The global market for endoscopy devices will be worth $75.8bn by 2022

Thursday 8 March 2012, Amsterdam

A new report predicts that the global market for endoscopy devices will be worth $75.8bn by 2022. The market generated sales of 23.3 billion dollars in 2010.

The medical device industry has experienced substantial growth in the past decade owing primarily to changes in patient demographics. A key factor in the growth of this market is endoscopy, which has progressed rapidly in recent years owing primarily to an increased patient demand for minimally invasive procedures for treatment and diagnosis purposes. Historically, endoscopy was regarded as a diagnostic procedure usually scheduled after the patient has undergone imaging scans, such as X-ray or MRI to determine the cause of their medical complaint. However, technological advancements in the field and broader applications of use in recent years has propelled the field of endoscopy, with new and innovative devices offering enhanced image quality and access to regions of the body previously thought as “difficult”. Physicians now regard endoscopy as the primary method of diagnoses and treatment, and will usually schedule this procedure ahead of an imaging scan.

Hemant Mistry, healthcare industry analyst, says: “A worldwide aging population is triggering a rise in the incidence of age related disorders such as arthritis and cancer. In response there has been a surge in patient demand for minimally invasive procedures such as laparoscopic surgery. Also, the aging population is causing an increase in reported cases of colorectal cancer. Early screening procedures, such as a colonoscopy or a capsule endoscopy, can reduce the mortality rate by up to 90%. An increased patient awareness of this preventative screening method will drive the demand for gastrointestinal endoscopic procedures.”

The research also suggests that the world endoscopy devices market may benefit from globalisation. Rapidly growing economies in countries such as Brazil, Russia, India and China (BRIC nations) is fuelling a rise in the middle class population with increased wealth. This will lead to an increased adoption of westernised lifestyles, most notably with regards to diet, prompting a rise in the incidence of conditions such as obesity and cardiovascular disease. Consequently, the number of reported laparoscopic weight-loss procedures will also increase. Furthermore, the rapid growth of these countries’ economies is also prompting a rise in healthcare spending and medical insurance cover.

They predicts that the endoscopy devices market will grow rapidly to 2022. The future of the endoscopy devices market appears promising and has significant potential for growth and investment with the increasing demand for safer, less invasive therapies.