Endoscope Light Source Market Report Overview
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The global endoscope light source market size is expected to be USD 1.0793 billion in 2022 and is projected to touch USD 1.6136 billion by 2028, exhibiting a CAGR of 5.9% during the forecast period.
Increases in the frequency of gastroenterological problems, the number of surgeries performed globally, and the quick uptake of high-intensity endoscopic light sources to provide more effective diagnosis and treatment all contribute to the market's robust revenue growth. Other factors influencing the market's revenue growth include the growing elderly and patient populations throughout the world, technical developments in endoscopic equipment, and the quickening development of sophisticated imaging techniques in endoscopy. In the near future, it is also anticipated that rising R&D activities to create in-vivo light sources for endoscopy employing technologies like fluorescence and near-infrared spectroscopy would propel worldwide market expansion.
In order to illuminate the affected regions to be checked during operations, endoscopes often employ external light sources. Endoscopy light sources are often distinguished by their mobility, compactness, and high-intensity light range. In operations like gastrointestinal tract examinations, longer endoscopes are employed, which requires larger independent endoscopic light sources. Such light sources, in contrast to portable endoscopes, are plugged into a power source and produce light using fiber optic light guides. Additionally, compared to portable light sources, freestanding light sources offer a comparatively higher light intensity. With the fast advancement of medical technology in recent years, the need for LED light sources for endoscopy has increased significantly. These gadgets have a high color rendering index, a long bulb life, high luminous intensity, and decreased noise generation (CRI).
COVID-19 Impact: Restrictions in Operations Lead To Lower The Market Demand
The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with endoscope light source experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.
The COVID-19 had a significant impact on nations throughout the world. It may significantly affect the market for endoscope light sources. Flight cancellations, travel bans, quarantines, restaurant closures, restrictions on all indoor and outdoor activities, the declaration of states of emergency in more than 40 countries, a significant slowdown in supply chains, market volatility, a decline in business confidence, growing public panic, and uncertainty about the future are some of the major effects of the COVID-19 outbreak.
LATEST TRENDS
"Partnerships to Deliver New Healthcare Goods And Services To Augment The Market Demand"
Various strategic sourcing and diversity programs are being developed by businesses. For instance, B. Braun Medical and Kerma Medical Goods announced their agreement in August 2020 with the goal of advancing the development and provision of healthcare products and services, with a focus on veterans, minorities, and other neglected areas. Both businesses will collaborate on a variety of initiatives, including co-marketing possibilities, product development, environmentally friendly manufacturing, strategic sourcing, and diversity initiatives, which is anticipated to accelerate market growth in the near future.
Endoscope Light Source Market Segmentation
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- By Type Analysis
By type, market is segmented into LED light source, xenon light source and others. The LED light source segment will dominate the market in the coming years.
- By Application Analysis
Based on applications, the market is classified into laparoscopy, urology, gastroenterology, arthroscopy, ENT, Others. The laparoscopy segment will lead the global share through 2028.
DRIVING FACTORS
"Increasing Use of LED Lighting For Endoscopy to Augment Market Growth"
One of the key drivers of the global market is the rising demand for LED endoscopic light sources. Endoscopic illumination systems now have a longer lifespan, greater dependability, and more luminous intensity because to the integration of LED technology. As a result, LED light sources are gradually taking the place of xenon lamps in endoscopic instruments due to their increased energy efficiency, enhanced longevity, and lower cost.
"Demand for Minimally Invasive Laparoscopic Equipment to Push the Market Growth"
As they inflict less trauma, less invasive surgical techniques are gaining popularity. For instance, Olympus has stated that their VISERA ELITE II surgical imaging platform for minimally invasive surgery would get 3D and infrared capabilities in December 2020. The inclusion of such an imaging platform might aid medical facilities in increasing productivity and reducing costs. Applications for the product include gynaecology, general surgery, orthopaedic surgery, endourology, and ENT. Additionally, health insurance providers in several nations cover less invasive laparoscopic procedures. For instance, the Medicare Benefits Schedule states that up to 75% of laparoscopic operations are now covered by Medicare (MBS). As a result, less invasive operations are becoming more popular with patients.
RESTRAINING FACTORS
"Risks Associated with Endoscopic Procedures to Affect Market Growth"
Risks and endoscopic procedures-related issues have a substantial inhibitory effect on the growth of the worldwide market for light sources for endoscopy. Even though these treatments are normally safe, they might occasionally result in consequences including bleeding, infection, sedation-related reactions, gut wall tears or lesions, or pancreatitis. As a result, a potential decline in endoscopic treatments as a result of such hazards is anticipated to restraint the growth of this market to some extent over the projected period.
Endoscope Light Source Market Regional Insights
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"North America to Dominate owing to Latest Technology Adoption "
Over the course of the forecast period, North America is anticipated to continue to have a greater revenue share in the global market for light sources for endoscopy compared to other regional markets. Some of the key factors propelling the growth of the North American market's revenue include the rising prevalence of chronic and acute diseases and disorders, extensive use of cutting-edge endoscopes in surgical procedures, increasing popularity of LED light sources for endoscopy, and the presence of cutting-edge medical infrastructure.
One of the main factors propelling the market is the growing reliance on laparoscopic operations in comparison to open surgeries. Additionally, the market for the laparoscopic device will be impacted by the competition between well-known manufacturers in terms of product innovation. Additionally, laparoscopy is now preferred over traditional procedures by surgeons since it promotes quick recovery and successful results. Additionally, rising healthcare costs in the US may encourage both new and established competitors to enter the market. For instance, according to the Centers for Medicaid and Medicare Services, U.S. health care spending would be USD 4.1 trillion in 2020, or about 19.7% of the country's GDP, up 9.7% from 2019.
The market for laparoscopic devices in the Asia Pacific is anticipated to develop at a robust CAGR over the course of the forecast period as a result of an increase in the number of modern, well-equipped hospitals and a high volume of surgical operations. Some of the Asia Pacific region's growing economies include Singapore and South Korea. The market in the area is projected to be driven by better reimbursement circumstances, increased medical tourism, and advancing technology. Affordable equipment, a growth in mergers and acquisitions, and government measures to enhance healthcare services are further driving forces for the nation. To ensure that every person has access to affordable health insurance, the government has made major investments.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.
List of Market Players Profiled
- Olympus (Japan)
- Boston (U.S.)
- HOYA (Japan)
- B. Braun (Germany)
- Fujifilm (Japan)
- Smith & Nephew (U.K.)
- Stryker (U.S.)
- Mindray (China)
- Conmed (U.S.)
- Karl Storz (Germany)
- Schoelly Fiberoptic (Germany)
- Richard Wolf (Germany)
- Tiansong (China)
- Aohua (China)
- SonoScape (China)
- GIMMI (Germany)
REPORT COVERAGE
The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 1.0793 Billion in 2022 |
Market Size Value By |
US$ 1.6136 Billion by 2028 |
Growth Rate |
CAGR of 5.9% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2022 |
Historical Data Available |
Yes |
Segments Covered |
Type and Application |
Regional Scope |
Global |
Frequently Asked Questions
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What value is the endoscope light source market expected to touch by 2028?
Over the research period, the endoscope light source market will be reaching USD 1.6136 billion in 2028.
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What CAGR is the endoscope light source market expected to exhibit by 2028?
The endoscope light source market is expected to exhibit a CAGR of 5.9% by 2028.
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Which are the driving factors of the endoscope light source market?
Use in demand of LED lighting, for endoscopy and increasing demand of laparoscopy among the patients are some pf the driving factors of endoscope light source market.
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Which are the top companies operating in the endoscope light source market?
Stryker, Mindray, Conmed, Karl Storz, Schoelly, Fiberoptic Lympus, Boston, HOYA, and B. Braun are some leading companies operating in the endoscope light source market.