Home > Pressrelease > Flexible Endoscopes Market size to exceed $10.5bn by 2030
Flexible Endoscopes Market size to exceed $10.5bn by 2030
- Published Date: August 23, 2022
Flexible Endoscopes Market size is anticipated to reach USD 10.5 billion by 2030, according to a new research report by Global Market Insights Inc.
The report cites that the growing acceptance of minimally invasive surgeries will be a prominent driver for the flexible endoscopes industry expansion. The usage of these devices during the post-surgical period will further augment product sales. The emergence of the ERAS (enhanced recovery after surgery) initiative for using multimodal interventions in the perioperative period to speed up recovery has also increased the need for less invasive surgeries.
The need for surgical intervention has increased in recent times, mainly due to the high prevalence of chronic diseases such as pelvic inflammatory disease, gastrointestinal disorder, and lung cancer. Based on data from the Centers for Disease Control and Prevention, there were 7.9 million emergency department visits due to digestive system diseases in 2018. This factor will likely proliferate the demand for minimally invasive surgeries and consequently promote the adoption of flexible endoscopy procedures to treat chronic diseases. Such procedures can also ensure better patient compliance and deliver optimal outcomes.
Rising acceptance of minimally invasive procedures to spur flexible endoscopes market share
The fiberscope segment is slated to register a revenue of over USD 3.6 billion by 2030, owing to the increasing usage of flexible fiberscopes in endoscopy procedures for therapeutic and diagnostic applications. The rising popularity of minimally invasive surgeries has also triggered product innovation resulting in the introduction of novel flexible fiberoptic endoscopes.
Browse key industry insights spread across 249 pages with 179 market data tables & 15 figures & charts from the report, “Flexible Endoscopes Market Analysis, By Product (Video Endoscope, Fiberscope), Application (Pulmonary Endoscopy, GI Endoscopy, Urology, ENT Endoscopy), End-use (Clinics, Ambulatory Surgical Centers, Hospitals), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
GI endoscopy segment to gain momentum due to growing Crohn’s disease patient pool
With regards to application, the industry is bifurcated into GI endoscopy, ENT endoscopy, pulmonary endoscopy, urology, and others. The incidence rate of gastrointestinal diseases such as irritable bowel syndrome, gastroenteritis, and Crohn’s disease has been rising over recent years. According to the National Library of Medicine’s statistics, around 100-300 per 100,000 people in North America and Western Europe are diagnosed with Crohn’s disease. Situations such as these will create a strong outlook for the GI endoscopy segment, which held around 40% of the flexible endoscopes market share in 2021, as per the report.
High preference for cost-effective same-day surgery options will promote endoscopic treatment in ambulatory surgical centers
Ambulatory surgical centers segment recorded revenue worth more than USD 1.6 Billion in 2021. Due to the increased preference for outpatient endoscopy procedures. As per reliable reports, the rate of outpatient surgeries rose from 58% to 64% between 2005 and 2020. These surgical centers also cater to the needs of patients through the delivery of same-day surgery and cost-effective, high-quality services, which may impact product demand.
APAC to emerge as a vital revenue pocket
Asia Pacific flexible endoscopes market is set to cross USD 2.9 billion by 2030. This can be credited to the escalating burden of digestive diseases and expanding health insurance coverage. Regional industry players are also focusing on attracting skilled healthcare professionals and increasing privatization, augmenting the production of flexible endoscope parts across the continent.
Regulatory approvals for single-use flexible endoscopes to influence industry trends
Some of the key market players profiled in the report include Becton, Dickinson and Company, Boston Scientific Corporation, Fujifilm Corporation, Hoya Corporation (Pentax Medical), Karl Storz, Laborie Medical Technologies, Olympus Corporation, and Richard Wolf GmbH, among others.
The competitive landscape of the market is characterized by strategic product developments and product range expansions by industry players. For instance, in November 2019, Boston Scientific Corporation gained U.S. FDA approval for its EXALT Model D Single-Use Duodenoscope. This device was intended for use in endoscopy and endoscopic surgery within the duodenum.
Explore More on Related Topics: