(EMAILWIRE.COM, March 26, 2019 ) The growth of this market is majorly driven by factors such as favorable government initiatives, rising number of hospitals and growing hospital investments in endoscopy facilities, technological advancements, and rising prevalence of diseases that require endoscopy.

The global endoscopy equipment market is projected to reach USD 34.82 Billion by 2022 from an estimated USD 25.58 Billion in 2017, at a CAGR of 6.4% during the forecast period.

The endoscopy equipment market is segmented on the basis of product, application, end user, and region. On the basis of product, the global market is segmented into endoscopes, visualization equipment, other endoscopy equipment, and accessories. Endoscopes are expected to account for the largest share of the market in 2017 and this segment is also estimated to grow at the highest CAGR during the forecast period.

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The dominant market share and growth rate of this segment can be primarily attributed to the rising adoption of minimally invasive procedures, increasing technological advancements, and disposable endoscopes and the subsequent need to repeat the purchase of these single-use products.

Based on application, the market is segmented into laparoscopy, gastrointestinal endoscopy, arthroscopy, obstetrics/gynecology endoscopy, urology, bronchoscopy, mediastinoscopy, otoscopy, laryngoscopy, and other applications. The GI endoscopy applications segment is expected to command the largest share of the market and grow at the highest CAGR during the forecast period. Rising geriatric population, improving healthcare infrastructure in developing countries, and increasing number of colonoscopy procedures performed in developed countries, are some factors supporting the growth of this applications segment.

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Based on end user, the market is segmented into hospitals, ambulatory surgical centers (ASCs)/clinics, and other end users (diagnostic centers, mobile endoscopy facilities, and office endoscopy services). The hospitals segment is expected to register highest CAGR during the forecast period. This can be attributed to increasing government and private funding and the growing preference among physicians and patients to perform endoscopic procedures in a hospital-based environment.