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

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

Endoscopy Devices Market Growth & Trends

The global endoscopy devices market size is estimated to reach USD 90.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 7.5% from 2023 to 2030. The growing adoption of minimally invasive endoscopic procedures by medical professionals to examine the esophagus, colon, and stomach and its application to perform biopsies and sclerotherapy are some of the factors boosting the market growth. In addition, the increasing trend of adopting disposable endoscopes to reduce the chances of cross-contamination is also anticipated to fuel the growth of the market over the forecast years.

In 2022, based on product, the endoscopes segment held the highest revenue share of 36.9% of the market. Growing awareness and rising adoption rate of endoscopes across various diagnostic and therapeutic procedures are driving the market growth of endoscopes. In addition, endoscopes aid in the diagnosis of complex disease conditions such as cancer, GI disorders, urinary disorders, and lung disorders.

Based on end-use, the outpatient facilities segment dominated the market in 2022 owing to the growing preference for minimally invasive procedures to lower overall cost and reduce the number of days of hospital stays which in turn is anticipated to drive the growth of the segment. In addition, faster recovery time, and minimal discomfort due to the use of less invasive keyhole endoscopic procedures also accelerate the adoption of endoscopy devices in outpatient facilities.

In addition, favorable reimbursement policies and the high availability of government and private hospitals performing endoscopy procedures are some of the prominent factors anticipated to drive the segment growth. North Americadominated the market in terms of the revenue share of 41.5% in 2022. The highest revenue share of this region is attributed to the increasing adoption of advanced endoscopic devices and the high availability of modern healthcare facilities performing minimally invasive surgical procedures. In addition, growing functional gastrointestinal disorders and other chronic diseases such as cancer also are the major factors driving market growth in this region.

Furthermore, the COVID-19 pandemic has significantly impacted the market owing to the cancellation and postponement of elective procedures. Moreover, the fear of getting infected with the COVID-19 virus also reduced the number of surgical procedures which in turn led to the reduction of the endoscopy devices adoption in 2020. For instance, according to a study published in the Arab Journal of Gastroenterology in 2020, the number of endoscopy procedures decreased about 50% during the pandemic globally.

Endoscopy Devices Market Report Highlights

• The market is anticipated to be estimated at USD 90.2 billion by 2030 owing to the growing adoption of minimally invasive endoscopic procedures by medical professionals in comparison with open surgeries
• In terms of product, the endoscopes segment dominated the market in 2022 with the largest revenue share of 36.9% owing to the growing adoption of endoscopes for both diagnostic and therapeutic purposes coupled with the rising prevalence of chronic diseases
• In terms of end-use, the outpatient facilities held the largest revenue share of 52.9% in 2022, owing to the availability of minimally invasive surgeries and shorter hospitalization stays.
• Based on region, North America held the largest revenue share of 41.5% in 2022, owing to the increasing adoption of advanced endoscopy devices and the high availability of modern healthcare facilities performing minimally invasive surgical procedures

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