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Endoscopy market from the endoscopes segment accounted for 50% share in 2022 and is expected to witness robust growth through 2032. The growth can be attributed to the rising technical improvements leading to the emergence of novel endoscopic equipment. The surging spending on healthcare for superior infrastructure, along with the growing innovations by multiple industry participants will outline the industry expansion. For instance, in November 2021, Medtronic PLC, by combining Amazon logistics, unveiled Pillcam SB3 at HOME, a capsule endoscopy product for providing accurate and timely results conveniently at home.
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The hospital end-use segment in the endoscopy market is projected to reach USD 37.2 billion by 2032. The surging adoption of endoscopic procedures for diagnosis and minimally invasive surgeries is driving the segment growth. Moreover, the rising focus of hospitals and healthcare institutions on minimizing patient wait times have led to major investments to increase patient access to diagnostic imaging, such as endoscopy. For instance, in September 2022, Torbay Hospital benefitted from a £4.99 million capital investment to boost capacity and assist in cutting the local waiting lists for endoscopy services.
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North America endoscopy market size is expected to be valued at USD 28.6 billion by 2032 due to the presence of major industry players as well as the rapidly increasing older population. The high prevalence of stomach cancer among Americans is one of the main reasons for abdominal pain, further driving the preference for endoscopy. For instance, over 26,000 new cases of stomach cancer were recorded in the U.S. in 2021, leading to more than 11,000 fatalities, according to data released by the American Cancer Society. The rising number of endoscopic procedures mainly in the U.S. will thereby boost the industry development.