Endoscopy involves placing a lighted medical instrument via a small surgical incision or body cavity to view the interior of a hollow organ. It is primarily used with other diagnostic modalities for diagnostic or therapeutic objectives.
In 2021, the market for endoscopy devices was worth USD 30.3 billion, and by 2030 it will be worth USD 56.2 billion, growing at a 7.1% CAGR during the forecast period.
Endoscopy devices have gained popularity due to their minimally invasive nature, fewer post-surgical complications, faster recovery time, shorter hospital stay. And minimal scarring. On the other hand, the market expansion is constrained by the shortage of competent endoscopy technicians. The high cost of initial investment, and the risk of contamination. Emerging markets present many development prospects for endoscopy equipment in developing economies and technical advancements.
The primary factors driving up demand for endoscopy devices are the rise in preference for minimally invasive endoscopic operations. And an increase in the world’s senior population. The rise in the prevalence of urological, gastroenterological, respiratory, and gynecological illnesses necessitating endoscopic procedures for optimal treatment. And diagnosis is also fuelling the market for endoscopes. The market will rise due to an increase in the use of endoscopes and visualization systems in the healthcare sector. As well as technological developments in related areas.
The rise in demand for endoscopic devices in therapeutic and diagnostic operations. And the development of age-related illnesses are other key reasons driving the market’s expansion. Using such tools in diagnosing and treating medical conditions is essential. Since they allow for little intervention, shortening the healing time.
Lack of qualified doctors and endoscopists, improper selection guidelines lacking. And the use of automated endoscope reprocessors are impeding market expansion. Additionally, the market is restrained by the potential failure of sales as a result of the product’s delayed release. And the increased expenses associated with strict approval processes. Which put pressure on expenditures related to the advancements of new products.
The prevalence of cancer and obesity is rising, and endoscopic bariatric surgical procedures have become more widely available due to the evolution of preventative human resource trends. The prevalence of digestive problems, which affect all demographic groups. And the growing therapeutic potential of endoscopic tools will lead to an increase in the annual number of gastrointestinal procedures.
In 2022, the endoscopy visualization segment led the entire market with a significant revenue share of nearly 36.6%. It is due to its widespread use during endoscopy procedures and growing application for the visualization and diagnosis of complex disease conditions like cancer, GI disorders, and lung disorders. Furthermore, the market is expanding due to the emergence of next-generation endoscopic visualization technologies.
The endoscopes segment expanded rapidly at a 9.4% CAGR. This rapid development rate is due to the rise in endoscopic operations and the widespread use of endoscopes in surgery and biopsies for more accurate diagnosis and treatment.
The gastrointestinal endoscopy segment was the biggest market, with 55.3% of the revenue share in 2022. The significant share is due to the increased elderly population and the incidence of functional gastrointestinal illnesses. The availability of technologically sophisticated endoscopes and the growing desire for endoscopic procedures as first-line treatments for the early detection and diagnosis of functional gastrointestinal problems are some of the other key factors promoting the segment’s rise.
In 2022, the hospital segment was the largest market, with 47.1% of the revenue share. This expansion is due to the healthcare industry’s rising public and private funding levels. Also, in developed economies, most hospitals are well-equipped with cutting-edge endoscopic facilities.
North America led the market in 2022 with 41.8% of the revenue share. This is due to the rising incidence of various chronic diseases, including functional gastrointestinal disorders, cancer, diabetes, and cardiovascular diseases. Also, the growing elderly population, which is more susceptible to a number of chronic diseases, is encouraging the use of endoscopic operations in this area. Also driving the market expansion in this region are enhanced healthcare infrastructure and increased awareness of early illness diagnosis employing minimally invasive treatments.
In addition, Asia Pacific will experience the highest growth in the endoscopy device market due to its huge population and rising incidence of functional gastrointestinal disorders.
- J&J Sevices Inc.
- Integrate Endoscopy
- Cantel Medical
- Cogentix Medical
- Interscope Inc.
- Micro-Tech Endoscopy
- Shaili Endoscopy
- Pentax Medical
- Richard Wolf
- KARL STORZ Gmbh & Co. KG
In 2021, the market for endoscopy devices was worth USD 30.3 billion, and by 2030 it will be worth USD 56.2 billion, growing at a 7.1% CAGR during the forecast period. Endoscopy devices’ less intrusive features and reasonable post- and pre-procedure costs are the main factors boosting market expansion.
What’s more, the developing ongoing illness trouble and expanding geriatric populace all around the globe are likewise expected to fuel the reception of endoscopic gadgets during the next few years. Besides, developing ailments because of the rising geriatric populace frequently require endoscopic mediation. For example, liver ulcer, nerve stones, endometriosis, and digestive hole. Which thusly are expected to drive the market for endoscopy gadgets over the figure years. For example, according to the Organization on Maturing (AoA) of the U.S.
Likewise, expanding inclination by clinical experts to utilize innovatively progressed endoscopy gadgets furnished with a top quality camera. And light sources to assist doctors with dissecting inward organs of premium likewise drives the market. The shift of inclination towards negligibly obtrusive surgeries than conventional medical procedures to decrease emergency clinic stay. And limit post-strategy complexities are the main considerations expected to fuel the interest for endoscopy gadgets. Consequently, factors like higher patient fulfillment, expanded financial suitability. And lesser clinic stay are supposed to build the interest for negligibly obtrusive endoscopic mediations before very long. In this manner speeding up market development.
Organ Preservation Market Report – The global organ preservation market will witness a robust CAGR of 6.93%, valued at $206.89 million in 2021, expected to appreciate and reach $377.97 million by 2030, confirms Strategic Market Research. Organ preservation may be defined as storing a donated organ in specially prepared conditions that can be taken out when organ transplantation needs to be performed.