Market Size of Australia Endoscopy Devices Industry
Study Period | 2021 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 702.78 Million |
Market Size (2029) | USD 919.81 Million |
CAGR (2024 - 2029) | 5.53 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Australia Endoscopy Devices Market Analysis
The Australia Endoscopy Devices Market size is estimated at USD 702.78 million in 2024, and is expected to reach USD 919.81 million by 2029, growing at a CAGR of 5.53% during the forecast period (2024-2029).
The COVID-19 pandemic led to a substantial reduction in gastrointestinal, ENT Surgical, and other endoscopic procedures, which caused a backlog of elective procedures in the country. For instance, a research article published in the Medical Journal of Australia in June 2022 stated that during the pandemic, elective medical procedures, and population cancer screening programs, including colonoscopy and other public measures were suspended and a 42% reduction was reported in the endoscopic procedures in 2020 compared to the previous year. Such a scenario caused a decline in endoscopic procedure volumes in the country. Furthermore, the study stated that in Melbourne, the pandemic restricted non-urgent endoscopy during 2020. The patients were scheduled for elective endoscopy and were re-triaged for priority by the Gastroenterological Society of Australia's COVID-19 guidelines. However, the studied market has been recovering well over the last two years since the restrictions were lifted.
The increasing preference for minimally invasive surgeries and the rise in the prevalence of diseases that require endoscopy procedures are the major drivers for the market growth. For instance, as per an article published in the Australian Journal of Otolaryngology, endoscopic ear surgery gained popularity in recent years in Australia. It also conducted a survey to access the popularity of endoscopic ear surgery in Australia which demonstrated positive results toward the adoption of endoscopic ear surgery in the country in 2021. Also, a research study published in January 2022, indicated a rising incidence of gastrointestinal diseases among the young population (18 to 50 years) in Australia. Such instances are anticipated to positively impact the market, thereby propelling the market growth over the forecast period.
Furthermore, the strategic initiatives by key market players such as collaborations, product launches, and research and development activities are anticipated to propel market growth. For instance, in October 2021, Stryker established a research and development lab in Queensland, Australia. The new R&D Lab will also partner with Stryker's CMF, Endoscopy, Instruments, Joint Replacement, Medical, Spine, and Trauma & Extremities divisions to focus on research that creates technological platforms that can be used across service lines. These factors are projected to increase the supply of endoscopy devices in Australia, thereby boosting the market growth.
However, the high cost of sophisticated endoscopy devices is likely to hinder market growth over the forecast period.
Australia Endoscopy Devices Industry Segmentation
As per the scope of the report, endoscopic devices are minimally invasive that can be inserted into natural openings of the human body, to observe an internal organ or a tissue in detail. Endoscopic surgeries are performed for imaging procedures and minor surgeries. The Australia endoscopy devices market is segmented by type of device (endoscopes (rigid endoscope, flexible endoscope, capsule endoscope, robot-assisted endoscope), endoscopic operative devices (irrigation/suction system, access device, wound protector, insufflation device, operative manual instrument, other endoscopic operative devices), and visualization equipment), and application (gastroenterology, pulmonology, orthopedic surgery, cardiology, ENT surgery, gynecology, and other applications). The report offers the value (in USD million) for the above segments.
By Type of Device | ||||||||
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Visualization Equipment |
By Application | |
Gastroenterology | |
Pulmonology | |
Orthopedic Surgery | |
Cardiology | |
ENT Surgery | |
Gynecology | |
Other Applications |
Australia Endoscopy Devices Market Size Summary
The Australian endoscopy devices market is poised for significant growth, driven by the increasing preference for minimally invasive surgeries and the rising prevalence of diseases necessitating endoscopic procedures. The market has shown resilience and recovery post-COVID-19, which had previously caused a backlog in elective procedures and a reduction in endoscopic activities. The resurgence in demand is supported by strategic initiatives from key market players, including collaborations, product launches, and research and development activities. These efforts are expected to enhance the supply of endoscopy devices, further propelling market expansion. Despite the high cost of sophisticated endoscopy devices posing a challenge, the market is anticipated to grow steadily over the forecast period.
Technological advancements and the introduction of innovative products are also contributing to the market's growth trajectory. The flexible endoscope segment, in particular, is expected to rise due to its minimally invasive nature and the increasing burden of chronic diseases. The market landscape is characterized by a few dominant players, both international and local, who hold significant market shares. Companies such as Fujifilm Holdings Corporation, Hoya Group (PENTAX Medical), and Stryker Corporation are key contributors to the competitive environment. Additionally, government investments in healthcare initiatives, such as the Heart of Australia program, are projected to boost the demand for cardiac endoscopy, further driving segment growth.
Australia Endoscopy Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Preference for Minimally Invasive Surgeries
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1.2.2 Rise in the Prevalence of Diseases that Require Endoscopy Procedures
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1.3 Market Restraints
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1.3.1 High Cost of Sophisticated Endoscopy Devices
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD Million)
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2.1 By Type of Device
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2.1.1 Endoscopes
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2.1.1.1 Rigid Endoscope
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2.1.1.2 Flexible Endoscope
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2.1.1.3 Capsule Endoscope
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2.1.1.4 Robot-assisted Endoscope
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2.1.2 Endoscopic Operative Device
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2.1.2.1 Irrigation/Suction System
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2.1.2.2 Access Device
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2.1.2.3 Wound Protector
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2.1.2.4 Insufflation Device
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2.1.2.5 Operative Manual Instrument
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2.1.2.6 Other Endoscopic Operative Devices
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2.1.3 Visualization Equipment
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2.2 By Application
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2.2.1 Gastroenterology
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2.2.2 Pulmonology
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2.2.3 Orthopedic Surgery
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2.2.4 Cardiology
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2.2.5 ENT Surgery
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2.2.6 Gynecology
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2.2.7 Other Applications
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Australia Endoscopy Devices Market Size FAQs
How big is the Australia Endoscopy Devices Market?
The Australia Endoscopy Devices Market size is expected to reach USD 702.78 million in 2024 and grow at a CAGR of 5.53% to reach USD 919.81 million by 2029.
What is the current Australia Endoscopy Devices Market size?
In 2024, the Australia Endoscopy Devices Market size is expected to reach USD 702.78 million.