How is Rising Burden of Chronic Diseases Driving Endoscope Market?

Posted by Pramod Arya on April 8th, 2021

The market is being driven by the surging aged population, technological advancements in the domain, and rising burden of chronic diseases. In terms of type, the market is divided into colposcope, esophagoscope, laparoscope, laryngoscope, cystoscope, bronchoscope, colonoscope, arthoscope, and others.

Out of these, the esophagoscope division held the major share of the market in the past and is further expected to dominate the market during the forecast period, accounting for a share of 25.6% in 2024. The rising emphasis on early diagnosis and prevention of diseases and surging prevalence of chronic diseases are creating high need for endoscopy procedures. The endoscope market is categorized into urology, gynecology, orthopedic, pulmonology, gastroenterology, and others on the basis of application.

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Out of all these, the gastroenterology category accounted for the largest share of the market in the past, and the category is further projected to advance at the fastest pace during the forecast period. The increasing incidence of diseases including peptic ulcer disease, colon polyps, pancreatitis, and colitis are leading to the growth of the category. In addition to this, the increasing number of colorectal cases across the globe is also driving the demand for endoscopes in the gastroenterology application area.

The rising burden of chronic diseases, including cardiovascular diseases, cancer, and respiratory diseases, across the globe is a major driving factor of the endoscope market. As per the American Heart Association’s Heart Disease and Stroke Statistics 2018, approximately 836,546 deaths occurred in the U.S. because of cardiovascular diseases. Patients suffering from chronic diseases need endoscopic procedures for diagnosis. The increasing prevalence of cancer in Canada is also projected to result in the growth of the market in the years to come.

The relaxation of strict regulations in various countries is opening up wide opportunities for the companies operating in the endoscope market. Manufacturers in the medical device industry are focusing on lowering the manufacturing cost of devices and hence are relocating to areas where they can find materials and labor at low cost. Moreover, governments of various countries are providing incentives and tax relaxations for attracting manufacturing companies, which is projected to result in the growth of the market in the near future.

Hence, the market is expanding due to the growing burden of chronic diseases and focus of manufacturers on decreasing the cost of medical devices. 

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Pramod Arya

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Pramod Arya
Joined: February 21st, 2019
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