Endoscopes - Development and Opportunities with Forecast

Posted by Govind TMR on September 7th, 2022

The global endoscopes market is projected to grow at a favorable rate from 2021 to 2031 (forecast period). The rising frequency of chronic illnesses and the increased awareness of disease diagnosis using minimally invasive surgical techniques are expected to boost the global endoscopes market in the coming years. Moreover, favorable reimbursement policies and increased FDA clearances for endoscopic devices are projected to propel the global endoscopes market during the forecast period.

Endoscopes Market – Competitive Landscape

Leading players in the endoscopes market are Olympus Corp., PENTAX Medical, Richard Wolf Medical Instruments, Ethicon US, LLC, Fujifilm Holdings Corp., Karl Storz GmbH & Co., KG, Boston Scientific Corp., Stryker, Conmed Corp., and Medtronic.

The market's major players intend to invest more in the creation of technologically advanced products. The increasing demand for various types of endoscopes creates competition among market participants to broaden their product range and worldwide presence. Moreover, major market players have used important industrial tactics such as partnerships, mergers, and acquisitions to expand their market share. For example, Olympus Corp. absorbed Quest Photonic Devices in January 2021 to improve its position in the surgical endoscopy market.

Endoscopes Market – Trends and Opportunities

Endoscopy operations are minimally invasive surgeries that are performed through one or more small incisions and employ surgical equipment, tiny cameras, and small tubes. Endoscopy treatments provide several advantages, including a shorter or no hospital stay, reduced discomfort, and fewer issues connected to pre-and post-surgery care. As a result, these operations are less expensive, more successful, and safer than conventional open surgeries. Moreover, these treatments are reimbursed by health insurance companies in affluent nations such as Canada, the United States, the United Kingdom, Australia, Germany, and a few Middle Eastern countries such as the United Arab Emirates. These aspects contribute to patients' and physicians' strong preference for endoscopic treatments.

Endoscopy is rapidly being utilized to diagnose and treat a variety of significant diseases, including neurological disorders, orthopedic issues, cancer, and gastroesophageal reflux disorder (GERD). As per GLOBOCAN, 457 960 new cancer cases were identified in the United Kingdom in 2020, with this figure expected to rise to 27.5 million by 2040. As a result, the frequency of cancer procedures will skyrocket; for example, approximately 80% of cancer patients are expected to necessitate surgery. As a result, the increased prevalence of illnesses such as cancer, infectious, neurodegenerative, metabolic, immunological, and cardiovascular diseases is anticipated to grow the need for endoscopic operations, propelling the endoscopes market in the upcoming years.

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