Endoscopy Device Market Size Worth USD 25,250 Million by 2030 at 4.1% CAGR - Report by Market Research Future (MRFR)
Market Research Future
6 min read
Endoscopy Device Market Trends and Insights By Type, (Flexible Endoscopes), Therapy (Gastroscopy), Treatment & Procedure (Abdominal, Gynecologic and Pelvic Organ Conditions), Application, (Gastrointestinal Endoscopy), Accessory & Processor, Technology and End User, Competitive Market Growth, Size, Share and Forecast to 2030
New York, USA, May 24, 2022 (GLOBE NEWSWIRE) -- Endoscopy Devices Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Endoscopy Devices Market Information by Type, Therapy, Treatments & Procedures, Applications, Accessory & Processors, Technology, End-User, and Region - Forecast till 2030", the market is expected to reach USD 25250 Million by 2030 at 4.1 % CAGR.
Market Synopsis
Endoscopy enables procedures on more frail patients, such as the elderly, and the management of more difficult diseases like cancer. Decreased post-operative pain and problems, quicker recovery, lighter anesthetic, and a shorter hospital stay are all advantages of endoscopy. Minimally invasive procedures have been developed in surgery, interventional radiology, and sophisticated endoscopy to effectively treat various disorders and improve patients' post-operative results.
The endoscopy devices market is expanding due to developing healthcare systems and rising healthcare expenditure. An increase in endoscopic treatments is being driven by a growing senior population living with chronic conditions such as gastrointestinal problems and cancer. Furthermore, the market will benefit from the rising demand for minimally invasive procedures and novel endoscopic devices. The less intrusive qualities of endoscopic equipment and their low post- and pre-procedure costs are expected to drive market expansion over the projection period. Furthermore, a shift toward using disposable endoscopic components to reduce procedure costs and the risk of cross-contamination is likely to boost the endoscopy devices market growth in the coming years.
The promising contenders in the Endoscopy Devices Market are:
Cognetix
PENTAX MEDICAL
Stryker
OLYMPUS
Cogentix Medical
Integrate Endoscopy
J&J Services Inc.
Shaili Endoscopy
Interscope Inc.
Cantel Medical
Micro-Tech Endoscopy
KARL STORZ Gmbh & Co. KG
FUJIFILM
RICHARD WOLF
Endoscopy Devices Market USP Covered:
Market Drivers:
The rising frequency of chronic diseases, the advancement of endoscopy technology, and improved support and coverage for endoscopic screenings and care are driving up global demand for endoscopy products. Furthermore, the growing geriatric population across the globe is having a substantial impact on endoscopic product demand. Older adults are more susceptible to health difficulties such as ocular illnesses, gastrointestinal problems, orthopedic diseases, cancer, and a variety of others due to weaker immunity, complicating medical and treatment options.
The development in cancer incidence and obesity and the introduction of endoscopic bariatric surgical techniques inferable from the progress of preventative human resource trends are the main drivers driving this sector's growth. The number of annual gastrointestinal procedures is predicted to climb as the frequency of digestive problems affects all demographic groups and endoscopic tools' therapeutic capabilities improve.
Endoscopy Devices Market Restraints:
On the other side, diseases and complications induced by endoscopic goods may impact business development. Policy changes are expected to upsurge the costs of developing new products and providing services to consumers. The potential loss of sales due to the product's delayed release and the increased expenses paid as a result of tight approval procedures put more pressure on investments in new product development, limiting the endoscopy devices market growth.
The COVID-19 epidemic has had a tremendous impact on endoscopic institutions worldwide. Furthermore, the virus is spread through contact and droplets. Because the pandemic is communicated mainly through direct touch or aerosol droplets, endoscopic operations include a short physical separation between patients and workers; endoscopy healthcare practitioners are at high risk. The global outbreak of COVID-19 is a significant public health concern that negatively influences the endoscopy business. As aerosol-generating procedures, all endoscopic practices such as upper gastrointestinal endoscopy and endoscopic ultrasound risk transmission of SARS-CoV-2. As a result of the drop in patient volume, delaying treatments, and rescheduling, the number of endoscopic procedures decreased.
Endoscopy Devices Market Segmentation
Based On Type
The flexible endoscopes segment is estimated to show promise in the forecast period.
Based On Therapy
The gastroscopy segment is likely to lead the overall market in the upcoming period.
Based On Treatments & Procedures
The upper gastrointestinal conditions segment is estimated to dominate the global market in the future.
Based On Applications
The segment obstetrics/gynecology endoscopy will display the highest growth rate in the upcoming period.
Based On Accessory & Processors
The processors' segment is estimated to witness a surge in market share over the forecast period.
Based On Technology
The fiber segment has the most potential in the forthcoming period.
Based On End-User
The gastroenterologist's segment is estimated to direct the market development in the forecast period.
The Americas lead the global endoscopic system business due to robust economic conditions, an enormous improvement in the healthcare sector, and the emphasis of research facilities on upgrading technology for current and novel diagnosis and treatment approaches. Furthermore, sophisticated hospital technology and a supply of educated healthcare practitioners assist in business expansion. Europe maintains its second place in the industry, owing to a growing focus on early diagnosis and intervention of cancer and gastrointestinal problems, changing habits, and rising cancer incidence in the older population.
The key drivers of the sector include rising gastrointestinal disease prevalence, increased government financing for healthcare expansion, and well-developed technologies. These countries contribute to the development of the healthcare sector. Furthermore, the growing number of cancer and gastrointestinal problems patients in industrialized countries would immediately increase the demand for new forms of diagnosis and treatment, resulting in augmented economic growth. The Middle East and Africa are expected to have the smallest endoscopy devices market share due to a lack of medical facilities and slow expansion in the healthcare industry. On the other hand, Qatar and Kuwait are focusing more on the healthcare industry and building medical facilities, which would help the region's economy.
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