Endoscopy Devices Market Size, Status and Forecast 2030

 

Endoscopy Devices Industry Overview

The global endoscopy devices market size was valued at USD 54.4 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2030.

The less invasive properties and affordable post and pre-procedure cost of endoscopy devices are the major factors anticipated to boost the market growth over the forecast period. Furthermore, a shift in trend to use disposable endoscopic components to minimize the procedure cost as well as the chance of cross-contamination is also expected to accelerate market growth over the years.

In addition, the growing chronic disease burden and increasing geriatric population all over the globe are also anticipated to fuel the adoption of tracadvanced endoscopic devices such as wireless capsule endoscopy and high definition camera & camera systems during the coming years. Moreover, growing medical conditions due to the increasing geriatric population often require endoscopic intervention such as liver abscess, gall stones, endometriosis, and intestinal perforation, which in turn anticipated to drive the market for endoscopy devices over the forecast years. For instance, as per the Administration on Aging (AoA) of the U.S. Department of Health and Human Services report, about 16% of the population were aged above 65 years during 2019. This number is expected to increase to 21.6% by 2040.

Gather more insights about the market drivers, restrains and growth of the Endoscopy Devices Market

In addition, increasing preference by a medical professionals to use technologically advanced endoscopy devices equipped with a high-definition camera and light sources to help physicians analyze internal organs of interest also drives the market. For example, Stryker, Olympus Corporation, Fujifilm Holdings Corporation are some of the key pioneers in high definition camera systems. The shift of preference towards minimally invasive surgical procedures than traditional surgeries to reduce hospital stay and minimize post-procedure complications are the major factors anticipated to fuel the demand for endoscopy devices. Hence, factors such as higher patient satisfaction, increased economic viability, and lesser hospital stay are expected to increase the demand for minimally invasive endoscopic interventions in the coming years, thereby accelerating market growth.

Furthermore, the growing burden of cancer all over the world also fuels the adoption of endoscopy devices for the early diagnosis and treatment of the disease. For instance, according to GLOBOCAN 2020 estimates 19.3 million new cancer cases worldwide and almost 10 million death occurred in 2020 due to cancer. In addition, the increasing preference for biopsies for diagnosis and detection of cancer in recent years is also likely to increase the adoption of endoscopic devices, which in turn is anticipated to drive the market for endoscopy devices over the years.

Technological advancement to develop innovative endoscopic devices is also anticipated to accelerate market growth during forecast periods. The key manufacturers are continuously looking forward to innovating advanced endoscopic solutions for better treatment and diagnosis of several chronic disorders. For instance, in August 2021, Fujifilm Holdings Corporation announced the commercial launch of the ELUXEO 7000X endoscopic Imaging System. This advanced imaging system enables real-time visualization of hemoglobin oxygen saturation (StO2) levels in tissue during laparoscopic and/or endoluminal imaging procedures.

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The global endoscopes market size was valued at USD 20.3 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 8.9% from 2024 to 2030.

The global ambulatory surgery centers market size was estimated at USD 134.95 billion in 2023 and is expected to expand at a CAGR of 6.25% during the forecast period.

Key Endoscopy Devices Company Insights

Some of the key players operating in the market include Olympus Corporation (Olympus), Boston Scientific, and Stryker. Whereas, some of the emerging market players in the industry are CONMED Corporation, Richard Wolf GmbH, and Medtronic.

Olympus Corporation is one of the market leader and is a medical technology company offering medical systems, such as endoscopes and endoscopy products. The company is leading innovator in designing & adopting technologically advanced solutions. The company houses world-class R&D resources & facilities and therefore, are one of pioneering companies in the endoscopes industry,

Boston Scientific is a renowned player in the medical devices industry and the company devises numerous strategies in the form of collaborations and partnerships to expand their business geographies.

FUJIFILM Holdings Corporation is another dominant player in the endoscopes industry and focuses on innovating novel therapies and technologies. FUJIFILM utilizes their R&D capabilities to advance their product offerings.

PENTAX Medical is a division of HOYA Group delivering endo-imaging solutions. The company has manufacturing and R&D innovation centers in the U. S., Japan, and Europe. The company utilizes their innovation capabilities and devises their merger & partnership strategies to grow across various business geographies.

Recent Developments

In November 2023, Olympus Corporation, launched EVIS X1, a next-generation endoscopy system for the Chinese market and demonstrated this endoscopy system at the 6th annual China International Import Expo that was held in Shanghai from November 5^th -10^th.

In January 2023, FUJIFILM India launched FushKnife, a diathermic slitter and ClutchCutter, a rotatable forceps and this was introduced at the 63rd Annual Conference of Indian Society of Gastroenterology-ISGCON held in Jaipur.

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