Endoscopes Market Demand and Growth Analysis 2022-2032 | Fact.MR
Fact.MR states the global sales of endoscopes is expected to surpass US$ 34 Bn by registering a staggering double digit CAGR of 10% in the forecast period 2022-2032. Growing prevalence of gastrointestinal disorders along with awareness of benefits of early diagnosis is increasing the demand for endoscopes.
Historically, from 2015 to 2021, the global sales of endoscopes flourished at a CAGR of 9%. The onset of COVID-19 pandemic affected the demand for endoscopes due to the fear of transmission of virus. As most diagnosis take place at the hospitals, patients did not prefer to get diagnosed. With the world getting back to normalcy, the demand for endoscopes is expected to escalate.
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Furthermore, obesity is a key driving factor for the rising demand for endoscopes. As the obesity rate is increasing rapidly, people suffering from obesity are giving preference to gastroplasty procedures. Moreover, cost effectiveness and safety are driving the demand for endoscopes.
- Medtronic, a key player is focusing on offering endoscopes that are easy to use and offer accurate results. The company is focusing on improving the efficiency of endoscopes.
- Olympus Corp, Richard Wolf Medical Instruments, CONMED Corp, Ethicon US, LLC, FUJIFILM Holdings Corp, Medtronic, Stryker, Boston Scientific Corp, PENTAX Medical and Karl Storz GmbH & Co., KG are prominent endoscopes market players.
Demand Analysis of Endoscopes from 2015 to 2021 Vs Market Projections for 2022 to 2032
According to Fact.MR- market research and competitive intelligence provider- demand for endoscopes surged at a CAGR of 9% from 2015 to 2021. Rising preference for minimally invasive surgical procedures to reduce patient trauma has proven to be a significant growth accelerator throughout the historical period.
During the COVID-19 pandemic, endoscope market demand underwent multiple fluctuations. At the onset of the disease, there was a significant shortage, attributed to the imposition of stringent lockdowns to curb the spread of the virus. Production shortfalls amid factory shutdowns led to a demand supply disequilibrium. Eventually, however, prospects appeared optimistic, given the rising need to scan infected patients and suggest appropriate treatment.
Key Takeaways from Market Study
- By product, flexible endoscopes expected to gain more than 45% market share for endoscopes market.
- By end user, hospitals expected to hold more than 50% market share for endoscopes market.
- Endoscopes industry expected to possess nearly 40% market share throughout North America.
- Endoscopes industry expected to possess nearly 35% market share throughout Asia Pacific.
“Increasing cases of gastrointestinal disorders and obesity is driving the demand for endoscopes in the healthcare sector.” states a Fact.MR analyst
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Key Segments Covered in the Endoscopes Market Report
- Rigid Endoscopes
- Other Rigid Endoscopes
- Urology Endoscopes
- Gynaecology Endoscopes
- Flexible Endoscopes
- Upper Gastrointestinal Endoscopes
- Other Flexible Endoscopes
- Capsule Endoscopes
- Disposable Endoscopes
- Robot Assisted Endoscopes
- Rigid Endoscopes
- Urology Endoscopy (Cystoscopy)
- Gastrointestinal (GI) Endoscopy
- Obstetrics/Gynecology Endoscopy
- Other Applications
By End Use
- Ambulatory Surgery Centers/Clinics
- Other End Uses
More Valuable Insights
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The study indulges essential insights on the market on the basis of product type (rigid endoscopes and flexible endoscopes), application (Laparoscopy, Otoscopy, Laryngoscopy, Urology Endoscopy (Cystoscopy), Bronchoscopy, Gastrointestinal (GI) Endoscopy, Obstetrics/Gynecology Endoscopy, Arthroscopy, Mediastinoscopy, Other Applications), end use (Ambulatory Surgery Centers/Clinics, Hospitals, Other End Uses) and across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
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