The global Endoscopes Market size is expected to reach USD 20.4 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 8.8% over the forecast period. The market is driven by factors such as increasing geriatric population; growing preference for minimally invasive surgeries; and rise in incidences of cancer, gastrointestinal diseases, and other chronic diseases. The introduction of new technologies in gastrointestinal endoscopy that offers improved visualization and diagnosis, along with high awareness about advanced endoscopes used to perform advanced procedures such as Endoscopic Retrograde Cholangiopancreatography (ERCP), upper gastrointestinal endoscopy, and sigmoidoscopy among medical professionals, also acts as a driving factor for the overall market growth.
Gastrointestinal (GI) endoscopy emerged as the leading application segment in the global market. Growing geriatric population and rising burden of gastrointestinal diseases are among the key factors responsible for rising demand for GI endoscopy. According to a recent study published by the World Health Organization (WHO), the percentage of the global population aged over 60 years is expected to double from about 12% to 22% between 2000 and 2050. In addition, disposable endoscopes are increasingly used owing to technological advancements and launch of new products and the risk of infection associated with conventional reusable endoscopes.
Moreover, endoscopic surgeries require small incisions to diagnose and treat various conditions and are gaining wide acceptance globally. Surgeons prefer robotic surgeries and endoscopic surgeries over conventional open surgeries. Minimally invasive surgeries result in reduced risk of post-operative complications, shorter hospital stay and recovery time, and decreased blood loss during surgeries. These minimally invasive surgeries are an economically viable alternative to open surgeries. Preference for these surgeries has led to an increase in development of capsule endoscopes and robot-assisted endoscopes.
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Endoscopes Market Report Highlights
- Flexible endoscopes emerged as the largest product segment in 2019 with a share of over 50.0% in the global market owing to benefits such as increased safety and efficiency
- Amongst applications,GI endoscopy accounted for the largest share in 2019; however, urology endoscopy is projected to register the highest CAGR over the forecast period
- Hospitals emerged as the leading end-use segment in 2019 and is expected to register a significant growth rate over the forecast period owing to the high number of endoscopic surgeries performed in hospitals
- North America dominated the global endoscopes market in 2019 due to rising geriatric population and increasing demand for minimally invasive surgeries in the region
- Key players operating in the market include Fujifilm Holdings Corporation, Olympus Corporation LLC, Stryker Corporation, Ethicon Endo-Surgery, Richard Wolf GmbH, Karl Storz, and Boston Scientific Corporation