Wilmington, Delaware, United States, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global industry for single-use flexible endoscope products is anticipated to expand at a CAGR of 23.9% during 2022 to 2031. The global market was valued at US$ 1.1 Bn in 2021. Growing prevalence of gastrointestinal disorders, including stomach cancer, ulcers, and gastroesophageal reflux disease, are driving the usage of single-use flexible endoscope products, thus leading to expansion of the global industry. Additionally, consistent efforts by market players to develop new and innovative products by leveraging emerging technologies is also expected to increase product offerings, and propel market growth in the coming years.
Rise in demand for endoscope products that offer high-definition imaging in highest resolutions for diagnosis, as well as examination of various gastrointestinal health issues boosts market growth. Single-use flexible endoscope market products are used by medical professionals to examine various conditions, such as gastrointestinal bleeding, growth of stomach cancer, and ulcers.
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Single-use Flexible Endoscope Market – Key Findings of the Report
- Increase in Incidence of Critical Respiratory Health Issues: Growing incidence of critical respiratory health issues, such as lung cancer, is driving demand within the market. Increasing cases of lung cancer is leading to high demand for bronchoscope products, compared to other product types. According to a study by the American Cancer Society, in 2022, over 236,740 cases of lung cancer were reported in the United States alone, with lung cancer being the cause for over 130,180 deaths. The growing prevalence of lung cancer is anticipated to drive market expansion. Bronchoscope medical devices are used to treat cancer of the airway with the use of radioactive materials.
Single-use Flexible Endoscope Market – Growth Drivers
- Increase in use of single-use flexible endoscope products in various surgical and non-surgical procedures bolsters their demand
- Rise in demand for medical grade single-use products to safeguard patients against the risk of hospital-acquired infections boosts market growth
- Prevalence of various gastrointestinal disorders creates high demand for easy to operate endoscope products which results in growing demand for the product
Single-use Flexible Endoscope Market – Key Players
Some of the key players assessed in this market report include Olympus America, Fujifilm Holdings Corporation, Coloplast Corp., NeoSpace Inc., Laborie, Intersurgical, Ambu A/S, Boston Scientific Corporation, Shenzhen Tianlang Medical, and Teleflex Inc. The competitive landscape of this market is highly consolidated and competitive in nature due to the presence of a relatively small number of top tier players. Leading industry players employ various growth and expansion strategies to increase their market share. These include mergers and acquisitions, expansion of product inventories, and strategic collaborations and alliances with other players.
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Single-use Flexible Endoscope Market – Regional Growth Assessment
In the single-use flexible endoscope market, North America accounted for a leading share of 40% in 2021. The key position of North America is ascribed to the presence of advanced healthcare facilities in countries in the region, as well as early adoption of technologically sound, innovative medical products by healthcare practitioners. Other key industry drivers include the large percentage of elderly population in the region, rising demand for minimally invasive surgical procedures, and growing prevalence of various infectious diseases.
Apart from North America, Asia Pacific is another key region in the global industry. The market report projects that Asia Pacific is likely to register excellent growth during the next decade, owing to increasing demand for novel and advanced healthcare solutions and services. Moreover, large medical device manufacturing companies are focusing on expanding their reach in developing economies of Asia Pacific. This is also expected to bolster market growth in the region in the near future.
Single-use Flexible Endoscope Market: Segmentation
Single-use Flexible Endoscope Market, by Type
- Duodenoscopes
- Bronchoscopes
- Cystoscopes
- Gastroscopes
- ENT Scopes
Single-use Flexible Endoscope Market, by End-user
- Hospitals
- Ambulatory Surgical Centers
- Clinics
- Others
Single-use Flexible Endoscope Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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