Canada Endoscopy Devices Market Size (2024 - 2029)

Canada Endoscopy Devices Market Analysis

The Canada Endoscopy Devices Market size is estimated at USD 1.36 billion in 2024, and is expected to reach USD 1.81 billion by 2029, growing at a CAGR of 5.66% during the forecast period (2024-2029).

The COVID-19 pandemic had an impact on the growth of the market for endoscopic devices in Canada. According to the study published in the Journal of Gastroenterology and Hepatology in May 2022 stated that during the COVID-19 pandemic, there were modifications in the availability of endoscopic services. Patients hospitalized for upper gastrointestinal bleeding (UGIB) during the pandemic's initial wave were less likely to have an endoscopy. During the epidemic, endoscopic procedures revealed higher-than-expected rates of gastrointestinal bleeding and cancer. However, initiatives such as product launches are expected to increase market growth. For instance, in January 2021, PENTAX Medical increased the availability of the CapsoCam Plus video capsule system with Health Canada licensing in partnership with CapsoVision, Inc. This product expansion enables at-home administration of the CapsoCam Plus small bowel capsule endoscope during the COVID-19 pandemic for eligible patients, permitting a fully remote capsule endoscopy procedure and effectively eliminating the need for in-person interactions between clinicians and their patients. Thus, such expansions are expected to increase market growth.

Certain factors that are driving the market growth include a growing preference for minimally invasive surgeries and technological advancements. Minimally invasive surgeries (MIS) cause less post-operative pain, and hence, patients receive smaller dosages of painkillers. As there are minimal cuts or stitches involved, the hospital stay is relatively shorter, and patients need not visit the hospital frequently. Currently, people are showing interest in minimally invasive procedures rather than opting for traditional open surgeries that involve long incisions made through the muscles, and these muscles take a considerable amount of time to heal. Minimally invasive surgeries (MIS) involve smaller incisions, leading to quicker recovery. In addition, the body scars involved in minimally invasive surgeries (MIS) are barely noticeable. For instance, in June 2022, Olympus reported the first commercial treatment of Benign Prostatic Hyperplasia (BPH) in Canada utilizing the minimally invasive iTindTM method.

Additionally, the growing prevalence of chronic diseases is expected to boost the market over the forecast period. According to Globocan 2020, the incidence of stomach cancer in Canada was 3,505 in 2020, which is expected to reach 5,230 in 2040. This rising burden of cancer indicates the high requirement for endoscopic devices, which is expected to drive market study in the future.

Moreover, the rising product approval in the segment will also contribute to market growth. For instance, in April 2021, Ambu Inc. received Health Canada authorization for the aScope 4 Cysto, the company's unique flexible cystoscope platform for urology. Urologists across Canada have rapid access to a single-use cystoscope for detecting, controlling, and treating lower urinary illnesses such as hematuria, incontinence, and bladder cancer.

Thus, all aforementioned factors are expected to boost the market over the forecast period. However, infections caused by endoscopes may restrain the market growth.

Canada Endoscopy Devices Industry Segmentation

As per the scope of the report, endoscopy devices are minimally invasive and can be inserted into the natural openings of the body to observe an internal organ or a tissue in detail. Endoscopic surgeries are performed for imaging procedures and minor surgeries. An endoscope is a long, thin, flexible tube with a light source and camera at one end, and the inside images are relayed to a screen. The scope considers several aspects of the market studied in terms of devices and their applications. The Canada Endoscopy Devices Market is segmented by Type of Device (Endoscopes (Rigid Endoscope, Flexible Endoscope, Capsule Endoscope, Robot-assisted Endoscopes), Endoscopic Operative Devices, and Visualization Equipment) and Application. (Gastroenterology, Pulmonology, Orthopedic Surgery, Cardiology, ENT Surgery, Gynecology, Neurology, Urology). The report offers the value (in USD million) for the above segments.