Global Endoscopy Devices Market Driven by Increasing Adoption of Endoscopes in Surgical Procedures
Posted on 11 Aug 2023
Endoscopy, a medical procedure for internal examination, involves utilizing endoscopes – long, thin tubes – that are inserted directly into the body to visualize internal organs or tissues with high precision. In addition to visualization, endoscopy offers other functions like imaging and small surgery. A cutting tool is fixed to the end of the endoscope, which is then linked to the apparatus used to execute the procedure. The endoscope's tip may feature additional components like a camera or light source, assisting medical professionals (endoscopists) in examining internal organs of interest during examinations.
Endoscopes are used to perform procedures on particularly vulnerable patients such as the elderly and for treating serious diseases like cancer. Endoscopic devices have a wide range of uses in various surgical fields like gastroenterology, pulmonology, and orthopedic surgery. The global demand for endoscopic equipment in diagnostics and therapies has increased sharply, especially in developing nations. This trend has propelled the rapid growth of the global endoscopy devices market, which is projected to reach USD 64.15 billion by 2030 from USD 36.54 billion in 2021, growing at a CAGR of 7.3% from 2023 to 2030.
The market growth will be fueled by the growing need for endoscopic equipment in both diagnostic and therapeutic applications. Surgical procedures like arthroscopy and laparoscopy, which involve minimal intervention, will boost the adoption of endoscopic devices. Patients prefer minimally invasive treatments due to their benefits like shorter recovery times, enhanced economic viability, and reduced hospital stays, thus driving the shift towards these procedures. Furthermore, factors such as rising cancer and obesity rates, the development of endoscopic bariatric surgeries, early cancer detection awareness campaigns, and rising demand for cancer screening are further driving market growth. Endoscopic procedures, such as laryngoscopy, colonoscopy, and upper endoscopy, are used to diagnose cancer, and the need for endoscopic equipment is likely to rise as a result of an increase in demand for such procedures.
These are the latest findings of Verified Market Research (Lewes, DE, USA), a provider of business intelligence and market research studies.
Based on type, the endoscopes segment is expected to register the highest CAGR during the forecast period owing to the increasing preference for flexible endoscopes as a result of better ergonomics, safety, and efficacy compared to rigid endoscopes. The increased focus of manufacturers on providing training for the optimal use of excellent flexible endoscopes is also expected to positively impact market growth. Based on application, the gastroenterology segment is expected to register the highest CAGR during the forecast period. An increase in the overall geriatric population, the incidence of urinary disorders, and a number of ureteroscopic interventions being performed have further boosted the demand for endoscopy devices. In addition, the use of advanced endoscopic techniques in urology, such as robot-assisted endoscopes or disposable endoscopes, is among the key factors driving market growth.
Geographically, North America accounted for the major share of the global endoscopy devices market in 2019 and is expected to maintain its dominance during the forecast period. The growth of the North American endoscopy devices market can be attributed to a rise in the prevalence of chronic diseases linked to the growing geriatric population, a high adoption rate of technologically superior endoscopy devices, and growing awareness about the benefits of endoscopy interventions in the region. Asia Pacific is anticipated to be the most lucrative market for endoscopy devices during the forecast period, driven mainly by the growing economies of India and China, the rising prevalence of cancer, fast-developing healthcare infrastructure, and the increasing demand for advanced diagnostic therapies in the region.
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