Endoscope Repair Market Size, Share, Growth, And Industry Analysis By Type (Laparoscope, Arthroscope, Colonoscope, Gastroscope, Bronchoscope, Hysteroscope, Esophagoscope) By Application (Hospitals, ASCs, Endoscopy Clinics), Regional Forecast To 2031

Updated On: 08 April 2024

Endoscope Repair Market Report Overview

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The global Endoscope Repair market size is expanded rapidly in 2021 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2021 to 2031.

Endoscopy equipment' less intrusive features and reasonable post- and pre-procedure costs are the main elements projected to boost market expansion throughout the projection period. A change in tendency towards using disposable endoscopic components to reduce treatment costs and the possibility of cross-contamination is also anticipated to hasten market expansion over time.

Industrial endoscopes are employed in a variety of industrial settings, including the aerospace, automotive, and power generating sectors. They support examinations of the interior workings of engines or other machine parts, the detection of potential crash-causing defects in aircraft wings, the corrosion damage inspection of boilers, etc. Industrial endoscopes often have an HD camera that can be operated remotely, and they are long (up to 12 feet) and thin (about the size of a pencil).

COVID-19 Impact: COVID-19 Lockdowns Limited Market Development

The market has been significantly impacted by the COVID-19 epidemic. The COVID-19 infection and its spread were feared by dog owners, according to an article that appeared in Frontiers in Veterinary Science in February 2021, which decreased the number of diseases that were diagnosed in animals. In addition, the aforementioned study revealed that, like many other professions, the introduction of COVID-19 in the early stages of the pandemic had a major influence on veterinarians. As a result, basic procedures including animal diagnosis, surgery, and checks were interfered with. Veterinarian endoscopy was also impacted by these reduced services, which restrained the market's expansion. Nonetheless, the emphasis on veterinary services grew as a result of the rise in pet ownership during the epidemic. The greater emphasis on animal welfare brought on by the rising pet adoption rate should help the industry under study thrive. In light of the aforementioned elements, the veterinary endoscopy market is thus anticipated to suffer short-term setbacks, particularly as a result of the decline in veterinary visits in 2020.

Latest Trends

"A significant trend is the increasing use of equipment insurance"

Medical device insurance is becoming increasingly necessary due to the high maintenance costs of these equipment. To shield end users from significant losses in the event that equipment is damaged, several businesses in the nation provide medical device insurance. CAN Financial Corporation, Cailor Fleming Insurance, ProTek Insurance, Medical Equipment Repair Associates, Anco Insurance, American International Group Inc., and DESCO are a few of the insurance companies in the nation. Hence, a noteworthy market trend is the increasing uptake of equipment insurance by end users.

Endoscope Repair Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Laparoscope, Arthroscope, Colonoscope, Gastroscope, Bronchoscope, Hysteroscope, Esophagoscope. Laparoscope is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Hospitals, ASCs, Endoscopy Clinics. Hospitals will be the dominating segment.

Driving Factors

"Increased Incidence And Prevalence Of Gastrointestinal Illnesses Will Drive Market Expansion"

The rise in incidence and prevalence rates of gastrointestinal (GI) illnesses is fueling the market for endoscopic equipment. The prevalence of gastrointestinal conditions such colorectal cancer, gastroesophageal reflux disease, ulcerative colitis (UC), inflammatory bowel disease (IBD), and Crohn's disease is increasing, which is driving the market (CD). To perform minimally invasive or non-invasive surgical operations to treat life-threatening illnesses, endoscopic devices are employed. The majority of gastrointestinal diseases, including cancer, are most common in Asian countries. Japan, with 27.5 instances per 100,000 people, and Mongolia, with 33.1 cases, are rated 1, 2, and 3 in Korea, respectively, where there are 39.6 cancer cases per 100,000 people. Due to the rise in GI disorders and the high demand for minimally invasive surgical procedures, endoscopic equipment are becoming more and more necessary in developing countries. This is encouraging the growth of the endoscopic device market. Consequently, this element is responsible for the endoscopic device market CAGR.

"Technologically Enhanced Endoscopic Equipment Will Drive Market Expansion"

The market is also driven by the growing inclination of medical professionals for using technologically enhanced endoscopic equipment outfitted with a high-definition camera and light sources to assist doctors in analysing interior organs of interest. The primary drivers projected to drive the demand for endoscopic equipment are the shift in preference towards minimally invasive surgical techniques over standard operations to shorten hospital stay and minimise post-procedure problems. Thus, it is anticipated that factors including greater patient satisfaction, enhanced economic viability, and shorter hospital stays would raise the demand for minimally invasive endoscopic procedures in the years to come, fueling the market's expansion.

Restraining Factors

"Risk Of Contracting A Virus During Endoscopic Procedures Hindering the Market Growth"

Viral infections can be spread during an endoscopy operation in a number of ways, including direct contact, respiratory droplets, infectious aerosols produced during the process, and contact with contaminated endoscopic tools, accessories, and bodily fluids.

Every day, endoscopists operate on the GI lumen up close during operations including gastroscopy, colonoscopy, and endoscopic retrograde cholangiopancreatography. As a result, they are frequently exposed to respiratory, oropharyngeal, and gastrointestinal infections.

Endoscope Repair Market Regional Insights

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"North America is Likely to Maintain a Substantial Market Share During the Estimated Period"

With a 41.8% revenue share in 2022, North America led the world in endoscopic device sales. This is connected to the rising incidence of various chronic illnesses, including functional gastrointestinal disorders, cancer, diabetes, and cardiovascular diseases. Also, the growing elderly population, which is more susceptible to a number of chronic diseases, is encouraging the use of endoscopic operations in this area. Also driving the market expansion in this area are enhanced healthcare infrastructure and increased awareness of early illness detection employing minimally invasive treatments.

In addition, Asia Pacific is anticipated to see the highest growth in the endoscopy device market over the coming years due to its huge population and rising incidence of functional gastrointestinal disorders. Moreover, it is projected that strengthening health care infrastructure and rising demand for the minimally invasive endoscopic technique would speed up the region's market expansion. Also, growing government measures to update healthcare facilities and continually expand the start-up scene are among the key elements supporting the expansion of the industry in the area.

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 of 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 portfolios.

List of Market Players Profiled

• Stryker (U.S.)
• Medivators (U.S.)
• Olympus (Japan)
• Hoya Corporation (Japan)
• Smith & Nephew (U.K.)
• Fujifilm Holdings (Japan)
• Karl Storz (India)
• Medserv (Ireland)
• Endoscopy Repair Specialis (U.S.)
• Fibertech (U.S.)
• Associated Endoscopy (U.S.)
• EndocorpUSA (U.S.)
• Medical Optics (U.S.)
• HMB Endoscopy Products (U.S.)
• Endodoctor (Germany)
• Scholly Fiberoptic (Germany)
• AED.MD (U.S.)
• XION (India)
• Integrated Medical Systems (India)
• United Endoscopy (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.