Endoscopy Devices Market to Reach Valuation US$ 85 Bn by 2030

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The global endoscopy devices market is predicted to grow at a CAGR 7.05% during the forecast period and to reach valuation around US$ 85 billion by 2030, according to Precedence Research.

 Endoscopy allows for surgeries on more fragile patients such as the elderly as well as treatment of more severe conditions such as cancer. Endoscopy also has the benefits of reduced post-operative pain and lower risk of complications as well as faster detection, less anesthesia, and a shorter hospital stay. A shift in the trend of healthcare professionals and patients moving away from traditional open surgeries and toward less invasive procedures is one of the key factors driving the endoscopy devices market. An aging population, technical breakthroughs in the field of endoscopy devices and increased frequency of chronic disorders are among the other factors driving the endoscopy devices market.

The world’s ageing population has a substantial impact on endoscopy devices demand. Older people are more susceptible to health issues such as cancer, orthopedic diseases, and gastrointestinal diseases due to their lower immunity, which complicates medical and treatment options. In the future years, the rise in popularity in minimally invasive and worldwide endoscopic procedures will create profitable prospects for the endoscopy devices market to flourish. 

Endoscopy techniques have a number of advantages including shorter or no hospital stay, less pain, and fewer pre- and post-surgery issues. As a result, compared to typical open operations, these procedures are less expensive, less risky, and more successful. Moreover, in emerging nations, health insurance companies cover these operations. All of these factors lead to strong preference for endoscopic operations among patients and clinicians. Endoscopy is used to detect and treat a variety of serious illnesses including neurological problems, orthopedic problems, and acid reflux disorders. As a result, increased rates of chronic diseases including cancer and cardiovascular diseases are predicted to drive up demand for endoscopic operations. Thus, the rising demand for endoscopy devices is propelling the endoscopy devices market growth over the forecast period. Furthermore, favorable Food and Drug Administration (FDA) approvals and policy measures for endoscopy devices in emerging nations, an increase in patient preference for minimally invasive surgeries, and shorter recovery times and minimal postsurgical risks all contribute to the global endoscopy devices market’s growth over the projection period.

Scope of The Report

 

Report Highlights:

• Based on the product, the endoscopy visualization systems segment dominated the global endoscopy devices market in 2021 with highest market share 37%. The segment is expected to grow as the prevalence of diseases such as urological disorders, cancer, gastrointestinal disorders, and respiratory problems rises.  
• Based on the end use, the hospitals segment dominated the global endoscopy devices market in 2021 with highest market share 48%. Endoscopy devices is widely accepted and used in hospital systems, due to advantageous payment rules and universal acceptance. 
• North America is the largest segment for endoscopy devices market in terms of region. This is attributable to the region’s well established healthcare infrastructure, high levels of patient awareness, advanced technology adoption, and growing older population. 
• Asia-Pacific region is the fastest growing region in the endoscopy devices market. The Asia-Pacific region is likely to develop at the fastest rate throughout the projected period due to growing population and rising investments and fundings in healthcare facilities. 

Key Developments in the Marketplace:

• In 2020, Pentax Medical will introduce the J10 series of ultrasound video gastroscopes. Due to its ergonomic form, better flexibility, and higher image quality, the technologically advanced gastroscope will be beneficial in satisfying both clinical and commercial objectives.
• Olympus Corporation introduced the EVIS X1 endoscopic system in April 2020 for the diagnosis and screening of stomach and bronchial diseases. 
• Pentax Medical’s IMAGINA Endoscopy System, which debuted in the U.S. in January 2020, is ideal for gastrointestinal procedures at ambulatory surgical centers.

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