Endoscopes Market

Global Endoscopes Market Size (2023 to 2028)

The global endoscopes market is expected to grow at a CAGR of 10.08% during the forecast period. As a result, the global market size is estimated to grow to USD 26.31 billion by 2028 from USD 16.28 billion in 2023.

Endoscopes refer to the medical devices or instruments used to perform a procedure called an endoscopy. An endoscopy is a minimally invasive procedure that uses the openings of the body, like the moth and the anus, to observe the inner organs and tissues in detail. Different kinds of endoscopies are used to diagnose, monitor, and treat other problems in the body. The endoscope is sent into the body through a long tube-like structure, and the data is collected through imaging systems. Endoscopes are also used in surgeries, small incisions are made in the body, and the endoscope is used to perform the surgery; such surgeries are called keyhole surgeries. Endoscopes are also widely used by urologists for lower abdomen-related complications. Therefore, multifunctional endoscopes are necessary for the healthcare industry, and their market provides the required devices and services. 

Impact of COVID-19 on the global endoscopes market:

Early March 2020 saw the start of the epidemic, which lasted for over a year. The coronavirus outbreak, which originated in China and spread worldwide, resulted in lockdowns and quarantines. Shipments and travel were restricted, resulting in losses for many enterprises. As additional deaths were reported, the unemployment rate increased. The economic situation worsened due to the sudden surge of patients and the acute lack of hospital supplies, including oxygen cylinders, beds, and staff.

The COVID-19 pandemic had a negative impact on the global endoscopes market.

Due to the shifting of all the healthcare attention toward covid patients, many endoscopic procedures were postponed or canceled. The cancellation of elective endoscopic treatments and non-essential G.I. office activities led to COVID-19 having a negative impact on the endoscopes market during the first half of 2020. Additionally, there is a significant chance that the COVID-19 virus will be transferred during endoscopic surgery leading to laws prohibiting all non-emergent procedures in several countries, further constricting market growth. However, the market for endoscopes is expected to bounce back in the post-pandemic era. 

MARKET DRIVERS:

YOY growth in demand for endoscopic treatments, the burden of the disease-like growing responsibility of functional gastrointestinal problems, obesity, and the increased focus placed by healthcare institutions on enhancing endoscopic standards are primarily propelling the endoscopes market.

In addition, the increasing use of endoscopic devices in illness detection and treatment due to rising cases of cancers and gastrointestinal problems has been seen, which is accelerating the growth rate of the endoscopes market. Furthermore, the aging population, the rising popularity of minimally invasive procedures, and the prevalence of chronic diseases are expected to support market growth. 

YOY rise in surgical procedures and technological advancements to further promote the endoscopes market expansion.

In addition, the market is expanding due to technical developments in the healthcare industry and the growing use of endoscopy in hospitals to treat and diagnose various endoscopy procedures. As a result, endoscopic operations have significantly increased in recent years, which is anticipated to promote market expansion. It is also predicted that demand for endoscopic equipment will increase due to an increased desire for procedures that provide a quicker recovery, fewer post-surgery infections, less discomfort, less scarring, better bleeding control, and higher accuracy. In addition, the market's major players are concentrating on getting new products approved so they may diversify their product offerings. As a result, the market is growing due to crucial market tactics. Partnerships, mergers, and acquisitions are some of the market tactics. In addition, endoscopic equipment is receiving more government and private financing, promoting market expansion. Furthermore, the market is developing for other reasons, such as increased hospitals, improved healthcare systems, and increased healthcare expenditures worldwide.

MARKET RESTRAINTS:

The market growth for endoscopes is expected to be hampered by worries about the safety of traditional endoscopy instruments as it has a risk of cross-contamination. Furthermore, the recent pandemic has led to losses for the market. Additionally, a shortage of qualified experts to perform endoscopic operations and unfavorable reimbursement regulations in some regions are also expected to be a barrier to market growth.

REPORT COVERAGE:

This market research report on the global endoscopes market has been segmented and sub-segmented into the following categories.

Global endoscopes market - By Products:

• Flexible Endoscopes
  • Colonoscopes
  • Laryngoscopes
  • Pharyngoscopes
  • Duodenoscopes
  • Upper Gastrointestinal Endoscopes
  • Colonoscopes
  • Rhinoscopes
  • Sigmoidoscopes
  • Bronchoscopes
  • Nasopharyngoscopes
  • Other Flexible Endoscopes
• Capsule Endoscopes
• Robot-Assisted Endoscopes
• Disposable Endoscopes
• Rigid Endoscopes
  • Cystoscopes
  • Urology Endoscopes
  • Arthroscopes
  • Laparoscopes
  • Gynecology Endoscopes
  • Neuroendosopes
  • Other Rigid Endoscopes

The flexible product segment is expected to dominate the market during the forecast period. This segment dominance is due to increasing preference for first-line therapeutics because they can be performed under sedation, unlike several other procedures, and are more accessible for the patients to go through. Furthermore, flexible endoscopes are also very cost-effective and are a relatively safer procedure. In addition, flexible endoscopes have a high success rate and efficiency, giving them more credibility. Furthermore, they also have surgical usage in healthcare. Therefore, the segment is expected to dominate the market due to high demand. 

The disposable endoscopes segment is also expected to grow at a prominent CAGR during the forecast period owing to the growing preference for devices over conventional methods. Devices have many advantages, like reduced risk of cross-contamination and reduced risk of nosocomial disease spread, thus promoting the segment's growth. 

Global endoscopes market - By application:

• Laparoscopy
• Arthroscopy
• Bronchoscopy
• Otoscopy
• Laryngoscopy
• Mediastinoscopy
• Arthroscopy
• Obstetrics/gynecology endoscopy
• Gasteointestinal (GI) endoscopy
• Urology endoscopy (Cystoscopy)
• Other Applications

The gastrointestinal endoscopy segment is expected to dominate the market due to the rising geriatric population, increased functional gastrointestinal diseases worldwide, increased cases of upper intestinal procedures, and the treatments required for gastric problems. In addition, the increasing need for diagnosing and treating G.I. problems is helping support market expansion in the segment. The urology endoscopy segment is also expected to show fast growth due to the prevalence of urological cancers, urological surgeries, and the rising preference for endoscopic devices over traditional methods.  

Global endoscopes market - By end-user:

• Ambulatory surgery centers/clinics
• Hospitals
• Other end-uses

The hospital segment is expected to dominate the market during the forecast period due to the growing demand for primary healthcare services, advanced infrastructure, and widespread availability of resources at established hospitals. In addition, hospitals are acquired with trained professionals trusted by the public, and therefore the rapid influx of patients to hospitals helps the segment dominate the market. 

The Ambulatory care services segment is also expected to grow significantly during the forecast period due to the advancement of ambulatory services and the availability of the services 24/7 for the best response in emergencies. 

Global endoscopes market - By region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The North American region is expected to dominate the market during the forecast period due to a growing elderly population, an increase in the prevalence of cancer, a surge in the adoption of technologies, an increase in functional gastrointestinal disorders, an increase in the frequency of chronic diseases, favorable reimbursement policies for endoscopic procedures, a well-established healthcare infrastructure, a high preference for minimally invasive surgical techniques, and an improvement in healthcare spending in countries like the U.S. and Canada. 

The Asian-Pacific market is also expected to grow significantly because functioning gastrointestinal problems are now more prevalent, chronic diseases are more common, and the elderly population is expanding. Additionally, healthcare infrastructure is improving, disposable incomes are rising, the economy is developing, and there are many market participants. The government supports these trends leading to market growth in countries like India, China, Japan, South Korea, etc. 

KEY MARKET PLAYERS:

Stryker, Boston Scientific Corporation, CONMED Corp., Karl Storz GmbH & Co., KG, Richard Wolf Medical Instruments, Medtronic, PENTAX Medical, Ethicon U.S., LLC and FUJIFILM Holdings Corp. are a few of the prominent participants in the endoscopes market.

RECENT HAPPENINGS IN THIS MARKET:

• In September 2022, Today Virtuoso Surgical said that the U.S. SEC had approved the $20 million stock sale, making it official. Virtuoso is a surgical robot system developer for minimally invasive endoscopic surgery in Nashville, Tennessee. Its creators created the patented technology at Vanderbilt University and Johns Hopkins University. The National Institutes of Health and the National Science Foundation also funded the company's efforts. The business claims that research using cadavers, animals, and tissue models proved the viability of its surgical robot system. The procedures performed included, among others, endoscopic neurosurgery, the removal of central airway obstructions, uterine fibroids, enlarged prostate, and bladder cancer.
• In September 2022, Agilis Robotics wants to finish raising money for its pre-B round to target endoscopic submucosal dissection (ESD) and en-bloc resection of bladder tumor (ERBT) procedures, Agilis Robotics Limited developed the first surgical robotic instruments in Hong Kong. The company recently announced its fundraising status and its most recent technological developments. The Pre-B Round, which entails raising money for specific applications with the Food and Drug Administration (FDA) and National Medical Products Administration (NMPA), is about to start after Agilis Robotics' A Round fundraising was finished in 2022. These initiatives will help increase the marketability of the company's products in Mainland China.