Source: Polaris Market Research & Consulting LLP
Endoscopy Devices Market to Surge with 7.5% CAGR, Global Revenue to Exceed 103.59 Billion by 2032 | Polaris Market Research
Increased global healthcare spending and growing cases of gastrointestinal disease fuel the global endoscopy devices market expansion
New York, USA, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global Endoscopy Devices Market was USD 54.30 billion in 2023. The market is projected to hit USD 103.59 billion by 2032, with a robust CAGR of 7.5% during the forecast period from 2024 to 2032.
What are Endoscopy Devices?
Endoscopic devices are used in nonsurgical procedures to examine and inspect the interior of body organs, joints, or cavities. These are long, flexible tubes with a camera at one and light at the other end, allowing doctors to look inside the patient’s body during the endoscopy procedure.
These instruments are often utilized in investigating many systems within the human body, such as the gastrointestinal tract, respiratory system, and urinary tract. They facilitate accurate diagnosis and treatment of obesity-related conditions like gastrointestinal disorders and cancers.
Key Market Stats:
- The endoscopy devices market size was USD 54.30 billion in 2023.
- The market is likely to upsurge from USD 58.26 billion in 2024 to USD 103.59 billion by 2032.
- It is expected that the market will exhibit a compound annual growth rate (CAGR) of 7.5% from 2024 to 2032.
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Major Findings From the Report:
- Factors such as increasing cases of chronic diseases, developments in endoscopic technology, Surging investments in healthcare infrastructure, and the presence of prominent companies are boosting the market growth.
- The market is primarily segmented on the basis of device type, application, end-use, and region.
- Based on region, Asia Pacific is projected to register the largest endoscopy devices market share during the forecast period from 2024 to 2032.
Endoscopy Devices Market Drivers and Trends:
- Investments in Healthcare Infrastructure: Increasing demand for advanced diagnostic and therapeutic solutions is necessitating investments in healthcare infrastructure. As a result, the market for endoscopy devices is experiencing high growth due to a surge in global healthcare spending.
- Rising Gastrointestinal Disease Cases: Endoscopy devices are majorly used in treating and diagnosing gastrointestinal diseases such as colorectal cancer and inflammatory bowel disease. Early detection and treatment using advanced endoscopy equipment enable healthcare providers to address these diseases with greater precision. Consequently, the rise in gastrointestinal disease cases drives the market CAGR for endoscopy devices.
- Product Launches: The rising launches and approvals by endoscopy devices market key players are anticipated to enhance the market growth in the upcoming years. For example, in July 2020, Ambu Inc. launched a single-use flexible endoscope called the Ambu aScope 4 Cysto. This device provides urologists with immediate access to a single-use cystoscope, making it suitable for various procedures such as bladder cancer surveillance, stent removal, and other routine cystoscopy interventions.
Industry’s Prominent Players:
- Arthrex, Inc.
- Braun Melsungen AG
- Boston Scientific Corporation
- Cook Medical
- Fujifilm Holdings Corporation
- Hoya Corporation
- Johnson & Johnson
- KARL STORZ SE & Co. KG
- Medtronic plc
- Olympus Corporation
- Richard Wolf GmbH
- PENTAX Medical
- Shanghai Aohua Photoelectricity Endoscope Co., Ltd.
- STERIS
- Stryker Corporation
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Geographical Landscape:
By region, North America held the largest revenue share in the market because of the increased adoption of advanced medical technologies in the region. Various leading endoscopy device companies and research institutions are introducing cutting-edge endoscopic equipment, which is fueling the endoscopy devices Market growth. In addition, rising cases of chronic diseases such as gastrointestinal disorders, colorectal cancer, and respiratory conditions drives accelerate the demand for endoscopic procedures.
Further, the market is anticipated to experience significant growth in Asia Pacific during the foreseen period owing to the rapidly growing population driving the strong demand for endoscopy devices. Increased healthcare awareness, along with a rising incidence of gastrointestinal diseases, further fuels the industry's expansion in the region.
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Segmental Outlook:
Endoscopy Devices Market – Type – Based Outlook:
- Endoscopes
- Endoscopy Visualization Systems
- Accessories
- Others
Endoscopy Devices Market – Application Based Outlook:
- Laparoscopy
- Bronchoscopy
- Otoscopy
- Arthroscopy
- Urology Endoscopy
- Gastrointestinal Endoscopy
- Others
Endoscopy Devices Market – End Use Based Outlook:
- Hospitals
- Outpatient Facilities
- Others
Endoscopy Devices Market – Regional Outlook:
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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