The global endoscopes market size was valued at USD 11.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 9.2% from 2021 to 2028. The growing awareness regarding the benefits of minimally invasive surgeries as compared to open invasive surgeries and the rising prevalence of chronic diseases, such as cancer, heart diseases, and diabetes, are some of the key factors driving the market. In addition, technological advancements with respect to endoscopes and increasing applications in various diagnosis and treatment processes are among the key trends boosting the demand for endoscopes globally.
In addition, the emergence of bariatric surgeries with the help of endoscopes, such as endoscopic sleeve gastroplasty, is expected to fuel the market growth during the forecast period. The endoscopic bariatric procedures generally use sutures for stomach restructuring and the process is helpful in the reduction of stomach size by around 70.0%. Thus, a rise in the demand for these bariatric procedures is further expected to propel the demand for endoscopes.
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Furthermore, the rising incidence of cancer is fueling the adoption of endoscopes for various diagnosis and treatment processes. For instance, as per Globocan 2020, the global cancer burden has increased to 19.3 million cases. This increasing prevalence of cancer is expected to increase the demand for biopsies for cancer diagnosis. In addition, endoscopy for biopsies and endoscopic ultrasound are among the procedures preferred for cancer diagnosis.
Key Player Mentioned:
- Olympus Corporation
- PENTAX Medical
- Ethicon US, LLC
- FUJIFILM Holdings Corporation
- Stryker
- Boston Scientific Corporation
- CONMED Corporation
- Karl Storz GmbH & Co., KG
- Richard Wolf Medical Instruments
- Medtronic
Product Segment Analysis:
- Rigid Endoscopes
- Flexible Endoscopes
- Capsule Endoscopes
- Disposable Endoscopes
- Robot Assisted Endoscopes
Application Segment Analysis:
- Gastrointestinal (GI) Endoscopy
- Laparoscopy
- Obstetrics/Gynecology Endoscopy
- Arthroscopy
- Urology Endoscopy (Cystoscopy)
- Bronchoscopy
- Mediastinoscopy
- Otoscopy
- Laryngoscopy
- Other Applications
Minimally invasive surgeries involve smaller incisions, and therefore they offer numerous advantages, like reduction in pain, low/ minimal or no risk of complications, and quicker pace of recovery as compared to open surgery. In addition, minimally invasive surgeries are affordable or cost-effective and hence result in improved quality of life. This shifting trend to minimally invasive procedures from open surgery is expected to boost the demand for endoscopes, thereby driving the market.
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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Moreover, the rising prevalence of obesity is one of the major factors boosting the adoption of bariatric surgeries. For instance, according to the estimates of the Organization for Economic Co-operation and Development (OECD), obesity rates are expected to rise significantly by 2030, with the highest rates of obesity reported in the U.S., Mexico, and England. Nearly, 47%, 39%, and 35% of the population in the U.S., Mexico, and England, respectively is expected to be obese by 2030. This is expected to increase the demand for bariatric surgeries, thereby propelling the market growth.
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