Flexible Endoscopes Market Size, Share & Trends Analysis Report By Type (Laparoscopes, Arthroscopes, Ureteroscopes, Cystoscopes), By End-use (Hospitals, Outpatient Facilities), By Region, And Segment Forecasts, 2023 - 2030

Flexible Endoscopes Market Size, Share & Trends Analysis Report By Type (Laparoscopes, Arthroscopes, Ureteroscopes, Cystoscopes), By End-use (Hospitals, Outpatient Facilities), By Region, And Segment Forecasts, 2023 - 2030

Flexible Endoscopes Market Growth & Trends

The global flexible endoscopes market size is expected to reach USD 16.1 billion by 2030 and is expected to grow at a compounded annual growth rate (CAGR) of 7.6% over the forecast period, according to a new report by Grand View Research, Inc. Rising preference for minimally invasive surgeries in comparison with open surgeries, owing to benefits provided by minimally invasive surgeries and technological advancements are some of the factors boosting the market growth.

The COVID-19 pandemic has had a significant impact on the market. The postponement and decrease in elective surgeries performed during the pandemic had a major effect on the market. Additionally, changes in regulations related to surgical procedures, including minimally invasive procedures, and supply chain disruptions have also hindered growth during the pandemic. An international study of endoscopists, published in the Elsevier Public Health Emergency Collection in 2020, revealed that around 85% of respondents reduced their procedure volume by more than 50% and approximately 2.45% of respondents completely stopped their endoscopy services during the COVID-19 pandemic.

The market is growing due to several factors, including an increase in age-related diseases and a higher demand for endoscopic devices in both therapeutic and diagnostic procedures. These products and devices are beneficial in treating and diagnosing various health conditions because they require minimal intervention, shortening recovery time. The global population of older adults is increasing. They are more susceptible to medical conditions that often require endoscopic interventions, such as pelvic abscess, liver abscess, endometriosis, gallstones, and intestinal perforation. For example, in 2019, approximately 16% of the US population was over 65 years old, according to the Administration on Aging, which is projected to increase to 21.6% by 2040. Therefore, the growing geriatric population is expected to contribute to the market's expansion.

The drivers responsible for the market growth are the rising incidence of chronic diseases that affect internal body systems, the benefits offered by flexible endoscopes over other products, and the growing necessity for early diagnosis of chronic conditions. In order to diagnose several chronic ailments such as colon cancer, stomach cancer, respiratory infections, and inflammatory bowel diseases (IBD), endoscopes are extensively used. The increasing prevalence of these chronic diseases is therefore contributing to the increasing demand for flexible endoscopes. The rising adoption of flexible endoscopes also propels market growth due to their advantages over other endoscopes. The most advantageous feature of flexible endoscopes is the surgeon's ability to control the direction of the endoscope's lens, which expands its range of use.

Flexible Endoscopes Market Report Highlights

• Based on type, colonoscopes dominated with a share of 21.8% in 2022, owing to an increasing prevalence of colorectal cancer and other gastrointestinal disorders
• The neuro endoscopes segment is anticipated to witness the fastest growth over the forecast period from 2023 to 2030
• In 2022, based on end use, outpatient facilities accounted for the highest revenue share of 52.9%. This high share is attributable to the substantially large adoption and usage of endoscopy devices in outpatient facilities and favorable reimbursement policies
• The outpatient facilities are also expected to witness the fastest growth over the forecast period from 2023 to 2030
• North America dominated the market in terms of the revenue share of 41.8% in 2022 due to an increase in chronic diseases that require their use, such as stomach and colorectal cancer, and irritable bowel syndrome
• The Asia Pacific region is expected to witness the fastest growth over the forecast period owing to increase demand for flexible endoscopes

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