Newark, NJ, Feb. 15, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global light sources for endoscopy market is expected to grow from USD 813.64 million in 2020 to USD 1,619.95 million by 2028, at a CAGR of 9.0% during the forecast period 2021-2028.
There are certain key factors that are driving the growth of the global light sources for endoscopy market. Some of them include increasing demand for efficient treatment, increasing rate of Gastroenterological disorders across the world, advancements in visualization techniques for quick diagnosis & treatment, growing prevalence of chronic illnesses, increasing awareness about endoscopy and its advantages, growing geriatric population around the world, rise in the number of laparoscopic surgeries, and technological advancements in medical science.
Endoscope light source is a cold light projector, which uses powerful lamps to generate illumination during an endoscopy procedure. An endoscope device is used during endoscopy. It inspects the organ interior inside the body through a small incision after which keyhole surgery is carried out. Cold light (light without any heat) is preferred during endoscopy to prevent any health complications. Some examples of cold light sources are LED and Xenon. Cold light sources are put together with computer-calculated, complex condenser systems that accurately focus light on to fiber optic light guide cables. Additional increase in the illumination assists in providing high-quality images for the endoscopic procedure.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the light sources for endoscopy market. With less disposable income and broken supply chains, the market's growth is expected to slow down. A shortage of skilled professionals due to medical workers being shifted to covid-19 frontlines also negatively impacts the market.
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Key players operating in the global light sources for endoscopy market include B. Braun Melsungen AG, Boston, Smith & Nephew, Mindray, Karl Storz, Richard Wolf, Aohua, GIMMI, Olympus, HOYA, Fujifilm, Stryker, Conmed, Schoelly Fiberoptic, Tiansong, and SonoScape, among others. To gain a significant market share in the global light sources for endoscopy market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. B. Braun Melsungen AG and Stryker are some of the biggest manufacturers and suppliers of light sources for endoscopy in the global market. Distinguished companies that provide the product/service, distributors/retailers/suppliers, end consumers (MROs & OEMs), private firms, and small enterprises are the principal stakeholders in the light sources for endoscopy market ecosystem. Funders, investors, academic researchers, service providers, distributors, state authorities, and regulatory bodies serve as significant influencers in the light sources for endoscopy market.
LED light source dominated the market and held the largest market share of 48.91% in the year 2020
Based on type, the global market has been divided into xenon light source, LED light source, and others. LED light source dominated the market and held the largest market share of 48.91% in the year 2020. LED stands for light-emitting diode. LED, along with Xenon are some of the most prominent light sources used in endoscopy. Some other light sources are Sol-Arc, incandescent lamps, and halogen.
Laparoscopy dominated the market and held the largest market share of 27.1% in the year 2020
On the basis of application, the light sources for endoscopy market has been segmented into gastroenterology, laparoscopy, arthroscopy, urology, and others. Laparoscopy dominated the market and held the largest market share of 27.1% in the year 2020. The large share of this segment is primarily attributed to the rising number of laparoscopy surgeries around the globe and the endoscopy procedures following it. The laparoscopy segment is also anticipated to grow at the fastest CAGR over the projected period.
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Regional Segment Analysis of the Light Sources for Endoscopy Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global light sources for endoscopy market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The market report covers all major countries including U.S., China, Canada, India, Germany, Japan, France, Indonesia, Brazil, U.K., Russia, Italy, South Korea, Taiwan, Australia, Thailand, Philippines, Malaysia, Vietnam, Mexico, Saudi Arabia, Turkey, U.A.E, etc. The North America region accounted for the major market share of 39.47% in the year 2020 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as the presence of key manufacturers in the region, good reimbursement policies, and the existence of advanced medical infrastructure. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period from 2021-2028. This growth is owing to factors like the rapid development of medical technology and increasing population, especially the ageing population.
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About the report:
The global light sources for endoscopy market is analyzed on the basis of value (USD Million). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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