The global Endoscopes Market size is expected to reach USD 20.4 billion by 2027, according to a new report by Grand View Research, 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.
Gastrointestinal
(GI) endoscopy emerged as the leading application segment in the global market.
Growing geriatric population and rising burden of gastrointestinal diseases are
among the key factors responsible for rising demand for GI endoscopy. 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.
Moreover,
endoscopic surgeries require small incisions to diagnose and treat various
conditions and are gaining wide acceptance globally. Surgeons prefer robotic
surgeries and endoscopic surgeries over conventional open surgeries. Minimally
invasive surgeries result in reduced risk of post-operative complications,
shorter hospital stay and recovery time, and decreased blood loss during
surgeries. These minimally invasive surgeries are an economically viable
alternative to open surgeries. Preference for these surgeries has led to an
increase in development of capsule endoscopes and robot-assisted endoscopes.
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Endoscopes
Market Report Highlights
- Flexible
endoscopes emerged as the largest product segment in 2019 with a share of
over 50.0% in the global market owing to benefits such as increased safety
and efficiency
- Amongst
applications,GI endoscopy accounted for the largest share in 2019;
however, urology endoscopy is projected to register the highest CAGR over
the forecast period
- Hospitals
emerged as the leading end-use segment in 2019 and is expected to register
a significant growth rate over the forecast period owing to the high
number of endoscopic surgeries performed in hospitals
- North
America dominated the global endoscopes market in 2019 due to rising
geriatric population and increasing demand for minimally invasive
surgeries in the region
- Key players
operating in the market include Fujifilm Holdings Corporation, Olympus
Corporation LLC, Stryker Corporation, Ethicon Endo-Surgery, Richard Wolf
GmbH, Karl Storz, and Boston Scientific Corporation
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Grand View Research, Inc. is a U.S. based market
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headquartered in San Francisco. The company provides syndicated research
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studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
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