A recent research report published by MarkNtel Advisors has projected around 6.8% CAGR for the Global Endoscopy Market during 2023-28. The major factors that would drive the industry include the growing cases of Gastrointestinal (GI) diseases worldwide, i.e., leading to the increasing number of MIS (Minimally Invasive Surgical) procedures and, in turn, mounting demand for endoscopic equipment.
Poor diets & lifestyles are the prime reasons behind the rising incidence of functional GI disorders like IBS (Irritable Bowel Syndrome) or functional dyspepsia, GERD, Esophageal Adenocarcinoma, Erosive Esophagitis, & Colorectal Polyps, among others. Moreover, the surging demand for capsule endoscopes and significant technological advancements in robot-assisted endoscopic equipment are further propelling the growth of the global endoscopy market.
Furthermore, massive investments by both governments & public/private sectors in enhancing healthcare facilities, increasing affordability for endoscopic procedures, and rapid FDA approvals for endoscopes would also boost the endoscopy industry in the forecast period.
Mounting Adoption of Flexible Endoscopes to Spur Market Growth
Of them all, flexible endoscopes dominate the Global Endoscopy Market. Flexible endoscopy (FE) is a cost-effective procedure that can be performed under sedation and doesn't require hospitalization, which is why it is considered the first-line treatment. With enhanced efficiency & safety and improved ergonomics, flexible endoscopes are the preferred choice for various procedures, such as Laparoscopy, GI endoscopy, OGD (Esophagogast Roduodenoscopy), Bronchoscopy, Urology Endoscopy, and Rhinoscopy, among many others. Hence, due to these advantages, their demand is swiftly increasing for the early diagnosis of chronic diseases, which, in turn, is generating remunerative opportunities for the global endoscopy market.
With the Increasing Prevalence of GI disorders & Favorable Reimbursement Policies, North America Dominates the Endoscopy Market
Across North America, the US is the leading market for endoscopic procedures performed through MIS. The country is witnessing a rising prevalence of GI disorders, CRC, and other chronic conditions, i.e., leading to an increasing number of people opting for endoscopic procedures for the early diagnosis of such illnesses. Besides, the rising geriatric population, well-established healthcare infrastructure, and favorable reimbursement policies for endoscopic procedures are further stimulating the growth of the industry in the region. Moreover, continuous R&D by the leading companies toward introducing more efficient & accurate endoscopes, coupled with various mergers & acquisitions, and partnerships being carried out by them, are projecting new directions for the North America Endoscopy Market to witness significant expansion in the forecast years.
The major companies in the Global Endoscopy Market include Arthrex Inc., B Braun Melsungen, Boston Scientific Corporation, CONMED Corporation, Ethicon Endo-Surgery, LLC (Johnson & Johnson), FUJIFILM Holdings Corporation, Intuitive Surgical, Inc., Karl Storz SE & Co. KG, Machida Endoscope Co., Ltd., Medtronic Plc (Covidien), Olympus Corporation, PENTAX Medical (HOYA), Richard Wolf GmbH, Smith & Nephew Plc, and Stryker Corporation.
Key Questions Answered in the Research Report