“The Global Endoscopy Devices Market is expected to be around $44 billion by 2025”
Key Growth Factors:
-The key factors driving the Endoscopy Devices Market growth are, increasing incidence of chronic diseases such as cancer and gastrointestinal diseases, prevalence of geriatric population worldwide, rising demand for minimally invasive procedures and technological advancements.
-According to the American Cancer Society, the number of new cases of cancer is expected to rise up to 21.7 million cases by 2030.
-As per their latest report, around 1.7 million new cancer cases will be diagnosed in 2017 in the U.S. Such high incidence of cancer will propel the demand for endoscopy devices during the forecast period.
-However, factors such as high cost of endoscopy devices and risk of infections caused due to endoscopes can hinder the growth of global endoscopy devices market during the forecast period.
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Global Endoscopy Devices Market Outlook and Trend Analysis:
The endoscopes segment accounted for the largest share of the endoscopy devices market in 2016 owing to the development of advanced endoscopes for minimally invasive procedures leading to their rapid adoption. Within the endoscopes segment, flexible endoscopes sub-segment accounted for a major market share in 2016 whereas capsule endoscopes sub-segment is projected to grow at the fastest rate during the forecast period.
Endoscopy Devices Application:
The gastrointestinal endoscopy segment held the largest share of the global endoscopy devices market with respect to applications in 2016 owing to large number of procedures performed globally. As elderly population is more susceptible to gastrointestinal disorders, increasing global geriatric population is considerably contributing to the rising demand for gastrointestinal endoscopy procedures. Hence, the segment is expected to grow at the fastest rate during the forecast period.
End User of Endoscopy Devices:
Hospitals and clinics segment accounted for the major share of the global endoscopy devices market in 2016. Due to extensive usage of endoscopy devices in hospitals and clinics to perform minimally invasive procedures, the segment is projected to exhibit fastest growth during the forecast period. Increasing incidence of chronic disease and rising geriatric population are largely contributing to the increasing number of endoscopy procedures being performed in hospitals and clinics around the world leading to a significant market share for the segment.
Regional outlook of Endoscopy Devices:
North America dominated the global endoscopy devices market in 2016 owing to rapid adoption of technologically advanced endoscopy devices, increasing incidence of chronic diseases such as cancer and rising geriatric population in the region. Moreover, availability of advanced healthcare infrastructure in the region is also significantly contributing to the rising adoption of endoscopy devices in North America. However, Asia-Pacific endoscopy devices market is expected to register at a fastest growth during the forecast period due to increased emphasis on advancement of healthcare infrastructure in emerging economies such as China and India to mitigate highly unmet medical needs in these developing nations.
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