Global Endoscopy Devices Market Size, Share, Growth Analysis, By Type(Flexible Endoscopes and Rigid Endoscopes), By Application(Gastroenterology and Pulmonology) - Industry Forecast 2024-2031

Global Endoscopy Devices Market size was valued at USD 46.7 billion in 2022 and is poised to grow from USD 50.25 billion in 2023 to USD 90.29 billion by 2031, growing at a CAGR of 7.6% during the forecast period (2024-2031).

For a number of important reasons, the endoscopic device market is anticipated to increase significantly in the near future. The fact that these gadgets are less invasive and reasonably priced both before and after the treatment is one of the main motivators. In order to lower treatment costs and lower the risk of cross-contamination, there is also a growing tendency toward the use of disposable endoscopic components, which is expected to further drive market expansion. Endoscopic device adoption is also influenced by the growing global elderly population and the burden of chronic diseases. The need for endoscopy devices is fueled by the need for endoscopic procedures for a number of age-related medical disorders, including intestinal perforation, gallstones, liver abscess, and endometriosis. For instance, according to data from the U.S. Department of Health and Human Services' Administration on Aging (AoA), the percentage of people over 65 was 16% in 2019 and is predicted to rise to 21.6% by 2040. Furthermore, in order to enable precise examination of interior organs, medical practitioners are favoring endoscopic instruments with high-definition cameras and light sources. Another important reason driving the demand for endoscopic devices is the change from standard operations to minimally invasive treatments with the goal of minimizing post-procedure problems and hospital stays. These elements fuel the desire for minimally invasive endoscopic procedures by enhancing patient happiness, increasing economic viability, and lowering hospital stays. Additionally, the use of endoscopic devices for early diagnosis and treatment is growing due to the rising global cancer burden. The preference for biopsies in particular for cancer diagnosis and detection has increased, which is driving up demand for endoscopic instruments. The development of novel endoscopic solutions through technological developments is anticipated to propel market expansion as well. Leading producers are always working to bring in cutting-edge endoscopic tools for better diagnosis and treatment of long-term conditions. For example, in August 2021, Fujifilm Holdings Corporation introduced the ELUXEO 7000X endoscopic Imaging System, which enables the real-time observation of tissue hemoglobin oxygen saturation levels during endoluminal and laparoscopic imaging procedures.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Endoscopy Devices Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Endoscopy Devices Market Segmental Analysis

Global Endoscopy Devices market is segmented by type, Application, and region. Based on type, the market can be segmented into flexible endoscopes and rigid endoscopes. Based on Application, the market is segmented into gastroenterology and pulmonology. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Endoscopy Devices Market

The rising incidence of chronic illnesses including cancer and gastrointestinal problems is a major factor driving the growth of the worldwide endoscopy devices market. Endoscopy equipment are in greater demand because to the increasing global burden of these diseases, which is necessary for early diagnosis, treatment, and management. This driver emphasizes the value of endoscopic equipment in solving the expanding healthcare concerns and is driven by reasons including aging populations, changing lifestyle patterns, and the desire for minimally invasive procedures.

Restraints in the Global Endoscopy Devices Market

The high cost of endoscopic devices and related procedures is a major barrier to the global market for these technologies. Purchasing endoscopic equipment requires a substantial initial investment, and continuing costs for disposables and maintenance can add up over time. This may restrict endoscopic services' accessibility and affordability, particularly in underdeveloped nations with limited financial resources for healthcare. Further impeding market growth are insurance coverage gaps and reimbursement restrictions for endoscopic procedures, which put patients and healthcare providers at a financial disadvantage.

Market Trends of the Global Endoscopy Devices Market

The growing use of robotically assisted endoscopic treatments is one significant trend in the worldwide endoscopy devices market. During endoscopic interventions, robotic technology provides improved dexterity, precision, and visualization, allowing surgeons to execute difficult procedures more accurately. Additionally, using robotic technology enables quicker patient recovery, less tissue traumatizations, and smaller incisions. Because of this, there is an increasing need for robotic-assisted endoscopy as medical professionals want to enhance patient outcomes and increase the scope of minimally invasive procedures. It is anticipated that this pattern would persist in propelling breakthroughs in endoscopic technology and molding the market's destiny.