Published Date : 15 Jun 2022
The global endoscopy devices market is predicted to grow at a CAGR 7.05% during the forecast period and to reach valuation around US$ 85 billion by 2030, according to Precedence Research.
Endoscopy allows for surgeries on more fragile patients such as the elderly as well as treatment of more severe conditions such as cancer. Endoscopy also has the benefits of reduced post-operative pain and lower risk of complications as well as faster detection, less anesthesia, and a shorter hospital stay. A shift in the trend of healthcare professionals and patients moving away from traditional open surgeries and toward less invasive procedures is one of the key factors driving the endoscopy devices market. An aging population, technical breakthroughs in the field of endoscopy devices and increased frequency of chronic disorders are among the other factors driving the endoscopy devices market.
The world’s ageing population has a substantial impact on endoscopy devices demand. Older people are more susceptible to health issues such as cancer, orthopedic diseases, and gastrointestinal diseases due to their lower immunity, which complicates medical and treatment options. In the future years, the rise in popularity in minimally invasive and worldwide endoscopic procedures will create profitable prospects for the endoscopy devices market to flourish.
Endoscopy techniques have a number of advantages including shorter or no hospital stay, less pain, and fewer pre- and post-surgery issues. As a result, compared to typical open operations, these procedures are less expensive, less risky, and more successful. Moreover, in emerging nations, health insurance companies cover these operations. All of these factors lead to strong preference for endoscopic operations among patients and clinicians. Endoscopy is used to detect and treat a variety of serious illnesses including neurological problems, orthopedic problems, and acid reflux disorders. As a result, increased rates of chronic diseases including cancer and cardiovascular diseases are predicted to drive up demand for endoscopic operations. Thus, the rising demand for endoscopy devices is propelling the endoscopy devices market growth over the forecast period. Furthermore, favorable Food and Drug Administration (FDA) approvals and policy measures for endoscopy devices in emerging nations, an increase in patient preference for minimally invasive surgeries, and shorter recovery times and minimal postsurgical risks all contribute to the global endoscopy devices market’s growth over the projection period.
Scope of The Report
|Market Size in 2021||USD 46.03 Billion|
|Revenue Forecast by 2030||USD 85 Billion|
|CAGR||7.05% from 2022 to 2030|
|Key Players||Ethicon Endo-Surgery, LLC, Olympus Corporation, Stryker Corporation, Boston Scientific Corporation, Fujifilm Holdings Corporation, Smith & Nephew Inc., Karl Storz GmbH & Co. KG, Richard Wolf GmbH, PENTAX Medical, Medtronic Plc (Covidien), Machida Endoscope Co., Ltd.|
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