Global Endoscopic Imaging Systems Market Driven by Increasing Adoption of AI and Minimally Invasive Procedures
Posted on 01 Nov 2022
The endoscopic imaging systems market is an established market and has witnessed significant advancements over the past few years. The global endoscopic imaging systems market was valued at USD 3.64 billion in 2021 and is expected to grow at a CAGR of 7.43% during the forecast period 2022-2030 to reach USD 6.94 billion by 2030. The market growth is likely to come on the back of the growing adoption of minimally invasive procedures, improving clinical quality of endoscopic procedures, and increasing technology integration in endoscopic imaging systems.
These are the latest findings of Research and Markets (Dublin, Ireland), a market research firm.
The COVID-19 pandemic was an unprecedented event to affect the global healthcare system. Healthcare systems in various economies collapsed, and technology integration skyrocketed. Endoscopic procedures were impacted similarly during the initial phase of the pandemic. Several non-emergency procedures were delayed or canceled in order to minimize infection risk during the early months of 2020. Similar to other medical specialties, the adoption rate of endoscopic imaging systems was also negatively impacted. The limited demand for new devices, high costs of endoscopic imaging systems, and supply chain disruptions hampered production and sales of endoscopic imaging systems, particularly during the peak of the pandemic in 2020.
However, during the forecast period 2022-2030, the adoption rate of endoscopic imaging systems is expected to normalize to the pre-COVID-19 levels. The allocation of funds for purchasing new devices and the pace of procurement decisions will be the key factors to impact the device adoption rates. The increasing demand for minimally invasive procedures will propel advancements in endoscopy and improve its adoption among end users such as physicians. The adoption of artificial intelligence (AI) in endoscopic procedures and the entry of local companies in the regional endoscopic imaging systems market will offer significant growth opportunities in the global endoscopic imaging systems market. Moreover, the increasing demand in developing regions will also provide an opportunity for market growth. Based on application, the diagnostic endoscopic imaging systems segment is expected to dominate the global endoscopic imaging systems market during the forecast period 2022-2030.
Related Links:
Research and Markets
