Canada Endoscopy Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Canada Endoscopy Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Canadian endoscopy device market is expected to witness a CAGR of 6.67% during the forecast period.

The COVID-19 pandemic had led to an unprecedented impact on healthcare across the globe. COVID-19 had infected several surgeons and patients attending hospitals with various treatments. The reduction and postponement of elective procedures due to the concern of COVID-19 infection had a significant 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, Titled "Outcomes for upper gastrointestinal bleeding during the first wave of the COVID‐19 pandemic in the Toronto area " during the COVID19 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. Another key factor for the drop in endoscopic procedures during the COVID-19 pandemic was a fall in patient load in hospitals as a result of procedure rescheduling and delaying for safety concerns. All of these factors were expected to had a pronounced impact on the Canadian endoscopy devices market in the future.

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, pancreatic cancer was 5,967, and liver cancer was 4,297. 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.

Key Market TrendsGastroenterology is Expected to Hold a Significant Market Share Over the Forecast Period

Gastrointestinal endoscopy is a type of endoscopic technique that allows physicians to examine the digestive system by inserting a long, flexible lighted device known as an endoscope through the rectum or down through the neck. These gastrointestinal endoscopic procedures can be used to diagnose and treat esophageal, stomach, small intestine, colon, pancreas, and bile duct problems. The increased incidence of gastrointestinal illnesses in the young, adult, and geriatric populations is one of the primary factors driving the growth of the gastroenterology segment in Canada. The rising prevalence of gastrointestinal illnesses, combined with an aging population, is boosting the demand for gastrointestinal endoscopy.

Gastrointestinal tumors are the leading cause of cancer-related deaths in Canada. Endoscopy is the gold standard for diagnosing gastrointestinal malignancies. Thus, growth in endoscopic treatments for early detection of gastrointestinal malignancies is likely to drive the market in the future years. The majority of gastrointestinal stromal tumors begin in the rectum, colon, or esophagus. The majority of gastrointestinal stromal tumor patients are above the age of 50. The increased prevalence of malignant cancers will drive the market. According to updates from the Government of Canada in March 2021, colorectal cancer is the 3rd most common cancer in Canada. 93% of cases occur in adults aged above 50 years and about 26,900 Canadians have been diagnosed with colorectal cancer in 2020. 47% of colorectal cancer cases are diagnosed early in their development, at Stages I and II. The probability of surviving colorectal cancer at least five years after diagnosis is about 65% in Canada. Screening for colorectal cancer is recommended for average-risk adults aged 50 to 74 years. Such a high burden of cancer creates the need for endoscopy devices and thus drives the growth of the segment.

Moreover, the rising product approval in the segment will also contribute to market growth. For instance, in November 2021, Medtronic Canada ULC, a part of Medtronic plc, secured a Health Canada license for the GI Genius intelligent endoscopic module. GI Genius is a computer-aided detection (CADe) system that employs artificial intelligence (AI) to identify sections of the colon suspected of having visual characteristics consistent with various forms of mucosal abnormalities.

Thus, all the above-mentioned factors are expected to boost segment growth over the forecast period.

Competitive Landscape

The Canadian endoscopy device market is consolidated and consists of a number of major players. The various global, as well as local companies, are into the business. The major share of the market is grabbed by the global companies whereas, local companies are also throwing immense competition to gain the market share. Some of the key players of this market are Karl Storz, Medtronic PLC, Hoya Corporation, Cook Medical, and Olympus Corporation, among others.

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