The global endoscope drying cabinets market was valued at around USD 190.20 million in 2019 and expected to reach USD 349.45 million in 2027, with at a compound annual growth rate (CAGR) of 8% during the forecast period 2021 to 2027.
Advancements in the imaging technology are the key factor that drives the market for endoscope drying cabinets. For instance, integration of big data and data mining helps the radiologists to get real time data that in turn further assists them to diagnose or detect a problem in real time. Furthermore, rising cases of cancer, infectious diseases, and many other diseases are the other most prominent factor that estimated to propel the market demand for endoscope drying cabinets in the forthcoming years. As per the press release of World Health Organization (WHO), the caner burden has risen to 18.1 Million new cases along with 9.6 Million deaths from cancer in the year 2018.
In addition to this, explosion in the prevalence of age-related problems coupled with rise in demand for endoscopy devices for diagnostic & therapeutic procedures is the other most important factor that impels the market growth. Usage of such devices in the treatment and diagnosis of health problems is essential as it allows marginal intervention that further results in shorter time of recovery.
Geriatric population is the most common group prone to medical problems that need endoscopic procedures such as endometriosis, pelvic abscess, gall stones, intestinal perforation, and liver abscess. According to a research study conducted by the Population Reference Bureau, in 2018, there were around 52 Million people lying under the age group of 65 years or above in the United States as well as projected to cross the number of 95 Million by the end of 2060. The above mentioned factors projected to boost the need for endoscopic procedures that in turn escalates the demand for endoscope drying cabinets during the forecast timeframe.
Increasing researches related to drug development and cancer treatment & diagnosis along with increasing collaboration between biopharmaceuticals companies and research organizations for the same are likely to be conducive towards the market growth over the forecast timeframe. However, increasing cases of contamination coupled with high cost of endoscope drying cabinets act as a major factor that restricts the market growth.
Multiple Door Cabinet are expected to prosper the market growth owing to increasing cases of obesity and chronic disease across the globe that has consequently surged the frequency of endoscopy procedures over the past few decades.
Large hospitals and ambulatory centers diagnose large number of cancer cases and other disease diagnosis procedures on daily basis that is the other major factor that impels the market growth for multiple door cabinets in the coming years.
Hospitals segment examined to capture the largest end-user market share in the year 2020 because it is the primary health center in many countries. Furthermore, the total number of endoscopic surgeries that takes place at hospitals is higher compared to other healthcare systems that include Ambulatory Surgical Centers (ASCs) or specialty clinics. Subsequently, the demand of endoscopy devices at hospitals is higher compared to other end-use segments, thereby propelling the growth of endoscope drying cabinets in the segment.
Furthermore, the segment predicted to retain its dominating position in the upcoming years because of rising investment from governments of various regions for the upgradation and development of hospitals. This subsequently analyzed to uplift the demand for endoscope drying cabinets over the coming years.
In 2019, North America emerged as the front-runner in the global endoscope drying cabinets market as well as estimated to maintain its dominance over the forecast timeframe. This is mainly accounted to the growing incidence of cancer, favorable reimbursement policies by the government of the U.S., rising research activities in order to enhance the endoscopy procedures and devices, increasing investments by hospitals for obtaining new endoscopic equipment, along with the implementation of a novel funding model for Canadian hospitals.
On the other hand, the Asia Pacific expected to register the fastest growth rate over the analysis time period owing to large number of developing and under developed nations present in this region, for example India and china. Moreover, increasing patient population related to gastrointestinal and cancer diseases most prominently in the developing countries are estimated to surge the demand for endoscopes and subsequently endoscope drying cabinets in the region.
Key Companies & Market Share Insights
The global endoscope drying cabinets market witnesses intense competition among the industry participants. This is majorly because of the adoption of different inorganic as well as organic growth strategies adopted by the industry players for example merger & acquisition, regional expansion, new product launch & approval. This helps the market players to maintain their competitive edge and to strengthen their footprint in the global market.
Some of the prominent players in the endoscope drying cabinets market include:
Report Scope of the Endoscope Drying Cabinets Market
|Market Size||USD 349.45 million in 2027|
|Growth Rate||CAGR of 8% from 2021 to 2027|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2027|
|Segments Covered||Product, Size, End User, Region|
|Companies Mentioned||Olympus, Gallay Medical & Scientific, Stanley Healthcare, Smartline Medical Pty Ltd, MEDIVATORS Inc., Elmed Electronics & Medical Industry & Trade Inc., Choyang Medical Industry, Inc., Torvan Medical, DGM Pharma-Apparate Handel|
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of product, size, end-user, and region:
By Regional Outlook
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