Endoscopy Devices Industry Set to Experience Robust Growth from 2023 to 2030
Endoscopy Devices Industry | Forecast 2030
The global endoscopy devices market was valued at USD 50.8 Billion in 2022 and is anticipated to grow at a CAGR of 7.5% over the forecast period. The market growth is attributed to the presence of cost-effective pre and post-procedures and increasing awareness regarding the minimal invasive properties of the devices. COVID-19 has impacted the market negatively as the number of endoscopic procedures reduced owing to the postponed and canceled elective and semi-urgent procedures. However, the increasing geriatric population, coupled with the rising burden of chronic diseases, is anticipated to drive the market. Furthermore, increasing the preference for disposable endoscopic equipment reduce the possibility of cross-contamination is anticipated to drive the market over the forecast period.
Access the Global Endoscopy Devices Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
North America held the largest share of over 40% in 2022, owing to the presence of well-developed healthcare infrastructure and rising adoption of minimally invasive procedures. Additionally, the rising geriatric population coupled with the increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, along with gastrointestinal disorders is driving the market. According to the Heart and Stroke Foundation of Canada, 100,000 people are diagnosed with heart failure every year, and currently, 750,000 people living in the region have suffered from heart failure.
Moreover, Asia Pacific is anticipated to show the fastest growth rate over the forecast period. The growth is attributed to the increasing incidences of functional gastrointestinal disorder patients coupled with increasing government support in the form of funding and initiatives for the development of healthcare infrastructure in the region.
Endoscopes Market Growth & Trends
The global endoscopes market size is expected to reach USD 37.1 billion by 2030, registering a CAGR of 8.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing awareness levelsabout minimally invasive surgical procedures and the increasing prevalence of chronic disorders are the major factors accelerating the market growth. The benefits, such as less surgery-related blood loss, no muscle cutting, and quicker recovery, offered by minimally invasive surgeries boost the adoption of endoscopic procedures over traditional/open invasive surgeries. In addition, advancement in endoscopic technology and rapid increase of its application to diagnose and treat various diseases are other key factors anticipated to propel the market growth over the forecast years. The flexible endoscopes product segment dominated the market in 2023.
This is attributed to the high demand for these devices considering their unique features, such as the ability to reach viscera and cavities, better safety and efficiency, and improved ergonomic features. These devices are most commonly used in several endoscopic procedures, such as esophagogastroduodenoscopy (EGD), bronchoscopy, sigmoidoscopy, laryngoscopy, pharyngoscopy, nasopharyngoscopy, rhinoscopy, and colonoscopy procedures, which supports the product demand and segment growth.
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Endoscopy Visualization Systems Market Growth & Trends
The global endoscopy visualization systems market size is expected to reach USD 35.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.0% from 2021 to 2028. Significant increase in the number of endoscopic procedures and increasing preference for minimally invasive surgeries are major factors contributing to the expansion of the market. Owing to the advantages of endoscopy over open surgeries, significant cost savings, and favorable government reimbursement policies, the demand for endoscopy is increasing. This coupled with the rapid adoption of advanced diagnostic tools has created a need for advanced visualization techniques. As a result, various manufacturers are focusing on introducing systems and components with better visualization capabilities. For instance, in September 2020, PENTAX Medical, a division of Hoya Corporation announced the launch of J10 Series Ultrasound Video Gastroscopes that offers renowned image quality and enhanced mobility.
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Endoscopy Operative Devices Market Growth & Trends
The global endoscopy operative devices market size is expected to reach USD 11.7 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.1% from 2021 to 2028. The rising prevalence of chronic diseases, surging demand for minimally invasive procedures, and increasing technological advancement in endoscope systems are the key factors aiding the market growth. An increase in the preference for keyhole or minimally invasive surgeries due to shortened hospitalization reduced post-operative complications, and decreased blood loss during surgeries is expected to fuel the market growth. The growing geriatric population burdened with chronic diseases is rapidly increasing across the globe and is a potential consumer base for endoscopes. This is likely to significantly drive the market over the forecast period.
Competitive Insights
Increasing demand for endoscopy devices is increasing competition in the market and, thus, forcing key players to introduce new products in the market. Additionally, it is projected that rising industry consolidation activities, such as acquisitions and mergers by the leading market participants, as well as expanding efforts in R&D of endoscopy device applications by key players, are also expected to boost the market share. For instance, in April 2021, Medtronic plc announced U.S. FDA de novo clearance for its intelligent endoscopy module, GI Genius, in the U.S.
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