Westford USA, April 11, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the Endoscope market will attain a value of USD 13.6 billion by 2030, with a CAGR of 9.4% over the forecast (2022-2030). Some of the key factors projected to propel market expansion over the forecast years are the rise in the frequency of chronic conditions and the growing awareness of early disease identification through minimally invasive surgical methods. Additionally, it is anticipated that favourable reimbursement policies and an increase in the number of endoscopic devices receiving FDA approval would accelerate the market's expansion. For instance, the disposable digestive endoscopy system from EndoFresh was given 510(k) clearance by the US Food and Drug Administration in 2021. This equipment was created to lower the possibility of infection during gastrointestinal treatments.
According to the SkyQuest's, about 26,380 new instances of stomach cancer were reported in 2022, making up 1.5% of all cancer diagnoses, according to the American Cancer Society's most recent reports. Laparoscopic methods are used by practitioners to determine the severity of the condition. A surgeon can inspect the interior of the belly and pelvis using a minimally invasive procedure called laparoscopy without having to make significant skin incisions.
Browse in-depth TOC on "Endoscope Market"
- Pages - 242
- Tables - 36
- Figures – 74
An endoscope is a medical equipment with a light connected to it that is increasingly used to look within a body for organs or body cavities. The bronchoscopy is used to insert this device. Furthermore, endoscopy is a term used to describe any medical procedure that adopts and utilises an endoscope. Also, the important trend that is projected to accelerate the expansion of the worldwide endoscope market at a rapid rate is market evolution with several product launches.
Prominent Players in Endoscope Market
- Olympus Corp.
- PENTAX Medical
- Ethicon US, LLC
- FUJIFILM Holdings Corp.
- Stryker
- Boston Scientific Corp.
- CONMED Corp.
- Karl Storz GmbH & Co., KG
- Richard Wolf Medical Instruments
- Medtronic
- Covidien Plc
- Aesculap, Inc
- Arthrex, Inc.
- Smiths Group,
- Hoya Corporation
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Laparoscopy Segment is Dominating the Market Due to Higher Accuracy and Precision
The laparoscopy segment held dominant a market share and is predicted to reach USD 16,716 million by 2030 because of the surge in laparoscopic treatments and improvements in endoscopic technology. The technologically improved endoscopes have a significant impact and can be used to identify diseases early, aid in early diagnosis, and provide therapy. In addition to other advancements, advanced laparoscope equipment helps to detect cancer and other abnormalities, improving the procedure's outcome and success rate.
North American endoscopy market is predicted to grow at a notable rate to reach over USD 23,831 million by 2030, due to several factors, including the growing geriatric population worldwide, innovative endoscopy devices for endoscopy in developed regions like North America, rising incidences of gastrointestinal disorders and rising demand for minimally invasive procedures, Techniques for endoscopy are helpful in identifying several diseases. For instance, pulmonary endoscopic techniques can be used to identify lung cancer. As lung disorders become more common, so the use of these endoscopic procedures rises.
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Hospitals Segment held A Dominant Market Share Due to Rising Demand for Minimally Invasive Surgeries
The hospitals segment held a dominant market share and is predicted to have stable rise to reach over USD 32,677 million by 2030 due to hospitals utilizing more advanced endoscopic procedures, which are anticipated to increase patient preference for hospitals. An increase in hospital admissions for cancer, gastrointestinal conditions and other chronic illnesses will drive the market to increase even more. The rise in illness screening tests and the availability of highly skilled healthcare personnel are two additional variables that are favourably affecting the expansion of the hospitals segment. Also, it is anticipated that a strong healthcare infrastructure and adequate patient support will favourably affect the segment's growth.
Asia Pacific region is expected with the fastest growth during the forecast period, due to rise in enormous patient pool of people with functional gastrointestinal diseases. The expanding elderly population and better healthcare infrastructure area few factors boosting the market. Additionally, it is anticipated that the region would draw international investment due to its rapid economic development and rising government healthcare spending. Furthermore, the use of endoscopes is being accelerated by the presence of major manufacturers in APAC, which in turn is boosting the regional market expansion.
A comprehensive analysis of the major players in the Endoscope market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Endoscope Market
- In November 2021, The FDA approved the PillCam (Capsule endoscope) from Medtronic plc for use in remote endoscopic procedures.
- In April 2021, Ambu Inc. received approval from Health Canada for the aScope 4 Cysto, a cutting-edge flexible cystoscope platform.
Key Questions Answered in Endoscope Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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