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Flexible Endoscopes Market size to exceed $8.9bn by 2028

  • Published Date: February 10, 2022

Flexible Endoscopes Market size is set to exceed USD 8.9 billion by 2028, according to a new research report by Global Market Insights Inc.
 

Increasing prevalence of chronic disorders comprising lung cancer, pelvic inflammatory disease (PID), and gastrointestinal disorder among others have led to a rise in surgical intervention, thereby propelling the demand for minimally invasive treatment incorporating the use of flexible endoscopy devices. The implementation of these devices for chronic disease treatment offers better patient compliance as well as aids in delivering optimal outcomes. The surgeries performed using a flexible endoscope inserted through a small incision, in most cases leaving minimal scarring only have emerged as a preferred choice in the treatment of chronic conditions.
 

Ongoing advancements have favored the evolution of endoscopy procedures that are associated with a less invasive nature in the treatment of related ailments. Reduced surgical complications, rapid recovery, shorter stay in the hospitals, and effective management of post-surgical pain are the factors accelerating the demand for minimally invasive treatments, thereby driving the growth of the flexible endoscopes market across the globe.
 

Technological advancements in flexible endoscopes are anticipated to boost the market growth

Technological advancement is set to propel flexible endoscopes market statistics during the forecast period. These advancements in fiberscope, video endoscope, use of nanotechnology for reduced inflammation & infection, and several other breakthroughs have surged the procedure result and success rate. Industry players are focusing on research and development activities for developing innovative technologies. For instance, the Karl Storz has introduced the flexible endoscopes Silver Scope series that offers three variants that cover the most common applications in the upper gastrointestinal tract and ensure smooth & safe work. Hence, the commercialization of such advanced flexible endoscopes will accelerate business growth over the coming years.
 

Steadily rising rates of endoscopic surgeries is set to spur the business landscape

Based on product, the flexible endoscopes market is segmented as fiberscope and video endoscope. The video endoscope exceeded USD 2,147 million in 2021. This robust growth is owing to multiple advantages offered using flexible video endoscopes such as it allows endoscopic examination of the esophagus, integrated sensor & LED illumination, provides enhanced quality resolution, and deliver a mobile & convenient solution for hospitals among others. These devices are designed to assist the physicians or endoscopists for endotracheal intubation, diagnostic & therapeutic procedures in nasopharyngeal endoscopy, etc. The adoption of these devices is increasing significantly and is attributed to the upsurge in the incidence of liver diseases such as gastroesophageal reflux disorder (GERD), biliary disease, and Crohn’s disease among others.
 

Browse key industry insights spread across 218 pages with 311 market data tables & 17 figures & charts from the report, Flexible Endoscopes Market Size By Product (Fiberscope, Video Endoscope), By Application (GI Endoscopy, Pulmonary Endoscopy, ENT Endoscopy, Obstetrics/Gynecology, Urology), By End-use (Hospitals, Ambulatory Surgical Centers), Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2022 – 2028in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/flexible-endoscopes-market
 

Growing adoption of flexible endoscopes in GI endoscopy across the globe is anticipated to spur the overall market outlook

Based on application, the flexible endoscopes market is segmented as GI endoscopy, pulmonary endoscopy, ENT endoscopy, obstetrics/gynecology, urology, and others. The GI endoscopy segment is anticipated to expand at over 6.7% CAGR from 2022 to 2028. A rise in the number of people suffering from gastrointestinal diseases such as gastroenteritis, irritable bowel syndrome, and Crohn’s disease among others is expected to have a significant impact, boosting the segmental revenue in the near future. As per the World Health Organization data, in 2018, deaths due to liver diseases and pancreas cancer reached around 14,901 and 17,536, respectively in Germany. This high prevalence of GI ailments is set to propel the adoption of flexible endoscopes in GI endoscopy procedures, thereby stimulating the market forecasts.
 

Accessibility to advanced surgical equipment and skilled surgeons will drive the overall industry outlook

Based on end-use, the flexible endoscopes market is segmented as hospitals, ambulatory surgical centers, and others. The hospitals segment is estimated to surpass USD 5,130 million by 2028 owing to the soaring use of novel flexible endoscopes in hospital settings offering enhanced operability is estimated to surge the patient preference for hospitals. Increasing admissions with target disorders due to sedentary lifestyle and growing disease screening initiatives coupled with the availability of highly skilled healthcare professionals are some other attributes that are propelling the growth of the hospitals segment positively.
 

Growing incidence of gastrointestinal diseases and the rising hospital admissions in UK is projected to fuel the business scenario

UK flexible endoscopes market is projected to reach over USD 237 million by 2028. This substantial market share is owing to the high prevalence of gastrointestinal diseases and the rising hospital admission in the country. The epidemiology and assessment of chronic ailments highlight the surging prevalence of disease conditions, further affecting a significant proportion of the population in the country. Furthermore, some of the key factors facilitating flexible endoscopes industry in Europe are increasing accessibility to advanced technologies that promotes the quality of endoscopy procedures along with the presence of skilled medical professionals. Healthcare settings featuring advanced endoscopy devices have a competitive edge in attracting higher patient volume, thereby boosting the business revenue. As a result, the availability of relatively affordable & high-quality endoscopy procedures would augment the market size in UK.
 

Players are emphasizing on strategic initiatives and innovative product launch to expand business operations

Some of the major industry players operating in the flexible endoscopes market are Olympus Corporation, Boston Scientific Corporation, Fujifilm Corporation, and Karl Storz among others. These players are engaged in strategic collaborations, partnerships, and agreements to gain competitive advantage over their competitors.
 

For instance, in November 2021, Karl Storz received the FDA clearance for its Flexible Intubation Video Endoscope. These flexible endoscopes are designed for endotracheal intubation, diagnostic & therapeutic procedures in nasal, etc. This product approval enhanced the company's overall market status in endoscopes and extended reach to a large pool of patients
 

Authors: Sumant Ugalmugale, Rupali Swain