The global endoscopy equipment market that recorded revenue of around US$40 Bn in 2022 is all set to grow at a robust pace. This report mentions valuable insights into the global market, including market valuation, growth drivers, regional analysis, and key market players.
Market Analysis in Brief
World over, the incidence of gastrointestinal disorders such as colorectal cancer, gastrointestinal disorders, and inflammatory bowel disease is rapidly increasing. This has led to increased endoscopy applications as a diagnostic and therapeutic technique for these conditions. Consequently, the demand for endoscopy equipment is projected to grow. That said, the rising awareness about the importance of early detection and screening for life-threatening diseases has led to a surge in screening programs. Such programs often involve endoscopic procedures, fuelling the demand for endoscopy equipment. Additionally, propitious policies by governments are making endoscopy more accessible and affordable for patients, thereby propelling the global endoscopy equipment market.
Key Report Findings
Minimally Invasive Nature of Endoscopy
Compared to traditional open surgeries, endoscopy is a minimally invasive procedure. It enables early detection, diagnosis, and treatment of numerous medical conditions by offering direct visualization of organs, tissues, and cavities. Due to its minimally invasive nature, endoscopy mitigates patient discomfort, saves treatment costs, and reduces recovery times. The growing demand for minimally invasive surgery due to its profound benefits such as reduced trauma to the body is anticipated to fuel growth across the endoscopy equipment market.
Technological Intervention for Greater Patient Safety
The ongoing technological advancements and breakthroughs in endoscopy techniques are anticipated to propagate strong growth waves across the endoscopy equipment market. For instance, the advent of robotic-assisted flexible endoscopy is aimed to mitigate the possibility of infection and increase patient exam tolerance by allowing physicians to adjust the endoscope within a set distance. Owing to its modern capabilities, such endoscopic systems are being employed for applications such as bronchoscopy, pancreatic endoscopy, and gastroscopy. Such technological advancements are expected to increase the accuracy of diagnosis and increase safety for patients for endoscopic procedures.
Overview of Key Segments
Visualization System to Gain Significant Popularity
The global endoscopy equipment market is mainly compromises of visualization systems, accessories, and endoscopes, in terms of product. In the upcoming year, endoscopy visualization systems are anticipated to account for the lion’s share of the market. The growing application of visualization systems for the diagnosis of cancer, GI disorders, urinary disorders, and lung disorders, is propelling the segment’s growth. Noticeably, the emergence of next-generation endoscopic visualization technologies is anticipated to further increase the adoption of such systems.
Gastrointestinal Endoscopy to Garner Substantial Prominence
Over the forecast period, the gastrointestinal (GI) endoscopy segment is anticipated to lead the application segment in the global endoscopy equipment market. The rising prevalence of gastrointestinal illnesses in individuals of all ages is primarily driving the segment's growth. Moreover, gastrointestinal tumours have emerged as the second leading cause of cancer-related deaths. In this regard, endoscopy is gaining significant prominence in detecting gastrointestinal malignancies. Moreover, the increased prevalence of gastrointestinal endoscopy coupled with the aging population is anticipated to bolster the need for gastrointestinal endoscopy.
Hospitals Continue to Record Maximum Uptake
The hospital sector is projected to emerge as the major end-use segment in the global endoscopy equipment market. Hospitals are regarded as primary healthcare systems, and most patients still prefer to visit hospitals for diagnosis and treatment of chronic illnesses. Furthermore, a surge in hospital surgeries including endoscopic procedures is anticipated to promote endoscopy equipment usage.
Shortage of Skilled Endoscopists, and Physicians
The dearth of skilled physicians and endoscopists on a global scale is expected to negatively impact the global endoscopy equipment market growth. It is essential for only trained specialists to perform endoscopic operations in order to minimize the spread of infections across endoscopy facilities. This shortage of professionals is also likely to decrease the number of endoscopic operations performed, hindering the adoption of advanced endoscopy techniques. Thereby hampering the overall growth of the global endoscopy equipment market.
Growth Opportunities Across Regions
North America Leads with a Growing Number of Cancer Cases, and Increased Investments in Endoscopy Equipment
North America is anticipated to exert dominance in the global endoscopy equipment market over the forecast period. The growing prevalence of cancer coupled with an increase in endoscopic equipment investment, is projected to create revolutionary revenue opportunities for the regional market. Additionally, the increased focus on research activities by Canada, and the US to improve endoscopy techniques is poised to play a vital role in the market growth.
Prominent Market Players
Regional Classification of the Global Endoscopy Equipment Market is Described Below:
Middle East and Africa
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