Endoscopes Market Size To Hit US$ 27.3 Billion By 2033, Booming Demand in Healthcare Industry Drives Market Growth | Persistence Market Research
The increasing prevalence of chronic disorders and growing demands for minimally invasive procedures are expected to drive up the demand for endoscopes in the future
New York, March 23, 2023 (GLOBE NEWSWIRE) -- The Global Endoscopes Market size was valued at US$ 13.9 Billion in 2022 and is expected to reach US$ 27.3 Billion by 2033, growing at a CAGR of 6.3% during the forecast period. The growing demand for minimally invasive procedures and technological advancements in endoscopy are also expected to drive the growth of the market.
The global endoscopes market is expected to witness significant growth over the next few years, driven by increasing demand from the healthcare industry. Endoscopes are medical devices used for examining internal organs, tissues, and cavities of the body. They are used for diagnosing and treating various medical conditions, such as digestive disorders, cancer, and respiratory diseases.
The report provides a detailed analysis of the global endoscopes market, including market size, growth potential, key trends, and challenges. The study covers the market segmentation by type, application, and region. The report also profiles the leading players operating in the market, along with their market share, competitive landscape, and business strategies.
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Endoscopes are medical devices that are used for visualizing internal organs and tissues. They consist of a long, flexible tube with a camera and light source attached to one end. The camera captures images of the internal organs and tissues, which are displayed on a monitor for the doctor to examine. Endoscopes are used in various medical procedures, including gastroscopy, colonoscopy, bronchoscopy, and cystoscopy, among others.
The market growth is attributed to the increasing prevalence of diseases that require endoscopic procedures, rising demand for minimally invasive surgeries, technological advancements in endoscopes, and the growing preference for endoscopic procedures over traditional open surgeries. The report also suggests that the COVID-19 pandemic has led to an increase in the adoption of endoscopic procedures, further driving the growth of the market.
Endoscopes Market Dynamics:
Increasing demand for minimally invasive surgeries: There is a growing trend towards minimally invasive procedures, which has led to an increase in demand for endoscopes. Endoscopes offer several advantages, including reduced pain, faster recovery time, and lower risk of complications, which are driving their adoption in various medical procedures.
Technological advancements in endoscopic devices: Technological advancements in endoscopic devices have led to the development of more advanced and sophisticated instruments, such as high-definition endoscopes, which provide clearer images and improve diagnostic accuracy. Additionally, advancements in robotic technology have enabled the development of robotic-assisted endoscopic devices, which are expected to revolutionize the field of endoscopy.
Rising prevalence of gastrointestinal diseases: The rising prevalence of gastrointestinal diseases, such as colorectal cancer, inflammatory bowel disease, and gastroesophageal reflux disease, is driving the demand for endoscopes. Endoscopy is widely used in the diagnosis and treatment of these conditions, which is expected to fuel the growth of the endoscopes market.
Growing aging population: The growing aging population is expected to drive the demand for endoscopes as older adults are more likely to require medical procedures, such as colonoscopies, to screen for diseases. The increasing prevalence of age-related diseases, such as cancer, is also expected to contribute to the growth of the endoscopes market.
Stringent regulatory requirements: The endoscopes market is subject to stringent regulatory requirements, which may slow down the development and adoption of new technologies. Additionally, concerns over the safety and efficacy of endoscopic devices, such as the risk of infection associated with reusable endoscopes, may limit the growth of the market.
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Product Type: Flexible endoscopes are expected to dominate the market due to their flexibility, which allows for easier maneuverability during procedures, and their ability to reach remote areas. However, capsule endoscopes are expected to grow at a faster rate due to their non-invasive nature and ability to capture images of the entire digestive tract.
Application: Gastrointestinal endoscopy is expected to be the largest application segment due to the high incidence of gastrointestinal disorders such as colorectal cancer and inflammatory bowel disease. However, arthroscopy is expected to grow at a faster rate due to the increasing number of sports-related injuries and the adoption of minimally invasive surgical techniques.
End-User: Hospitals are expected to dominate the end-user segment due to the high volume of endoscopic procedures performed in hospital settings. However, ambulatory surgical centers are expected to grow at a faster rate due to their cost-effectiveness and convenience for patients.
North America is expected to be the largest market for endoscopes due to the high adoption of advanced endoscopic devices, the presence of key market players, and the increasing prevalence of chronic diseases such as gastrointestinal disorders and cancer. The United States is expected to be the major contributor to the growth of the North American market due to the high healthcare expenditure, favorable reimbursement policies, and increasing geriatric population.
Europe is expected to be the second-largest market for endoscopes due to the increasing number of endoscopic procedures performed in the region and the rising prevalence of chronic diseases. The United Kingdom, Germany, and France are expected to be the major contributors to the growth of the European market due to the increasing healthcare expenditure and favorable reimbursement policies.
The endoscopes market is highly competitive, with the presence of several global and regional players. Some of the key players in the market include Medtronic Plc., Olympus Corporation, KARL STORZ SE & Co. KG, Johnson & Johnson, Fujifilm Holdings Corporation, Richard Wolf GmbH, Braun Melsungen Ag, Stryker Corporation, PENTAX Medical, CONMED Corporation, Boston Scientific Corporation, Smith & Nephew PLC
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Market Share: Olympus Corporation is the market leader in the endoscopes market, accounting for a significant share of the market due to its broad product portfolio, strong distribution network, and technological advancements. Other key players such as Karl Storz GmbH & Co. KG, Fujifilm Holdings Corporation, Pentax Medical Company, and Stryker Corporation also hold significant market shares.
Product Development: Key players in the endoscopes market are focusing on developing technologically advanced and innovative endoscopes to cater to the growing demand for minimally invasive surgical procedures. For instance, Olympus Corporation launched a new endoscope system, EVIS X1, in 2019, which features advanced imaging capabilities and artificial intelligence technology for improved diagnosis and treatment.
Partnerships and Collaborations: Several key players in the endoscopes market are entering into strategic partnerships and collaborations to expand their product portfolio and strengthen their market position. For instance, in 2019, Fujifilm Holdings Corporation entered into a strategic partnership with Boston Scientific Corporation to develop and commercialize endoscopic ultrasound systems.
Mergers and Acquisitions: Key players in the endoscopes market are also engaging in mergers and acquisitions to strengthen their market position and expand their product portfolio. For instance, in 2020, Stryker Corporation acquired Wright Medical Group N.V., a medical device company specializing in extremities and biologics, to expand its product portfolio in the orthopedic market.
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