According to Fact.MR, a market research and competitive intelligence provider, the global sales of endoscopes is likely to garner a market value of US$ 13 Bn and is expected to register a CAGR of 10% by accumulating a market value of US$ 34 Bn through the assessment period 2022-2032.
“Increasing cases of gastrointestinal disorders and obesity is driving the demand for endoscopes in the healthcare sector.” states a Fact.MR analyst
Endoscopy procedures are non-surgical or minimally invasive procedures wherein endoscopy instruments and supplies are used to examine a patient’s internal organ or tissue in detail. Endoscopy is increasingly being used for the diagnosis/treatment of several major disorders, such as cancer, orthopedic disorders, neurological disorders, and gastroesophageal reflux disorder (GERD).
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Demand Analysis of Endoscopes Market
Historically, from 2015 to 2021, the global sales of endoscopes flourished at a CAGR of 9%. The onset of COVID-19 pandemic affected the demand for endoscopes due to the fear of transmission of virus. As most diagnosis take place at the hospitals, patients did not prefer to get diagnosed. With the world getting back to normalcy, the demand for endoscopes is expected to escalate.
Furthermore, obesity is a key driving factor for the rising demand for endoscopes. As the obesity rate is increasing rapidly, people suffering from obesity are giving preference to gastroplasty procedures. Moreover, cost effectiveness and safety are driving the demand for endoscopes.
Competitive Landscape of Endoscopes Market
- Medtronic, a key player is focusing on offering endoscopes that are easy to use and offer accurate results. The company is focusing on improving the efficiency of endoscopes.
- Olympus Corp, Richard Wolf Medical Instruments, CONMED Corp, Ethicon US, LLC, FUJIFILM Holdings Corp, Medtronic, Stryker, Boston Scientific Corp, PENTAX Medical and Karl Storz GmbH & Co., KG are prominent endoscopes market players.
Covid-19 Impact on the Endoscopes Market
During the COVID-19 pandemic, endoscope market demand underwent multiple fluctuations. At the onset of the disease, there was a significant shortage, attributed to the imposition of stringent lockdowns to curb the spread of the virus. Production shortfalls amid factory shutdowns led to a demand supply disequilibrium. Eventually, however, prospects appeared optimistic, given the rising need to scan infected patients and suggest appropriate treatment.
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Region-wise Analysis – Endoscopes Market
Brazil, Russia, India, China, and South Africa (BRICS) are among the fastest-growing economies in the world. In 2020, emerging economies will account for around one-third of global healthcare spending, according to the World Economic Forum. More than half of the world’s population resides in India and China owing to which these countries are home to the highest number of patients.
The rising cancer burden, rapid improvements in healthcare infrastructure, the rapid growth of medical tourism, and the presence of flexible regulation in these countries all encourage endoscopy equipment manufacturers to expand their operations in these countries.
Key Segments Covered in the Endoscopes Market Report
- Rigid Endoscopes
- Other Rigid Endoscopes
- Urology Endoscopes
- Gynaecology Endoscopes
- Flexible Endoscopes
- Upper Gastrointestinal Endoscopes
- Other Flexible Endoscopes
- Capsule Endoscopes
- Disposable Endoscopes
- Robot Assisted Endoscopes
- Urology Endoscopy (Cystoscopy)
- Gastrointestinal (GI) Endoscopy
- Obstetrics/Gynecology Endoscopy
- Other Applications
By End Use
- Ambulatory Surgery Centers/Clinics
- Other End Uses
Key Market Benefits
The study provides an in-depth analysis of the global endoscopes market, with current trends and future estimations to elucidate the imminent investment pockets.
It presents a quantitative analysis from 2022 to 2032 to enable the stakeholders to capitalize on the prevailing market opportunities.
Extensive analysis of the market by product type assists in understanding the availability of various forms of endoscopes.
Key players are profiled and their strategies are analyzed thoroughly, which predict the competitive outlook of the market.
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