Global Next Level Endoscopic Device Market Projected to Lead USD 42 Billion, at a CAGR of 6.23% by 2027
According to the report by American Cancer Society published in 2018, about 75,000 people are diagnosed with bladder cancer every year in the U.S.
According to WHO, the number of cancer cases in 2012 were 14.1 million and is anticipated to increase to 22 million till 2034 in the U.S.
According to a recently published report by Research Nester on “Global Next Level Endoscopic Device Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global next level endoscopic device market in terms of market segmentation by type, by application, by end users and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Increase in the geriatric population, rise in the prevalence of diseases requiring endoscopy for the diagnosis and treatment, and increase in the preferences for minimal invasive surgeries are the factors driving the growth of the market. Owing to these factors, the market is expected to grow at a CAGR of around 6.23% over the forecast period i.e. 2019-2027.
Moreover, there is an inclination towards minimal invasive surgeries which is predicted to benefit the expansion of global next level endoscopic device market by reaching the estimated valuation of around USD 42Billion by the end of 2027 from USD 26.3 Billion in 2018.
The market is segmented by type into endoscopes (flexible, rigid, capsule, disposable, robot assisted), mechanical endoscopy equipment, visualization systems & others out of which, the disposable endoscopes segment is anticipated to have significant growth on account of increase in the risk of infections using conventional endoscopes, advancements in technology and government initiatives.
The market is further segmented by application into gastrointestinal endoscopy, laparoscopy, bronchoscopy, neuroendoscopy, arthroscopy and others out of which, urology endoscopy segment is anticipated to have significant growth owing to increase in the risk of urinary disorders and increasing number of cancer patients in the segment.
On the basis of end users, the market is segmented into hospitals, clinics and others out of which hospitals segment developed as the largest segment in the market. The number of surgeries carries out in hospitals is comparatively more than other health systems.
North America region is anticipated to have leading shares in the global next level endoscopy market during the forecast period on account of presence of high awareness about endoscopic procedures, favorable reimbursement policies and proper healthcare infrastructure. Europe region is accounted to be the second largest region in terms of revenue owing to high expenditure on healthcare facilities by governments of countries and high disposable income. Asia Pacific region is estimated to have significant growth on account of increase in the number of patients suffering from chronic diseases, rise in government initiatives for enhancement in healthcare facilities in the countries and rise in the demand for minimal invasive surgeries.
Rising Geriatric Population and Increasing Cancer Cases
The old age population is more sensitive to diseases such as gastrointestinal problems, orthopedic diseases, ophthalmic diseases and many more. Endoscopes are used to diagnose such diseases among the geriatric population. The prevalence of cancer is increasing vastly and procedures of endoscopy such as laparoscopy, colonoscopy, urology endoscopy, are used to diagnose cancer. These factors are anticipated to drive the market growth.
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The cost of endoscopic surgeries is very high and large number of population would not be able to afford the diagnosis through endoscopy. Endoscopic devices are highly specialized and person operating must require proper expertise and understanding of the operations of the device. Moreover, there is a lack of appropriate infrastructure for the setup of such devices. These factors are expected to hamper the growth of the market.
This report also provides the existing competitive scenario of some of the key players of the global next level endoscopic device market which includes company profiling of Richard Wolf, Olympus, Karl Storz, Medtronic, Smith & Nephew, XION Medical, B. Braun Melsungen, and Henke-Sass.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global next level endoscopic device market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.