Redding, California, June 21, 2023 (GLOBE NEWSWIRE) -- According to a new market research report, ‘Endotherapy Devices Market by Type (Needles, Biopsy Forceps, Balloon Dilators, Haemostasias, Snares, Catheters, Sphincterotomes, Guide Wires, Stents, Retrieval Net), Application (Upper GI Endoscopy, Colonoscopy, Cystoscopy) - Global Forecast to 2030’, published by Meticulous Research®, the global endotherapy devices market is expected to reach $7 billion by 2030 at a CAGR of 7.4% from 2023 to 2030
Endotherapy devices are referred to as devices that are intended to insert in the human body through endoscopic procedures. These devices are placed in the body through cavities, natural openings, or incisions. Endotherapy devices are majorly used by cardiologists, gynecologists, hepatologists, neurologists, gastroenterologists, nephrologists, and liver transplant surgeons in endoscopic surgeries.
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The growth of the global endotherapy devices market is mainly attributed to the rise in endoscopic procedures, the growing geriatric population, and technological advancements. However, the high cost associated with endotherapy devices is restraining the market growth. The increasing demand for endoscopic procedures in emerging markets is creating opportunities for market players.
The Rising Prevalence of Target Diseases Requiring Endoscopic Procedures Drives the Market
The prevalence of cancer, lung disorders, kidney diseases, bladder tumor, bladder cancer, and gastrointestinal conditions is rising globally. According to GLOBOCAN, in 2020, there were 18.1 million cancer cases worldwide. Endotherapy devices are used for tissue sampling to determine cancer's severity and tumor removal.
The rising burden of chronic diseases and the growing elderly population worldwide will likely increase the demand for endotherapy devices. Medical conditions such as liver abscesses, gallstones, endometriosis, and intestinal perforation are common in the elderly, for which endoscopies are required. This is expected to increase the demand for endotherapy devices.
Awareness about the use of endotherapy devices is increasing as they are safer and more reliable to use. Key players are also providing training to physicians and endoscopists about the use of endotherapy devices. This is expected to drive market growth.
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The report includes an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past years (2020–2023). The key players operating in the global endotherapy devices market are Boston Scientific Corporation (U.S.), Olympus Corporation (Japan), Medtronic plc (U.S.), FUJIFILM Holdings Corporation (Japan), Cook Group Incorporated (U.S.), Conmed Corporation (U.S.), Hoya Corporation (Japan), Stryker Corporation (U.S.), KARL STORZ SE & Co. KG (Germany), Smith & Nephew PLC (U.K.), Micro-Tech (Nanjing) Co., Ltd. (China), Nipro Corporation (Japan), MEDIVATORS B.V. (Germany), The Cooper Companies, Inc. (U.S.), and JOHNSON & JOHNSON (U.S.).
The global endotherapy devices market is segmented by Type (Endotherapy Needles Devices {Fine Needle Biopsy (FNB) System, Fine Needle Aspiration (FNA) System, Fine Needle Fiducial (FNF) System}, Biopsy Forceps {Single-use Biopsy Forceps and Reusable Biopsy Forceps}, Balloon Dilators, Hemostasis System, Hemoclips, Snares, Catheters {Dilatation Catheter, Ureteral Catheter, Coronary Catheter}, Sphincterotomes, Guide Wires, Extraction Balloons, Extraction Baskets, Stents {Metal Stents and Plastic Stents}, Distal Caps, Polyp Retrieval Traps, Retrieval Net, and Other Devices), Application (Upper Gastrointestinal (GI) Endoscopy, Colonoscopy, Cystoscopy, Bronchoscopy, Laryngoscopy, and Other Applications), and Geography. The study also evaluates industry competitors and analyzes their market share at the global and regional levels.
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Among all applications studied in this report, in 2023, upper gastrointestinal (GI) endoscopy is expected to account for the largest share of the endotherapy devices market. The burden of GI disorders on the healthcare system and the costs associated with managing GI disorders are high. The rising prevalence of gastrointestinal disorders accounts for the market's largest share. Gastrointestinal endoscopy offers treatment for various health conditions, such as removing swallowed objects, managing bleeding in the upper digestive tract, stretching narrowed digestive tract, and removing polyps. Additionally, the dependency on endoscopic procedures is rising, supporting the growing usage of endotherapy devices. These factors are supporting the largest share of the market.
Endoscopic stents are used to treat several illnesses, such as primary sclerosing cholangitis, metastatic disease, and pancreaticobiliary malignancy. Additionally, a stent is inserted in the esophagus to remove the blockage and help in swallowing liquid and solids as well as stents are increasingly used in the pancreatic ducts to bypass strictures and widen the part of the ducts. The rising number of diseases requiring endoscopic stenting is driving its demand.
Among all regions studied in this report, in 2023, North America is expected to account for the largest share of the global endotherapy devices market. The large market share of North America is attributed to technological advancements in endotherapy, the increasing prevalence of chronic diseases, and increased healthcare spending. Additionally, the increasing geriatric population and the rising prevalence of gastrointestinal cancer drive the market.
However, Asia-Pacific is expected to register the highest CAGR during the forecast period. The growth of the endotherapy devices market in Asia-Pacific is attributed to the advancing healthcare infrastructure, rising cases of diseases requiring endoscopies, and the growing burden of the geriatric population and associated chronic diseases. Additionally, increasing awareness about minimally invasive endoscopic procedures, emerging medical tourism, and increasing healthcare spending is driving the market in the Asia-Pacific region.
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Scope of the Report:
Endotherapy Devices Market Assessment - by Type
- Endotherapy Needle Devices
- Fine Needle Biopsy (FNB) System
- Fine Needle Aspiration (FNA) System
- Fine Needle Fiducial (FNF) System
- Biopsy Forceps
- Single-use Biopsy Forceps
- Reusable Biopsy Forceps
- Balloon Dilators
- Hemostasis System
- Hemoclips
- Snares
- Catheters
- Dilatation Catheters
- Ureteral Catheters
- Coronary Catheters
- Sphincterotomes
- Guide Wires
- Extraction Balloons
- Extraction Baskets
- Stents
- Metal Stents
- Plastic Stents
- Distal Caps
- Polyp Retrieval Traps
- Retrieval Net
- Other Devices
(Other devices include Cleaning Brushers, Endoscope Protectors, Biopsy Valves, ESD Knife, Injection Needles, and Handpieces)
Endotherapy Devices Market Assessment - by Application
- Upper Gastrointestinal (GI) Endoscopy
- Colonoscopy
- Cystoscopy
- Bronchoscopy
- Laryngoscopy
- Other Applications
- (Other applications include neuroendoscopy, laparoscopy, and arthroscopy)
Endotherapy Devices Market Assessment - by Geography
- North America
- U.S.
- Canada
- Europe
- U.K
- Germany
- France
- Italy
- Spain
- Rest of Europe (Roe)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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