The endotherapy devices market was valued at US$ 4,218.9 million in 2021 and is likely to reach US$ 6,494.4 million by 2028; it is expected to grow at a CAGR of 6.4% between 2022 and 2028.
Endotherapy is a therapeutic technique involving an endoscope to localize the intervention to a location inside the body. These devices refer to the devices that are planned to be inserted into the body during endoscopic procedures. These devices are increasingly used in the surgical interventions performed to examine abdominal pain, ulcers, digestive tract bleeding, or abnormal growths in abdominal.
MARKET DYNAMICS
The rising incidence of gastrointestinal diseases, including constipation, IBS, hemorrhoids, and internal hemorrhoids, and increasing geriatric population are boosting the endotherapy devices market growth. In the US, irritable bowel syndrome (IBS) is common and affects about 5% of the population (about 1 in 20 people). Furthermore, in the country, constipation is the most common gastrointestinal complaint affecting 4 million people and resulting in 2.5 million doctor visits annually. Additionally, increasing preference for minimally invasive procedures and technological advancements are expected to create lucrative opportunities for the market in the coming years. However, the high cost of endotherapy devices and the lack of skilled technicians hamper the market growth.
MARKET SCOPE
The "Global Endotherapy Devices Market Analysis to 2028" report aims to provide an overview of the endotherapy devices market with detailed market segmentation based on product, application, and end user. The report provides key statistics based on the financial performances of the leading market players. It also offers key trends and opportunities in the endotherapy devices market.
Strategic Insights
MARKET SEGMENTATION
The global endotherapy devices market is segmented on the basis of product, application, and end user. Based on product, the market is segmented into gastrointestinal (GI) devices & accessories, endoscopic retrograde cholangio pancreatography (ERCP) devices & accessories, and others. By application, the market is segmented into bronchoscopy, arthroscopy, laparoscopy, urology endoscopy, neuroendoscopy, gastrointestinal endoscopy, and other. Based on end user, the market is segmented into hospitals, clinics, and others.
REGIONAL FRAMEWORK
Based on region, the global endotherapy devices market is segmented into five major regions—North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South & Central America. The report covers analysis and forecast of 18 countries globally along with trend and opportunities prevailing in the region.
From the regional perspective, North America dominates the endotherapy devices market. The market growth in the region is majorly driven by the growing technological advancements, rising incidence of gastrointestinal cancer, growing regulatory approvals for endotherapy devices, and slow surging geriatric population across the US. According to the American Cancer Society’s 2022 estimates, in the US, ~ 26,380 new gastric cancer cases and around 11,090 deaths due to the disease are expected to occur in the subsequent year. Additionally, in the country, every year, gastric cancer accounts for around 1.5% of all new diagnosed cancer cases. Thus, the rise in incidence of gastric cancer and gastrointestinal conditions is anticipated to propel the adoption of endotherapy devices in the country during the forecast period.
The below figure shows the revenue growth trend in the North American endotherapy devices market:
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Source: The Insight Partners Analysis
The report analyses factors, such as drivers, restraints, opportunities, and future trends, which impact the growth of the endotherapy devices market. The report also provides PEST analysis highlighting the factors affecting the endotherapy devices market in these regions.
IMPACT OF COVID-19 PANDEMIC
The highest number of deaths due to COVID-19 was recorded in the North America, followed by Europe and Southeast Asia. During COVID-19 outbreak, hospital admissions and services were offered to COVID-19 affected patients on a priority basis. As a result, multiple medical procedures, including gastrointestinal endoscopy, were delayed across various countries. A similar scenario was witnessed in the UK, with the COVID-19 pandemic and subsequent lockdown affecting the ERCP & endoscopic procedural volume. Thus, the fewer procedural volume adversely affected the adoption of endotherapy devices, particularly during the pandemic in 2020. Thus, the COVID-19 pandemic negatively impacted the endotherapy devices market.
MARKET PLAYERS
The report covers key developments in the endotherapy devices market. Various companies are focusing on organic growth strategies, such as product launches, product approvals, and patents and events. In addition, acquisitions, and partnership & collaborations are among the inorganic growth strategies witnessed in the market. These activities have paved way for expansion of business and customer base of market players. The players operating in the endotherapy devices market are anticipated to experience lucrative growth opportunities in the future due to the rising demand for endotherapy devices.
The report also includes the profiles of key endotherapy devices market companies along with their SWOT analysis and market strategies. In addition, it focuses on leading industry players with information, such as company profiles, components and services offered, financial information of last three years, and key development in past five years.
-Boston Scientific Corporation
-CONMED Corporation
-FUJIFILM Holdings Corporation
-HOYA Corporation
-Johnson & Johnson
-KARL STORZ GmbH & Co KG
-Medtronic Plc.
-Olympus Corporation
-Stryker Corporation
-Smith & Nephew Plc.
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.
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