The global endoscopes market size is expected to reach USD 37.1 billion by 2030, registering a CAGR of 8.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing awareness levelsabout minimally invasive surgical procedures and the increasing prevalence of chronic disorders are the major factors accelerating the market growth. The benefits, such as less surgery-related blood loss, no muscle cutting, and quicker recovery, offered by minimally invasive surgeries boost the adoption of endoscopic procedures over traditional/open invasive surgeries. In addition, advancement in endoscopic technology and rapid increase of its application to diagnose and treat various diseases are other key factors anticipated to propel the market growth over the forecast years. The flexible endoscopes product segment dominated the market in 2023.
This is attributed to the high demand for these devices considering their unique features, such as the ability to reach viscera and cavities, better safety and efficiency, and improved ergonomic features. These devices are most commonly used in several endoscopic procedures, such as esophagogastroduodenoscopy (EGD), bronchoscopy, sigmoidoscopy, laryngoscopy, pharyngoscopy, nasopharyngoscopy, rhinoscopy, and colonoscopy procedures, which supports the product demand and segment growth.
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In 2023, the outpatient facilities end-use segment dominated the market. Increasing adoption of endoscopes across outpatient facilities such as ambulatory surgery centers and diagnostic clinics for the early diagnosis and detection of several life-threatening diseases is supporting the segment growth. In addition, the introduction of keyhole endoscopic surgeries with minimal discomfort and faster recovery time also boosts the segment growth. In addition, North America held the largest revenue share in 2023 owing to its better healthcare infrastructure, high preference for minimally invasive surgical procedures among individuals, and quick adoption of advanced technologies. The increasing burden of functional gastrointestinal disorders and cancer is anticipated to further propel market growth in this region. For instance, as per the data reported by the National Cancer Institute, in 2020, over 1.8 million new cancer cases were estimated to be diagnosed in the U.S.
Several industry consolidation activities, such as mergers & acquisitions, and partnerships have resulted in a strong market share of the global market. Manufacturers in the market are also focusing on launching new endoscopes with advanced features as per patients’ requirements, to enhance their market share and consumer base. For instance, in January 2021, Karl Storz SE & Co. KG announced the launch of Image 1 S Rubina, which combines multimode fluorescence imaging with 4K resolution for endoscopy procedures. The toggling between white light and fluorescence modes allows surgeons to set it per surgical needs.
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Endoscopes Market Report Highlights
· Based on product, the flexible endoscopes segment held the largest revenue share in 2023 owing to its unique features, such as the ability to reach viscera & cavities, better safety & efficiency, and improved ergonomic features
· In terms of end-use, the outpatient facilities segment held the largest revenue share in 2023 due to widespread adoption of keyhole or minimal invasive surgeries across these facilities
· North America dominated the market in 2023 owing to various factorsincluding the increasing burden of functional gastrointestinal disorders, improved healthcare infrastructure, and the growing preference for minimally invasive surgeries to curb healthcare spending.
Recent Developments
· In November 2023, Olympus Corporation (Olympus), launched EVIS X1, its next-generation endoscopy system in China. This endoscopy system has been demonstrated at the 6th annual China International Import Expo that was held in Shanghai from November 5th -10th.
· In March 2023, AIG Hospitals in Hyderabad launched a Center of Excellence (CoE) in collaboration with Boston Scientific. This collaboration aims to enhance healthcare services by providing advanced treatment options and expertise in various medical fields.
· In January 2023, FUJIFILM India has launched FushKnife, a diathermic slitter and ClutchCutter, a rotatable forceps. The products were introduced at the 63rd Annual Conference of Indian Society of Gastroenterology-ISGCON in Jaipur.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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