The global Endoscopy Devices Market size is expected to reach USD 81.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a compounded annual growth rate (CAGR) of 7.4% from 2022 to 2030. Growing adoption of minimally invasive endoscopic procedures by medical professionals to look into the esophagus, colon, and stomach and also its application to perform biopsies and sclerotherapy are some of the factors boosting the market growth. In addition, the increasing trend of adopting disposable endoscopes to reduce the chances of cross contaminations is also anticipated to fuel the growth of the market over the forecast years.
In 2021, based on product, the endoscopy visualization
systems segment accounted for the highest revenue share of 36.5% of the market.
This is attributed to the growing adoption of High Definition (HD)
visualization systems by medical professionals for better imaging results
during endoscopic procedures. In addition, continuous technological
advancements of endoscopy visualization systems for the treatment and diagnosis
of complex health conditions such as cancer, functional gastrointestinal
disorders, lung disorders, and urinary disorders also support segment
growth.
Based on application, the Gastrointestinal (GI) endoscopy
segment dominated the market in 2021 in terms of revenue owing to the
increasing burden of gastrointestinal diseases and the rising geriatric
population. In addition, increasing recommendation by medical professionals to
perform endoscopic procedures as the first line of diagnosis option for
gastrointestinal disorders is also one of the major factors supporting the
segment growth. The hospitals segment accounted for the highest revenue share
of 48.1% in 2021. This is attributed due to the larger number of endoscopic
procedures performed in the hospitals than in other end-use segments.
In addition, favorable reimbursement policies and the
high availability of government and private hospitals performing endoscopy
procedures are some of the prominent factors anticipated to drive the segment
growth. North America dominated the market in terms of the revenue share of
42.3% in 2021. The highest revenue share of this region is attributed due to
the increasing adoption of advanced endoscopic devices and the high
availability of modern healthcare facilities performing minimally invasive
surgical procedures. In addition, growing functional gastrointestinal disorders
and other chronic diseases such as cancer also are the major factors driving
market growth in this region.
Furthermore, the COVID19 pandemic has significantly
impacted the market owing to the cancellation and postponement of elective
procedures. Moreover, the fear of getting infected with the COVID-19 virus also
reduced the number of surgical procedures which in turn led to the de-growth of
the endoscopy devices adoption in 2020. For instance, according to a study
published in the Arab Journal of Gastroenterology in 2020, the number of
endoscopy procedures decreased about 50% during the COVID19 pandemic in the
majority of countries all over the globe.
Related Press Release@ Endoscopy Devices Market Report
Endoscopy Devices Market Report
Highlights
- The market is anticipated to be valued at USD 81.0 billion by 2030
owing to the growing adoption of minimally invasive endoscopic procedures
by medical professionals in comparison with open surgeries
- The endoscopy visualization systems segment dominated with highest
revenue share in 2021 owing to growing adoption of High Definition (HD)
visualization systems by medical professionals for better imaging results
during endoscopic procedures
- In 2021, the Gastrointestinal (GI) endoscopy segment accounted for
the highest revenue share owing to the growing burden of functional
gastrointestinal diseases and rising geriatric population
- Hospitals accounted for the highest revenue share of 48.1% in 2021,
owing to favorable reimbursement policies and high availability of
government and private hospitals performing endoscopy procedures
- North America accounted for the largest revenue share of 42.3% in
2021, owing to increasing adoption of advanced endoscopy devices and high
availability of modern healthcare facilities performing minimally invasive
surgical procedures
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