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Global Endoscopy Market is Determined to Reach USD 40 bn by 2024

Author : Rahul Sankrityayan | Published Date : 2019-03-22 

The Endoscopy Market is set to exceed USD 40 billion by 2024; according to a new research report by Global Market Insights. Increasing geriatric population in developing countries such as Japan, China & India will act as highly impacting factor for market growth. Elderly people are highly susceptible to suffer from chronic conditions due to poor immunity thereby leading to increase in demand for minimally invasive endoscopy procedures. According to National Home Infusion Association (NHIA), nearly 92% of elderly people suffer from at least one chronic disease while 77% suffer from 2 or more chronic diseases thereby accelerating endoscopy market business growth.

Rising incidences of gastrointestinal diseases such as constipation among geriatric and pediatric population will stimulate industry growth over the forecast period. Development of innovative endoscopy devices have resulted positively in adoption rate of these devices. Frequent upgradation of technology allowing introduction of several types of endoscopes such as capsule endoscope applicable in diagnosing diverse types of diseases including colon cancer screening will drive endoscopy market.
 
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Endoscopies come with a slew of advantages, enabling doctors to perform any critical operation without the need for major surgery, while simultaneously facilitating a shorter period of recovery with lesser risk of complications. Taking into account the operational benefits of endoscopy, most of the research communities and leading healthcare facilities are now looking forward to brainstorming new techniques across this vertical. In fact, many healthcare service providers have even been joining hands to establish training centers, through which they plan to deploy minimally invasive endoscopy facilities across the globe on a large scale.

Validating the aforementioned fact, few days before, the Thailand based medical facility provider, Samitivej Hospital signed a deal with Sano Hospital, a Japanese healthcare facility specializing in endoscopy. Sano is renowned for its development of gastrointestinal endoscopy techniques, which could be extensively used for detecting cancerous tissues. Through this partnership, the two parties have introduced new gastrointestinal endoscopy techniques that can help in the removal early-stage tissues of esophageal, colorectal, and gastric cancers. As per statistics, colon cancer is one of the leading causes of deaths across the world. Reportedly, cases of colon cancer have been increasing from last few years and it has become a most influencing factor for the rise of mortality rate across Thailand.

Arthroscopy is another application arena that has been gaining renewed prominence in the endoscopy market of late. The growing concern among the specialists about the disadvantages of a traditional approach to diagnosing femoroacetabular impingement, labral tears, and other issues related to hip joints has been encouraging them to innovate next-gen instruments. Recognizing the significance of educating research scholars about the effective treatment of hip impingements, many U.S.-based medical centers and universities have included hip arthroscopy in their syllabus. This approach of medical education centers will help them treat rapidly increasing number of cases of hip impingements effectively, owing to the ample availability of trained professionals. The use of endoscopy in arthroscopy applications leads to the minimization of post-operative pain and other associated comorbidities. The post-treatment benefits of arthroscopy treatment in terms of recovery and comfort are certain to fuel U.S. endoscopy industry size.

The approach of leading endoscopy market giants and well-known research institutes toward product development and innovations will prove to be one of the revenue generating aspects for this vertical. As the requirement of products for diagnosing various kinds of terminal diseases increases, the deployment of minimally invasive surgery equipment will also observe an upsurge, generating lucrative opportunities for the players in endoscopy industry. In addition, many hospitals specializing in endoscopy have been lately organizing training programs to educate doctors and nurses about newly invented technologies related to the field. With the rise in the popularity of minimally invasive surgeries and the increasing number of R&D programs, endoscopy market will register a CAGR of 6% over 2018-2024.

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U.S. endoscopy market will witness 6.4% CAGR during the forecast period owing to increasing number of baby boomers suffering from chronic gastrointestinal disorders along with rising prevalence of colon cancer in the country. Also, growing rates of surgical procedures that require endoscopies to aid diagnostic decisions will have positive impact on industry growth. Germany endoscopy market was valued over USD 1.7 billion in 2017 due to continuous integration of advanced technology in the endoscopy devices and high technological adoption. Increasing cases of cancers such as colon, ovaries and kidney will further boost market growth in Germany.

Market by Product

Endoscopes
Visualization systems
Endoscopic ultrasound
Insufflators

Market by Application

Arthroscopy
Laparoscopy
GI endoscopy
Obstetrics/Gynecology
ENT endoscopy
Pulmonary endoscopy

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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