Wilmington, Delaware, United States, June 02, 2023 (GLOBE NEWSWIRE) -- The single-use flexible endoscope market was worth US$ 1.1 billion in 2021. Approximately US$ 9.1 billion will be generated by the market by 2031. Single-use Flexible Endoscope market is forecast to grow at a CAGR of 23.9% from 2022 to 2031.
Increasing rates of Hospital-acquired Infections (HAI) are linked to contaminated endoscopes. As endoscopes are often less expensive to maintain, clean, and store, they are also becoming increasingly popular in the market.
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As per new FDA directives and CDC guidance, disposable components reduce the risk of infectious diseases and transmission. Since single-use devices have become increasingly popular in hospitals, the cost-effectiveness of endoscopes is becoming increasingly important. By eliminating complex reprocessing procedures, flexible single-use endoscopes enable healthcare organizations to save significant amounts of money.
According to the Centers for Disease Control and Prevention, digestive tract diseases caused 7.9 million emergency room visits in 2018. Consequently, flexible endoscopy procedures will become more popular as people demand more surgeries that require minimally invasive techniques will likely increase. Manufacturers will continue to focus on developing new and innovative products through the use of emerging technologies, increasing the product offering and contributing to the market's growth. Companies that provide single-use flexible endoscope equipment can benefit from custom-tailored solutions designed to integrate miniature camera technology and microendoscopic camera technology.
Key Findings of the Market Report
- Single-use flexible endoscopes are becoming more popular in various surgical and noninvasive techniques.
- Growing demand for single-use flexible endoscopes in primary health care will grow the market for hospital segments.
- Bronchoscopes are expected to be in high demand due to the increase in critical respiratory health conditions.
- Increasing incidences of gastrointestinal disorders have increased the demand for easily accessible endoscopes
- Health risks will be more widely recognized and the demand for early detection, and the need for diagnostics at an early stage will increase.
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Global Single-use Flexible Endoscope Market: Growth Drivers
- Concerned about reusable endoscopes transmitting infections, single-use, disposable endoscopes have gained popularity. Spending on medical services and infrastructure has increased as living standards have improved. Getting regular checkups and receiving an accurate diagnosis has become increasingly important as chronic diseases have become more prevalent.
- With the increasing number of cancers such as those in the stomach and colon, as well as inflammatory bowel diseases and respiratory infections, the market is expected to experience steady growth. Healthcare continues to evolve as medical technology advances. The rapid development of technology is promoting the single-use flexible endoscope industry worldwide.
- Technology advancements and the widespread application of endoscopic devices for gastroenterological disorders and cancer procedures are expected to drive the market growth of endoscopic devices during the forecast years. These are key factors that will contribute to the growth of the market.
- With the increasing popularity of single-use endoscopes, regulations, prevention programs, policies, and insurance policies are driving innovation in the field. Research and development investments aimed at improving nanotechnology-based devices are expected to expand the market in the future.
Global Single-use Flexible Endoscope Market: Regional Landscape
- Growing demand for novel and advanced healthcare solutions and services in the Asia Pacific region is driving market growth.
- Increasing disposable incomes and an aging population are expected to drive the growth of the market.
- With the adoption of advanced healthcare facilities and technologies are adopted in the United States, the market is expected to grow.
- A growing awareness of chronic illnesses and minimally invasive surgeries is expected to expand the market in the near future.
- The single-use flexible endoscope market in Europe is expected to grow as supporting initiatives to strengthen healthcare infrastructure and investment in the healthcare industry are implemented.
Global Single-use Flexible Endoscope Market: Key Players
Several major players hold the majority of market shares, resulting in a highly consolidated industry. Research and development are required to create environmentally friendly products (R&D). Leading firms are increasingly expanding their product lines through mergers and acquisitions.
- In May 2023, Asieris Pharmaceuticals partnered with UroViu Corporation. An exclusive global license will be granted to Asieris Pharmaceuticals for UroViu's technology for portable, single-use cystoscopes. This patented technology will be used in conjunction with specific optical imaging agents by Asieris Pharmaceuticals to perform non-white light imaging research to diagnose and monitor NMBC (Non-Muscle Invasive Bladder Cancer). The sterile single-use fluorescent Cystoscope will be commercialized by Asieris Pharmaceuticals.
- In April 2023, EvoEndo® Inc., was revealed to have received an investment from GI Opportunity Fund 1, the new venture capital fund established by the American Gastroenterological Association (AGA). The American Gastroenterological Association (AGA) is committed to supporting EvoEndo®'s cutting-edge technology, aimed at saving time, resources, and money for hospitals and the GI community.
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Global Single-use Flexible Endoscope Market: Segmentation
Type
- Duodenoscopes
- Bronchoscopes
- Cystoscopes
- Gastroscopes
- ENT Scopes
End-user
- Hospitals
- Ambulatory Surgical Center
- Clinics
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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