Endoscopes Market Size, Share & Trends Analysis Report By Product (Flexible, Rigid, Disposable), By End-use (Hospitals, Outpatient Facilities), By Region, And Segment Forecasts, 2023 - 2030

Endoscopes Market Size, Share & Trends Analysis Report By Product (Flexible, Rigid, Disposable), By End-use (Hospitals, Outpatient Facilities), By Region, And Segment Forecasts, 2023 - 2030

Endoscopes Market Growth & Trends

The global endoscopes market size is expected to reach USD 37.1 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to grow at a compound annual growth rate (CAGR) of 9.0% from 2023 to 2030. Growing awareness levelsabout minimally invasive surgical procedures and the increasing prevalence of chronic disorders are the major factors accelerating the market growth. The benefits, such as less surgery-related blood loss, no muscle cutting, and quicker recovery, offered by minimally invasive surgeries boost the adoption of endoscopic procedures over traditional/open-invasive surgeries. In addition, advancement in endoscopic technology and the rapid increase of its application to diagnose and treat various diseases are other key factors anticipated to propel the market growth over the forecast years.

The flexible endoscopes product segment dominated the market in 2022. This is attributed to the high demand for these devices on account of their unique features, such as the ability to reach viscera & cavities, better safety & efficiency, and improved ergonomic features. These devices are most commonly used in several endoscopic procedures, such as esophagogastroduodenoscopy (OGD), bronchoscopy, sigmoidoscopy, laryngoscopy, pharyngoscopy, nasopharyngoscopy, rhinoscopy, and colonoscopy procedures, which supports the product demand and segment growth.In 2022, the outpatient facilities end-use segment dominated the market. Increasing adoption of endoscopes across outpatient facilities, such as ambulatory surgery centers (ASCs) and diagnostic clinics, for the early diagnosis and detection of several life-threatening diseases is supporting the segment's growth.

In addition, the introduction of keyhole endoscopic surgeries with minimal discomfort and faster recovery time also boosts the segment growth. In addition, North America accounted for the highest revenue share in 2022 owing to its better healthcare infrastructure, high preference for minimally invasive surgical procedures among individuals, and quick adoption of advanced technologies. The increasing burden of functional gastrointestinal disorders and cancer is anticipated to further propel market growth in this region. For instance, as per the data reported by the National Cancer Institute, in 2020, over 1.8 Million new cancer cases were estimated to be diagnosed in the U.S. The overall decrease in the number of surgical procedures during COVID-19, in turn, impacted the marketgrowth.

Furthermore, to reduce the COVID-19 transmission risk, endoscopy centers have postponed and canceled semi-urgent and elective cases, which affected the endoscopy procedure adoption in 2020. In addition, supply chain interruptions due to constant lockdowns and shutdowns imposed by the governments of top countries all over the globe also hampered the market growth in 2020. For instance, a study published in the Arab Journal of Gastroenterology in 2020stated that the endoscopy procedures volume decreased about 50% due to the COVID-19 pandemic in the majority of countries.

Endoscopes Market Report Highlights

• The flexible product segment held the largest revenue share in 2022 owing to its unique features, such as the ability to reach viscera & cavities, better safety & efficiency, and improved ergonomic features
• In terms of end-use, outpatient facilities accounted for the highest revenue share in 2022 due to the widespread adoption of keyhole or minimally invasive surgeries across these facilities
• North America dominated the market in 2022 owing to various factorsincluding the increasing burden of functional gastrointestinal disorders, improved healthcare infrastructure, and the growing preference for minimally invasive surgeries to curb healthcare spending

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