The global flexible endoscopes market size is expected to reach USD 16.1 billion by 2030 and is expected to grow at a compounded annual growth rate (CAGR) of 7.6% over the forecast period, according to a new report by Grand View Research, Inc. Rising preference for minimally invasive surgeries in comparison with open surgeries, owing to benefits provided by minimally invasive surgeries and technological advancements are some of the factors boosting the market growth.
Flexible Endoscopes Market Report Highlights
· Based on type, colonoscopes dominated with a share of 21.8% in 2022, owing to an increasing prevalence of colorectal cancer and other gastrointestinal disorders
· The neuro endoscopes segment is anticipated to witness the fastest growth over the forecast period from 2023 to 2030
· In 2022, based on end use, outpatient facilities accounted for the highest revenue share of 52.9%. This high share is attributable to the substantially large adoption and usage of endoscopy devices in outpatient facilities and favorable reimbursement policies
· The outpatient facilities are also expected to witness the fastest growth over the forecast period from 2023 to 2030
· North America dominated the market in terms of the revenue share of 41.8% in 2022 due to an increase in chronic diseases that require their use, such as stomach and colorectal cancer, and irritable bowel syndrome
· The Asia Pacific region is expected to witness the fastest growth over the forecast period owing to increase demand for flexible endoscopes
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The COVID-19 pandemic has had a significant impact on the market. The postponement and decrease in elective surgeries performed during the pandemic had a major effect on the market. Additionally, changes in regulations related to surgical procedures, including minimally invasive procedures, and supply chain disruptions have also hindered growth during the pandemic. An international study of endoscopists, published in the Elsevier Public Health Emergency Collection in 2020, revealed that around 85% of respondents reduced their procedure volume by more than 50% and approximately 2.45% of respondents completely stopped their endoscopy services during the COVID-19 pandemic.
The market is growing due to several factors, including an increase in age-related diseases and a higher demand for endoscopic devices in both therapeutic and diagnostic procedures. These products and devices are beneficial in treating and diagnosing various health conditions because they require minimal intervention, shortening recovery time. The global population of older adults is increasing. They are more susceptible to medical conditions that often require endoscopic interventions, such as pelvic abscess, liver abscess, endometriosis, gallstones, and intestinal perforation. For example, in 2019, approximately 16% of the US population was over 65 years old, according to the Administration on Aging, which is projected to increase to 21.6% by 2040. Therefore, the growing geriatric population is expected to contribute to the market's expansion.
The drivers responsible for the market growth are the rising incidence of chronic diseases that affect internal body systems, the benefits offered by flexible endoscopes over other products, and the growing necessity for early diagnosis of chronic conditions. In order to diagnose several chronic ailments such as colon cancer, stomach cancer, respiratory infections, and inflammatory bowel diseases (IBD), endoscopes are extensively used. The increasing prevalence of these chronic diseases is therefore contributing to the increasing demand for flexible endoscopes. The rising adoption of flexible endoscopes also propels market growth due to their advantages over other endoscopes. The most advantageous feature of flexible endoscopes is the surgeon's ability to control the direction of the endoscope's lens, which expands its range of use.
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Segmented the flexible endoscopes market based on type, end-use, and regional.
Flexible Endoscopes Type Outlook (Revenue, USD Million, 2018 - 2030)
· Laparoscopes
· Arthroscopes
· Ureteroscopes
· Cystoscopes
· Gynecology Endoscopes
· Neuroendoscopes
· Bronchoscopes
· Hysteroscopes
· Laryngoscopes
· Sinuscopes
· Otoscopes
· Sigmoidoscopes
· Pharyngoscopes
· Duodenoscope
· Nasopharyngoscopes
· Rhinoscopes
· Colonoscopes
Flexible Endoscopes End-use Outlook (Revenue, USD Million, 2018 - 2030)
· Hospitals
· Outpatient Facilities
Flexible Endoscopes Regional Outlook (Revenue, USD Million, 2018 - 2030)
· North America
o U.S.
o Canada
· Europe
o U.K.
o Germany
o Spain
o France
o Italy
o Russia
o Switzerland
o Denmark
o Sweden
o Norway
· Asia Pacific
o Japan
o China
o India
o Australia
o Thailand
o South Korea
· Latin America
o Mexico
o Brazil
o Argentina
· Middle East Africa
o South Africa
o Saudi Arabia
o UAE
o Kuwait
List of Key Players in the Flexible Endoscopes Market
· Olympus Corporation
· Richard Wolf GmbH
· Smith n Nephew Inc.
· FUJIFILM Holdings Corp.
· Ambu A/S
· Stryker Corporation
· Boston Scientific
· Karl Storz GmbH.
· Medtronic Plc (Covidien)
· Ethicon Endo-surgery
· LLC.
· PENTAX Medical
· Machida Endoscope Co., Ltd.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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The global endoscopes market size is expected to reach USD 20.4 billion by 2027, according to a new report by Radiant Insights, Inc., registering a CAGR of 8.8% over the forecast period.
The market is driven by factors such as increasing geriatric population; growing preference for minimally invasive surgeries; and rise in incidences of cancer, gastrointestinal diseases, and other chronic diseases.
The introduction of new technologies in gastrointestinal endoscopy that offers improved visualization and diagnosis, along with high awareness about advanced endoscopes used to perform advanced procedures such as Endoscopic Retrograde Cholangiopancreatography (ERCP), upper gastrointestinal endoscopy, and sigmoidoscopy among medical professionals, also acts as a driving factor for the overall market growth.
Download Free Sample Report @ https://www.radiantinsights.com/research/endoscopes-market/request-sample Gastrointestinal (GI) endoscopy emerged as the leading application segment in the global market.
According to a recent study published by the World Health Organization (WHO), the percentage of the global population aged over 60 years is expected to double from about 12% to 22% between 2000 and 2050.
In addition, disposable endoscopes are increasingly used owing to technological advancements and launch of new products and the risk of infection associated with conventional reusable endoscopes.
