Advancements in Flexible Endoscopes Technology Drive Market Expansion, Revenue to Cross US$ 16.73 Billion by 2033
The global flexible endoscopes market demand is predicted to increase at a 6.4% CAGR to US$ 16.73 billion by 2033, up from US$ 8.98 billion in 2023.
The increased demand for flexible endoscopes used in gastrointestinal investigations is expected to drive market growth significantly.
Globally, the standard of living has risen, leading to increasing spending on medical services and infrastructure. As a result of the widespread growth of chronic diseases, people are becoming more aware of the need of routine check-ups and the need to be diagnosed for the presence of any sickness.
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Flexible endoscopes have become an essential tool for inspecting gastrointestinal tracts for signs of illness. The growing popularity of this type of diagnosis, particularly among these countries’ senior populations, is driving the global market in developed economies.
The newly developed flexible endoscopy techniques, which are predicted to enhance the adoption rate of flexible endoscopes, allow for a clearer view of the colon while giving higher patient comfort than existing endoscopic techniques used in a variety of hospitals and clinics.
- In 2021, the fiberscope segment had a market share of more than US$ 3,593 million and was worth more than US$ 3,593 million.
- From 2022 to 2032, the pulmonary endoscopy segment is expected to grow at a CAGR of over 7%. The fast aging of the population is blamed for this significant increase in the prevalence of respiratory illnesses.
- In 2021, the ambulatory surgical centers category had a significant market share, and by 2028, it is expected to reach more than US$ 2,602 million.
- In 2021, the United States dominated the North American flexible endoscopes market, with a considerable market share expected to approach US$ 3,020 million by 2028. Several factors contribute to the considerable market share, including the presence of major industry players, an increase in the number of bariatric procedures, and so on.
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Becton, Dickinson and Company, Boston Scientific Corporation, Cooper Surgical, Endomed Systems, Fujifilm Corporation, Hoya Corporation, Karl Storz, Laborie Medical Technologies, Olympus Corporation, Richard Wolf GmbH, Stryker Corporation, Smith & Nephew, Inc., Pentax Medical, Ambu, Inc., Machida Endoscope Co.
These market players focus on strategic advancements, such as collaborations, new product launches and commercialization, and vertical integration to expand their businesses. Furthermore, these companies are extensively spending on R&D operations, which allows them to innovate and capitalize on these products, resulting in increased market revenue.
- In August 2021, the FDA approved Boston Scientific’s EXALT Model B Single-Use Bronchoscope. This bronchoscope was created to be a replacement for reusable bronchoscopes. The company was able to expand its flexible endoscopes offering across numerous care settings due to this clearance.
- In January 2021, Olympus Corporation announced the acquisition of Quest Photonic Devices to strengthen its position in the surgical endoscopy sector. This strategic move bolstered Olympus’ position as a global pioneer while also expanding the company’s client base.
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By Product Type:
- Video Endoscope
- GI Endoscopy
- Pulmonary Endoscopy
- ENT Endoscopy
- Obstetrics or Gynecology
By End User:
- Ambulatory Surgery Centres
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