By 2016 it is believed that the global endoscopy equipment market will be worth in excess of $33.7 billion, growing at a CAGR of 6.4% over the reporting period, according to a new report available on companiesandmarkets.com.
Endoscopy Devices: Applications and Global Markets
The endoscopy market worldwide was $23.3 billion in 2010 and is projected to reach nearly $24.8 billion in 2011. This is further anticipated to increase to $33.7 billion by 2016 at a compound annual growth rate (CAGR) of 6.4%.
Laparoscopy accounts for more than 26% of the total market and is expected to reach $6.8 billion by end of 2011 and to increase up to $10.6 billion by 2016 at a compound annual growth rate (CAGR) of 9.2%. Endoscopy of the GI track for tumors, adhesions, diverticulitis, etc. is projected to experience an increase from $3.7 billion in 2011 to more than $4.9 billion in 2016, a CAGR of 5.7%.
A major segment of the medical devices industry, the endoscope market is experiencing rapid growth which looks set to continue for the next five years. The largest endoscopy segment is laparoscopy, which holds a share of over a quarter of the market.
Significant endoscope technology advances of recent years include narrow band imaging; high definition imaging and HDTV; third eye retroscope; double-balloon endoscopy devices; pillcam; picture archiving and communications systems and robot assisted endoscopy.
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