The rising demand for innovative endoscopy devices and minimally invasive procedures is helping in the endoscopes market’s growth.
NEWARK, UNITED STATES, May 3, 2022 /EINPresswire.com/ — The global endoscopes market is expected to grow from USD 15.8 Billion in 2021 to USD 32.1 Billion by 2030, at a CAGR of 8.2% during the forecast period 2022-2030. The increasing geriatric population globally is boosting the growth of the market. The geriatric population is more prone to chronic diseases such as orthopedic disorders, gastrointestinal disorders, cancer, and ophthalmic disorders which need endoscopes for the examination as well as treatment of these diseases. As per a report, the geriatric population is increasing by 2.6% per year which is driving the growth of the endoscopes market. The use of endoscopes for the diagnosis and treatment of several diseases is increasing as these devices require no incision for the diagnosis. They can be inserted in the body through any opening such as the mouth.
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The flexible endoscopes led the market with a market value of around USD 7.7 billion in 2021.
The product type segment is divided into disposable, flexible, and rigid. The flexible segment led the market with a market value of around 7.7 billion in 2021. This high share was due to its cost-effectiveness and high efficiency. The flexible endoscopes are used in several surgical procedures such as gastrointestinal endoscopy, laryngoscopy, laparoscopy, urology endoscopy, and many others that are boosting the growth of the segment.
The Gastrointestinal (GI) endoscopy segment is expected to grow at the fastest CAGR of 10.2% over the forecast period.
The application segment is divided into gastrointestinal (GI) endoscopy, laryngoscopy, obstetrics/gynecology endoscopy, laparoscopy, otoscopy, arthroscopy, bronchoscopy, urology endoscopy (cystoscopy), mediastinoscopy, and other applications. Over the forecast period, the gastrointestinal (GI) endoscopy segment is expected to grow at the fastest CAGR of 10.2%. The increasing geriatric population is driving the growth of the segment as the endoscopes are largely used for the diagnosis and treatment of diseases.
The hospitals’ segment dominated the market, accounting for around USD 8.3 billion of global revenue
The end-user segment is divided into ambulatory surgical centers (ASCs), clinics, and hospitals. In 2021, the hospitals’ segment dominated the market, accounting for around USD 8.3 billion of global revenue. Hospitals have a large of patients for the diagnosis and treatment of chronic diseases because the favorable infrastructure is driving the market growth.
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Regional Segmentation Analysis:
The market is analyzed based on five regions namely North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America region emerged as the largest market for the endoscopes market with USD 6.6 billion of the market revenue in 2021. The rising expenses on better healthcare facilities and infrastructure are driving the growth of the market in this region. North America also has a large geriatric population that needs better endoscopy treatments for chronic diseases.
Key players are Artherx Inc., Boston Scientific Corporation, Conmed Corporation, Cook Medical, Olympus Corporation, Fujifilm Holding Corporation, Hoya Corporation, Covidien PLC., Johnson & Johnson, and Medtronic PLC.
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