Endoscopy Market worth over $52bn by 2027

Endoscopy Market size is set to exceed USD 52 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

Increasing demand for minimally invasive procedures is augmenting the market growth. Minimally invasive procedures offer advantages such as high accuracy rate, faster recovery, reduced pain, scarring, reduced bleeding and smaller incisions. Therefore, the adoption of minimally invasive procedures is significantly fostering. Growing acceptance of minimally invasive surgeries has elevated the utilization of endoscopic devices in surgical procedures such as cystoscopy, bronchoscopy, arthroscopy and laparoscopy. Moreover, shorter hospital stays, economic viability, higher patient satisfaction and reduced postsurgical complications are some of the additional factors contributing to the rising demand for endoscopy devices.

 

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Growing incidences of chronic conditions will the propel the endoscopy market expansion

Rising incidences of gastrointestinal disorders, cancer and other chronic conditions across Asia Pacific region will uplift the market value. According to a recently published article, four in every ten adults suffer from functional gastrointestinal disorders of varying severity, worldwide. In addition, according to a recently published article, approximately 8.8 million people are currently suffering from cancer in the APAC. The increasing prevalence of such chronic disorders is leading to a rise in number of endoscopy procedures, thereby enhancing the demand for endoscopy devices.
 

Rise in demand for visualization systems will boost the market revenue

Endoscopy Market

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Visualization systems segment accounted for more than USD 6.17 billion in 2020 owing to improved quality images and minimally invasive surgical interventions and diagnosis. Increasing preference for HD visualization systems by medical professionals and manufacturers offering HD visualization systems are additional factors contributing to the increased utilization of visualization systems. Furthermore, Growing preference for new endoscopy visualization systems offering cost-effective endoscopies with faster recovery is driving the demand for visualization systems.
 

Browse key industry insights spread across 200 pages with 244 market data tables & 16 figures & charts from the report, Endoscopy Market Size By Product (Endoscopes {Rigid Endoscopes, Flexible Endoscopes, Capsule Endoscopes, Robot-Assisted Endoscopes}, Visualization Systems, Endoscopic Ultrasound, Insufflator), By Application (Arthroscopy, Laparoscopy, GI endoscopy, Obstetrics/Gynecology, ENT endoscopy, Pulmonary Endoscopy), By End-use (Hospitals, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/endoscopy-market
 

Increasing arthroscopic procedures will drive the market demand

Arthroscopy segment is anticipated to witness 8% growth rate till 2027 led by the rising geriatric population undergoing arthroscopic surgeries. Elderly people are prone to arthritic disorder and preferably undergo arthroscopic endoscopies. As per the American Academy of Orthopedic Surgeons, approximately 4 million knee arthroscopic surgeries are performed worldwide. Prevailing lifestyle changes leading to arthritic disorders is also contributing to the rising number of arthroscopies. These factors are potentially spurring the demand for endoscopes.
 

Growing preference for ambulatory surgical centers will influence the industry growth

Ambulatory surgical centers segment in the endoscopy market is predicted to expand at 7.9% CAGR through 2027 impelled by increase in number of ambulatory surgical centers. In addition, endoscopic ambulatory surgical centers are more efficient than hospital-based procedures because they are less costly to the payers and they provide an additional source of revenue to the healthcare providers. Ambulatory surgical centers are more economical to the patients and provide a pleasant, convenient and less intimidating environment.
 

Rising number of people suffering from chronic conditions in China is projected to fuel the market expansion

China held significant share in the Asia Pacific endoscopy market and was valued at USD 2.09 billion in 2020 on account of the increasing geriatric population suffering from chronic disorders that has augmented the demand for endoscopy devices. According to a report by the World Population Ageing, in 2019, population aged above 65 years or above is estimated to reach around 245 million by 2030. Furthermore, preference for minimally invasive, innovative and cost-effective solutions will propel the demand for endoscopy devices. Presence of low-cost manufactures engaged in manufacturing of endoscopy devices in the country will enhance the industry revenue.
 

Companies are focusing on strategies and launch of innovative products to expand customer base

Some of the major players operating in the endoscopy market are B. Braun Melsungen AG, Boston Scientific, Conmed Corporation, Cook Medical LLC, Ethicon US, LLC, Fujifilm Corporation, Hoya Corporation, Olympus Corporation and Stryker among others. These leaders are proposing strategies in order to generate significant revenue and maintain a competitive edge over their peers.
 

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