Global Endoscopes Market: Snapshot
Endoscopes are mainly defined as slender optical instruments that are used to gain an interior view in the body being examined. As this is a highly common medical instrument and its use dates back to innumerable decades, a distinct endoscopes market exists from a global perspective. Many endoscopes are named after their specific use, i.e. particular types of endoscopes are used to inspect specific body organs and areas only. For example, cystoscope, nephroscope, bronchoscope, colonoscope, laproscope, and others are such specific types of endoscopes used for checking particular organs only.
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Endoscopes play a crucial rule in diagnosis and analysis of a body portion to examine the existence of any health issue. With a rising geriatric population, the number of health issues and illnesses is increasing, thus driving the need for use of endoscopes as a part of diagnostic processes. Moreover, unhealthy habits such as smoking, drinking, high intake of carcinogenic substances, and others, are key factors driving in the global endoscopes market. In addition, with a surge in chronic diseases owing to increasing pollution, water contamination, and other similar reasons, the demand for use of efficient diagnostic processes that involve use of endoscopes is predicted to increase in the near future.
However, the market is majorly restrained owing to high costs of the diagnostic procedures that involve use of endoscopes. Moreover, these instruments might not be readily available in remote and underdeveloped regions, consequently making it difficult for reducing mortality rate in these geographical extents. In addition, complexities associated with different health issues might pose as a key obstacle to the market’s progress. However, many players are expected to resolve such issues by improving efficiency of the diagnostic procedures, consequently offsetting most restraints. The endoscopes market depicts the presence of a substantially fragmented vendor landscape, thanks to the existence of innumerable players.
Global Endoscopes Market: Overview
The global endoscopes market is anticipated to witness a quantum leap in its demand during the forecast period 2018 – 2028, due to rapid advancement in healthcare sector and rising awareness regarding various chronic diseases among consumers. The global endoscopes market is expected to expand at whooping 8.8% of CAGR during the assessed period. The market was recently valued at US$8.79 bn.
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Rising food poisoning due to growing habit of consuming fast foods and processed food is fueling the growth of endoscopes market, as this device has become mandatory for every healthcare center.
Global Endoscopes Market: Trends and Opportunities
Rising use of endoscopes in healthcare sector settings accompanied with rapid technological advancements are helping the market to hit new records. Rise in geriatric population all across the world is favoring the market to grow as they are more vulnerable to chronic disorders owing to less immunity. This prompts the use of sophisticated endoscopy like gall stones, pelvic abscess, endometriosis, liver abscess, and intestinal perforation. A report published by the United States Census Bureau, states that in 2014, people aging more than 65 was 46.2 mn and is likely to become 98mn by 2060, thus providing a lucrative opportunity for the market to grow.
High demand for minimally invasive surgeries are increasing the need for various types of endoscopes in treatment like cystoscopy, bronchoscopy, and laparos7copy. These procedures promises to have fewer trauma accompanied with faster recovery than surgeries which are invasive. Minimally invasive surgery is known to be gaining popularity among doctors and patients as they result in lower hospital stay, preferred by patients, less post-surgery complications, and economic viability over open surgeries. Preference over MIS is anticipated to favor the growth of the market. Another factor which is aiding the market to grow is the rise in prevalence of cancer. Endoscopy procedures like colonoscopy, upper endoscopy, and laryngoscopy are used for treating of cancer.
Rising prevalence of obesity due to increase in consumption of processed food and lack of physical activities is going to provide a Launchpad for bariatric surgeries. Rise in disposable income across the world with a preference for healthy lifestyle is likely to help the market to grow. Endoscopic approach to bariatric surgeries are known to be cost effective and safe in comparison to traditional bariatric surgeries.
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Global Endoscopic Market: Market Potential
Recently, KAIST Future Medical Robotics Research Center developed a flexible endoscopic surgical robot. The robot is named as K-FLEX and is known to have 3.7 mm diameter robotic arms. The research team tested the device in-vivo, by conducting a intricate endoscopic procedure.
Global Endoscopic Market: Regional Outlook
The global endoscopic market is smeared over Europe, Middle East & Africa, Asia Pacific, North America, and Latin America. Amongst the pack, North America held the major share by becoming the highest revenue generator, owing to rising demand for minimally invasive treatment coupled with rising prevalence of chronic disorders. Rise in geriatric population in the region attributed the market to develop in the region. Adoption of technologically advanced products like robot assisted endoscopes helped for surgeries helped the market to grow. However, Asia Pacific is anticipated to become the fastest growing market in years to come. The region is predicted to rise at CAGR of 10.6% during the assessed period. Developing countries such as China and India are favoring the market to grow, ascribed to rise in cancer cases and growth of strong economic.
Global Endoscopic: Competitive Landscape
Major players in the market are preferring strategic partnerships and acquisitions in order to reach to expand their reach. High investment in research and development in order to produce better and efficient product has become main focus of these player. Some of the major players are Richard Wolf Gmbh, Fujifilm Holdings Corporation, Kark Storz, and Olympus.
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