Flexible Endoscopes Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Japan, China, India, Brazil, Mexico, South Africa, Saudi Arabia), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
Report ID: GMI2855
Flexible Endoscopes Market size is projected to experience significant growth from 2018 to 2024.
Increasing patient preference for minimally invasive procedures should stimulate flexible endoscopes market growth in forthcoming years. Reduced blood loss and less pain favor drives the patient’s preference for minimally invasive procedures and hence flexible endoscopy. Surgical procedures utilize flexible endoscopes to obtain access to the abdominal cavity and leaves no scars. Flexible endoscopy is most preferred technology for Natural Orifice Transluminal Endoscopic Surgery (NOTES). Aforementioned factors should foster the demand for flexible endoscopes in recent years.
Rising incidence rate of gastrointestinal diseases coupled with chronic diseases across the globe will boost the market growth. Genetic differences and infectious agents are the primary factors causing gastroenterological infections. Obesity, Barrett’s esophagus and gastroesophageal reflux add to the risk factors of the disease in U.S. and Europe. These risk factors are resulting into increasing incidence of gastroenterological diseases. Thus, rise in incidence of these diseases will drive the adoption of flexible endoscopes in upcoming period.
Availability of reimbursement policies for endoscopes will positively impact flexible endoscopes industry growth. Reimbursement values vary from each facility. Favorable policies increase customer adoption of endoscopy procedure. The American Medical Association (AMA) and The Centers for Medicare and Medicaid Services (CMS) provides procedural codes for reimbursement various endoscopy procedures including single and multiple-use. This will impel market size in the projected period.
However, limited reimbursement policies in emerging economies along with high cost of endoscopes can restrict market growth.
Colonoscopes product segment is estimated to witness significant growth owing to wide usage for examination of inner lining of large intestine. They are increasingly being used to detect tumors, ulcers and inflammation in rectum and colon. Routine colonoscopy is deployed for diagnosis of intestinal cancer, reducing need for invasive diagnosis. Rising number of cancers and tumors across the globe will stimulate segmental growth over the forecast period.
GI endoscopy application segment will grow at considerable CAGR due to increasing demand for esophagogastroduodenoscopy. Large number of patients undergo surveillance procedures. Moreover, rising number of gastroenterological diseases will increase the demand for GI endoscopy in foreseeable future.
U.S. flexible endoscope market will show lucrative growth over forecast timeframe. High market growth is attributable to increasing obesity, gastroenterological diseases, ENT disorders and other chronic ailments. According to GI & Endoscopy, around 15 million flexible endoscopies are performed in U.S. each year. Moreover, high healthcare expenditure and sophisticated healthcare infrastructure will render large market size in U.S. in forthcoming years.
The prominent players of global flexible endoscopes market include Aesculap, Arthrex, Boston Scientific, ConMed, Covidien, Ethicon, Endo-Surgery, Fujifilm Holdings Corporation, Hoya Corporation, Karl Storz, Olympus Corporation, Richard Wolf, Smiths Group and Stryker Corporation. Firms are adopting strategies such as novel product launches, partnerships and collaborations for maintaining their market position. For instance, in May 2018, Hoya Corporation announced about its investment in 3NT Medical, medical device manufacturer that will help the company in expansion of its customer base as well as revenue.
Flexible endoscopes market by product, 2013-2024 (USD Million)
- Upper GI Endoscopes
Flexible endoscopes market by application, 2013-2024 (USD Million)
- GI Endoscopy
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
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