Flexible Endoscopes Market Analysis And Forecast To 2031: By Type of Waste (Hazardous, Non-hazardous), By Service (Collection, Transportation & Storage Services, Treatment and Disposable Services, Recycling Services), By Waste Generator (Hospitals, Laboratory and Research Centers, Nursing Homes), And Region
The global flexible endoscopes market was valued at USD 5.4 billion in 2021 and it is anticipated to grow up to USD 11.0 billion by 2031, at a CAGR of 7.4% during the forecast period.
Flexible endoscopes are typically made from a long, thin, flexible tube that is equipped with a light source and a camera. The camera is used to transmit images of the interior of the body to a monitor, where they can be viewed by the doctor. Flexible endoscopes are generally safe, but there is a small risk of infection associated with their use. There is also a risk of tissue damage if the endoscope is not used properly.
Global Flexible Endoscopes Market Scope and Report StructureMarket Trends and Drivers
The innovation of medical technology continues to shape the future of healthcare. Devices such as fiberscopes and video endoscopes have undergone constant advancements over recent years. Nanotech and other breakthrough technologies are also being leveraged to minimize inflammation and infection risk, and subsequently improve the success rate of procedures. The rapid tech development is creating a positive outlook for the flexible endoscopes industry worldwide. Industry players are also emphasizing research and development activities to develop cutting-edge medical technologies and commercialize advanced flexible endoscope components. Gastrointestinal (GI) disorders are among the debilitating health conditions, with 5.9% of the adults diagnosed with ulcers in 2018, according to the Centers for Disease Control and Prevention. Since endoscopy is considered a critical diagnostic tool for digestive disorders, the growing GI disease burden will provide lucrative opportunities for flexible endoscopes market expansion over the forecast period.
Market Restraints and Challenges
One of the key restraints for the growth of the flexible endoscopes market is the lack of skilled labor for operating these devices. There is a high level of training required to use flexible endoscopes, which can limit their adoption in some settings. Additionally, flexible endoscopes are more expensive than other types of endoscopes, which can also limit their use in some settings.
Global Flexible Endoscopes Market Segmental Overview
The report analyses the global flexible endoscopes market based on product, application, end-use, and region.
Global Flexible Endoscopes Market by Product
Based on product, it is segmented into video endoscope and fiberscope categories. Among these, video endoscope accounted for significant market share in 2021. This product is widely used in diagnostic applications, including the endoscopic examination of the esophagus, and can function as a mobile and convenient solution across hospital settings. The popularity of video endoscopes is further attributable to the high awareness of their benefits in the early diagnosis of chronic diseases, including ulcers, digestive tract bleeding, and gastritis.
Global Flexible Endoscopes Market by Application
Based on the application spectrum, the flexible endoscopes market is divided into GI endoscopy, ENT endoscopy, urology, pulmonary endoscopy, and others. The pulmonary endoscopy segment among these is set to witness depict a significant CAGR through 2031. This growth is attributed mainly to an increase in the number of patients with respiratory diseases like chronic obstructive pulmonary disease (COPD), asthma, and lung cancer. According to the CDC’s data, COPD impacts around 15 million people across the U.S. This high disease prevalence will escalate the use of different types of flexible endoscopes in pulmonary procedures.
Global Flexible Endoscopes Market by End-user
With regards to end-user, the flexible endoscopes market is divided into hospitals, clinics, and ambulatory surgical centers. Hospitals are adopting novel flexible endoscopes to rapidly deliver reliable test results. A wide range of technologically advanced flexible endoscopes with proven accuracy has also been made available to perform disease treatment procedures across hospital settings. These factors could drive the market demand from the hospitals segment, which is likely to register significant revenue by 2031.
Geographical Analysis of Global Flexible Endoscopes Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America flexible endoscopes market revenue is poised to grow significant CAGR during the forthcoming years. This can be credited to the expanding geriatric population, often susceptible to chronic diseases. A robust presence of key manufacturers is also observed across the region, resulting in the accelerated production of advanced endoscopes. Varied supportive initiatives to strengthen healthcare infrastructure and increase in chronic disease awareness are also stimulating the regional industry share.
Moreover, the regional market is estimated to retain the dominant position throughout the forecast period owing to the increasing adoption of elective endoscopic procedures, improved healthcare expenditure, and the high geriatric population. In addition, the high burden of cancer and functional gastrointestinal disorders in the U.S. is anticipated to further drive the market over the forecast period. For instance, according to the American Cancer Society, about 1.9 million new cancer cases are estimated to be diagnosed in 2021 in the U.S
Major Players in the Global Flexible Endoscopes Market
The key players in the flexible endoscopes market are
COVID-19 Impact
According to WHO, around 30% of healthcare facilities globally are not equipped to handle medical waste loads. The global flexible endoscopes market experienced tremendous pressure during the COVID-19 pandemic due to the high demand for healthcare waste management services. There is a large concern about hazardous medical waste produced during the COVID-19 pandemic and the risks of contamination associated with waste management. According to WHO, till now, around 10,000 tons of extra medical waste has been generated in response to the COVID-19 pandemic. While countries were actively procuring commodities such as personal protective equipment, PPE kits, diagnostic test kits, disinfectant chemicals, and vaccines, less attention and resources were allocated to the safe and sustainable management of COVID-19-related medical waste.
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