According to an analysis by Future Market Insights (FMI), the Flexible Endoscopes Market is expected to be valued at US$ 12 bn in 2032, with a 7% CAGR during the forecast period.
The adoption of the flexible endoscopes Market is expected to be fueled by the rising prevalence of chronic medical conditions. The expanding elderly population suffering from target diseases has increased demand for endoscopic operations, which has boosted the flexible endoscopes market growth.
Because of the expanding prevalence of chronic diseases, a growing number of patients are turning to endoscopy as a vital tool for early-stage diagnosis. As a result of the facts mentioned above, the increased prevalence of chronic illnesses is expected to boost demand for endoscopic operations, boosting the overall market size.
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The universal principles and action areas for health promotion were defined during the WHO Global Health Promotion Conferences. As a result, encouraging government programs to raise awareness about chronic diseases is predicted to have a substantial impact on flexible endoscope acceptability and market growth.
Several organizations and countries have established guidelines and norms for using endoscopic devices more safely and effectively. However, changing medical equipment laws may function as a roadblock to the market need for flexible endoscopes. Regulatory changes could result in penalties and a loss of market access in a global economy.
The COVID-19 pandemic has had a small detrimental influence on the flexible endoscopes sector in early 2020. Since the COVID-19 afflicted patients received emergency hospital admissions and facilities in early 2020, various reports have shown a decrease in the number of endoscopic treatments suggested to manage chronic diseases.
Owing to the factors mentioned above, the global flexible endoscopes market is expected to reach US$ 7.99 Bn in 2026.
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- In 2021, thefiberscope segmenthad a market share of more than USD 3,593 million and was worth more than USD 3,593 million.
- From 2022 to 2032, the pulmonary endoscopy segment is expected to grow at a CAGR of over 7%. The fast aging of the population is blamed for this significant increase in the prevalence of respiratory illnesses.
- In 2021, the ambulatory surgical centers category had a significant market share, and by 2028, it is expected to reach more than USD 2,602 million.
- In 2021, the United States dominated the North Americanflexible endoscopes market, with a considerable market share expected to approach USD 3,020 million by 2028. Several factors contribute to the considerable market share, including the presence of major industry players, an increase in the number of bariatric procedures, and so on.
Olympus Corporation, Boston Scientific Corporation, Fujifilm Corporation, and Karl Storz are among the top market players in the flexible endoscopes sector.
These market players focus on strategic advancements, such as collaborations, new product launches and commercialization, and vertical integration to expand their businesses. Furthermore, these companies are extensively spending on R&D operations, which allows them to innovate and capitalize on these products, resulting in increased market revenue.
- In August 2021, the FDA approved Boston Scientific’s EXALT Model B Single-Use Bronchoscope. This bronchoscopewas created to be a replacement for reusable bronchoscopes. The company was able to expand itsflexible endoscopes offering across numerous care settings due to this clearance.
- In January 2021, Olympus Corporation announced the acquisition of Quest Photonic Devices to strengthen its position in the surgical endoscopy sector. This strategic move bolstered Olympus’ position as a global pioneer while also expanding the company’s client base.
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