The growing prevalence of gastrointestinal diseases has led to a major increase in the esophagoscopes & gastroscopes market. Esophagoscopes & gastroscopes have a major role in endoscopy surgical procedures. There has been significant increase in the number of other diseases such as gastrointestinal bleeding, cancer, etc., which is boosting the esophagoscopes & gastroscopes market. Poor diets, genetics, and urbanization are the major factors responsible for the cause of gastrointestinal diseases. Apart from diseases, an increase in the number of minimally invasive surgeries is playing an important role in driving the esophagoscopes & gastroscopes market. The risks associated with minimally invasive surgeries are very less, which has increased the number of minimally invasive surgeries, owing to the safety and their efficacy, which is driving the esophagoscopes & gastroscopes market.
The geriatric population is more prone to lifestyle diseases and disorders, such as cardiac disorders, diabetes, and obesity, which are the leading causes of illnesses, globally. A rise in the incidence rate of lifestyle diseases in the geriatric population is expected to boost the esophagoscopes & gastroscopes market. Ease in FDA clearances in the endoscope medical device market is also a major factor expected to drive the growth of the esophagoscopes & gastroscopes market.
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Original Equipment Manufacturers (OEMs) lay greater emphasis on collaborations and partnerships with local and regional players so that they can increase their sales and after sales services for esophagoscopes & gastroscopes.
Companies in the esophagoscopes & gastroscopes market are also focusing on establishing new set-ups to support manufacturing and sales activities through collaborations and partnerships with regional players and third-party service vendors.
The affordability of endoscopy procedures is a major problem for a huge chunk of the population, due to the absence of health insurance and limited government support policies that cover endoscopy treatment in developing countries such as India and China. This absence of social health insurance, along with the exclusionary provision of private health insurance schemes is a major factor limiting the esophagoscopes & gastroscopes market.
Inadequate reimbursement policies are expected to restrain the growth of the esophagoscopes & gastroscopes market.
Shortage of healthcare professionals can also limit the growth of the esophagoscopes & gastroscopes market.
Owing to economic pressure, overall healthcare spending in Latin America has declined. However, local governments are trying to improve public healthcare systems, due to which, the healthcare market is expected to grow at an average rate, along with the esophagoscopes & gastroscopes market.
FMI has segmented the esophagoscopes & gastroscopes market into rigid endoscopes and flexible endoscopes. Rigid endoscopes give an opportunity to reach internal cavities and organs. A rigid endoscope is inserted through a small incision made in the skin to reach an internal organ. A rigid endoscope is fitted with one or more extra channel through which operating instruments are to be passed.
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A flexible endoscope is used for the diagnosis of the internal parts of the body. In a flexible endoscope, an operating handle is used to control the manipulating tip of the site when required. In terms of revenue, the product segment in esophagoscopes & gastroscopes market is expected to hold significant share over the forecast period. Flexible endoscopes have a larger market share as compared to rigid endoscopes.
On the basis of end user, the esophagoscopes & gastroscopes market has been divided into hospitals, ambulatory surgical centres, specialty clinics, and diagnostic centres. The hospitals segment has the largest market share in the esophagoscopes & gastroscopes market.
The esophagoscopes & gastroscopes market has also been studied according to various regions. The esophagoscopes & gastroscopes market has been analyzed across the regions of North America, Latin America, Europe, Asia Pacific, and MEA. North America, followed by Asia Pacific, is expected to hold substantial revenue share in the global esophagoscopes & gastroscopes market. Companies are focusing on increasing their market share in emerging regions such as CIS & Russia, APEJ, etc.
COVID-19 Pandemic Analysis
The healthcare industry was the most affected by the pandemic that hit the world in the first quarter of 2020 and is still a prevalent threat to the human population across the world. The healthcare industry was radically revolutionized in the pandemic and the world changed in many fundamental ways. Medical procedures saw a major drop in pandemic due to the lockdown situation across the world and movement restrictions to curb the spread of coronavirus.
Sales of esophagoscopes and gastroscopes also experienced a drop in the pandemic era due to declined medical procedures and a low rate of diagnostics. However, the esophagoscope and gastroscope shipments are expected to make a notable comeback in the post-pandemic era as the world returns to normalcy and restrictions are lifted.
Increasing focus on minimally invasive procedures in the post-pandemic era is expected to push the esophagoscope and gastroscope sales and bring the market back to its expected potential. The overall demand for laparoscopic instruments is also predicted to show an upward trend in the post-pandemic era.
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Competitive Landscape
Esophagoscopes and gastroscopes industry is a highly consolidated marketplace with select players leading and dominating the market. New esophagoscope and gastroscope vendors will have to come up with innovative products to penetrate the market.
- In September 2020, PENTAX Medical, a healthcare leader in therapeutic endoscopy, announced the launch of new video gastroscopes. The new line of J10 Series Ultrasound Video Gastroscopes comes with an ergonomic design and enhanced manoeuvrability as a EUS (endoscopic ultrasound) solution. The new line also has increased linear scope scan and increased frequency capabilities for better performance.
- In October 2021, FUJIFILM Healthcare Americas Corporation, a renowned name in the endoscopic imaging industry, announced the launch of its new endoscope – Fujifilm’s EI-740D/S, which is a new dual-channel endoscope that is the first dual-channel endoscope to be approved by the U.S. FDA for upper as well as lower gastrointestinal diagnostics and treatment.