicon, Olympus Corporation, Fujifilm Holdings Corporation, Boston Scientific Corporation, Pentax Medical Corporation, Stryker Corporation, KARL STORZ GmbH & Co. KG, Smith & Nephew plc, Medtronic plc, Richard Wolf GmbH, Cook Medical Incorporated. According to product types, the market industry is split into; Colonoscopes, Gastroscopes, Bronchoscopes, and Others. By application, the market is classified as; Hospitals, Diagnostics Center, Ambulatory Surgical Centers/Clinics and Other. Geographically, the global market is segmented into regions which are; Southeast Asia, Asia-Pacific, Latin America, North America, Europe, Middle East and Africa.
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