The global Endoscopes Market size is expected to reach USD 27.9 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.4% from 2022 to 2030. Growing awareness levels about 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, 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 2021.
This is attributed to the high demand for these
devices on account of 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 esophagogast roduodenoscopy (OGD), bronchoscopy,
sigmoidoscopy, laryngoscopy, pharyngoscopy, nasopharyngoscopy, rhinoscopy, and
colonoscopy procedures, which supports the product demand and segment
growth.Based on application, in 2021, the Gastrointestinal (GI) endoscopy
segment dominated the market owing to an increase in gastrointestinal disorders
and a high preference for minimally invasive procedures. High volumes of GI
endoscopic procedures and the availability of technologically advanced
endoscopes to treat &diagnose functional gastrointestinal disorders are
also driving the segment.
In 2021, the hospitals end-use segment dominated the
market owing to favorable reimbursement policies and growing utilization of
endoscopes in hospital systems. Furthermore, a larger number of endoscopic
procedures is performed in hospital settings as compared to other healthcare
systems, which boosts the segment growth.In addition, North America accounted
for the highest revenue share in 2021 owing to its better healthcare
infrastructure, high preference for minimally invasive surgical procedures
among individuals, and quickadoption of advanced technologies. The increasing
burden of functional gastrointestinal disorders and cancer is anticipated to
further propel market growth in this region. For instance, as per the data
reported by the National Cancer Institute, in 2020, over 1.8 million new cancer
cases were estimated to be diagnosed in the U.S.
The overall decrease in the number of surgical
procedures during COVID-19, in turn, impacted the growth of the market.
Furthermore, to reduce the COVID-19 transmission risk, endoscopy centers have
postponed and canceled the semi-urgent and elective cases, which affected the
endoscopy procedure adoption in 2020.In addition, supply chain interruptions
due to constant lockdown and shutdown imposed by the governments of top
countries all over the globe also hampered the market growth in 2020. For
instance, a study published in the Arab Journal of Gastroenterology in
2020stated that the endoscopy procedures volume decreased about 50% due to the
COVID-19 pandemic in the majority of countries.
Related Press Release@ Endoscopes Market Report
Endoscopes Market Report
Highlights
- The flexible product segment held the largest revenue share in 2021
owing to its unique features, such as the ability to reach viscera &
cavities, better safety & efficiency, and improved ergonomic features
- GI application segment dominated the market in 2021 owing to an
increase in gastrointestinal disorders and a high preference for minimally
invasive procedures
- In terms of end use, hospitals accounted for the highest revenue
share in 2021 due to favorable reimbursement policies and the growing
utilization of endoscopes in hospital systems
- North America dominated the market in 2021 owing to various factors
including the increasing burden of functional gastrointestinal disorders,
improved healthcare infrastructure, and the growing preference for
minimally invasive surgeries to curb healthcare spending
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