The Canadian endoscopy device market is expected to witness a CAGR of 6.67% during the forecast period. Certain factors that are driving the market growth include growing preference for minimally invasive surgeries and technological advancements.
- The recent advancements in endoscopy surgery presented the Canadian surgical community with new approaches to surgically treatable diseases and developed new technologies that can be established in the near future.
- For instance, endoscopic ear surgery is a new technique that is gaining momentum in Canada and there is a trend observed toward its incorporation into future practice. Robotic surgery and hand-assisted endoscopic surgery are two of the latest surgery trends used to treat cancer in Canada, which is likely to get prominent in the near future.
- The rising demand for surgeries with faster recovery, fewer post-surgery infections, less pain, reduced scarring, better control on bleeding, and increased accuracy are anticipated to boost the demand for various endoscopy devices.
- However, a complication arising after a minimally invasive surgery is one of the issues, which may limit its adoption in place of conventional surgeries. Even though the degree of difficulty is low in these surgeries, the smaller keyhole incisions may make it more challenging for surgeons to visualize the anatomy. According to the Canadian Medical Protective Association (CMPA), 423 medical legal cases involving laparoscopic surgery were registered. Sometimes surgeons in practice continue to introduce advanced minimally invasive surgical procedures either without any formal training or after attending short postgraduate courses, and this gap in training may lead to more severe outcomes of endoscopy surgery.
Key Market Trends
Gastroenterology is Expected to Hold a Significant Market Share in the Application Type
Upper gastrointestinal endoscopy (gastroscopy) involves testing of the lining of the esophagus, stomach, and the first part of the small intestine, i.e., the duodenum. In lower GI endoscopy, either the entire colon and rectum are examined by colonoscopy, or the rectum and sigmoid colon get reviewed by sigmoidoscopy.
Upper gastrointestinal endoscopy is performed for diagnosis and treatment of conditions that affect the esophagus, stomach, and upper intestine or duodenum, and help to identify diseases, like gastroesophageal reflux disease, ulcers, cancers, precancerous abnormalities (such as Barrett’s esophagus), and celiac disease.
According to Globocan 2017, the incidence of stomach cancer in Canada was 3,244, pancreatic cancer was 5,139, and esophagal cancer was 2,619. This high rate of incidence indicates the requirement of endoscopy devices to diagnose the disease, and thereby, is expected to drive the market studied in the future.
The Canadian endoscopy device market is consolidated and consists of a number of major players. Some of the key players of this market are Karl Storz, Medtronic PLC, Hoya Corporation, Cook Medical, and Olympus Corporation, among others.
Various developments have recently been taking place in the Canadian market, such as many startups are emerging with their innovative solutions in the endoscopy devices market. For example, Ottawa-based Dr. Matthew Bromwich invented the Health Canada approved CLEARSCOPE Adaptor, an endoscope attachment that uses a smartphone HD camera.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support