Endoscopy devices are instruments used to perform minimally invasive medical examinations and surgical procedures of the interior parts of the human body. Some common endoscopy devices include endoscopes, visualization systems, mechanical endoscopy equipment, and accessories. Technological advancements in endoscopy devices have enabled physicians to accurately diagnose and treat diseases in a less invasive manner. Rising incidence of cancer, gastrointestinal and lung diseases worldwide has boosted demand for endoscopy procedures. Moreover, growing preference for minimally invasive surgeries over traditional open surgeries also drives the endoscopy device market growth. However, high costs associated with endoscopic devices and procedures may limit their widespread adoption in developing nations.
Market Dynamics:
Global endoscopy device market growth is primarily driven by rising geriatric population who are more prone to develop cancer and other target diseases. According to the World Health Organization (WHO), the number of people aged 60 years and above is expected to reach 2 billion by 2050 globally. Growing burden of gastrointestinal diseases like colon cancer also boosts the need for endoscopy procedures. However, high costs associated with endoscopy devices and procedures could hamper the market growth. For instance, a simple colonoscopy procedure can cost around US$ 5,000 in developed countries. Moreover, dearth of skilled endoscopists in developing and underdeveloped regions poses a major challenge for market growth. The market players have enormous opportunity to develop low-cost endoscopy devices to expand their customer base in price-sensitive developing markets. Adoption of robot-assisted endoscopy is a key trend gaining popularity in the market. Robotic endoscopy provides greater control, visualization and surgical autonomy to physicians. Ongoing research in miniature endoscopy devices, capsule endoscopes and single-incision endoscopic surgery can offer opportunities for market players. Implementation of favorable government policies to increase healthcare spending can drive the market growth.
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