New York, USA, July 26, 2023 (GLOBE NEWSWIRE) -- Flexible Endoscopes Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Flexible Endoscopes Market Information By Product, Application, End User And Region - Forecast till 2032", the market size was valued at USD 9.3 billion in 2022 and is projected to grow from USD 10.03 Billion in 2023 to USD 18.43 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.9% during the forecast period (2023 - 2032).
Market Scope
The need for different kinds of endoscopes and endoscopic equipment in surgical procedures, such as arthroscopy, cystoscopy, bronchoscopy, and laparoscopy, has increased due to less invasive surgical techniques. The preference for minimally invasive procedures over more traditional ones is explained by several factors, including lower costs, more patient satisfaction, fewer hospital stays, and fewer postoperative problems. Early-stage diagnosis is recommended for many chronic disease problems, which has raised the need for flexible endoscopes with light. These tools make it simpler for medical professionals to undertake invasive treatments while reducing patient discomfort. Due to hospitals and medical facilities actively investing in setting flexible endoscopic cameras, the demand for flexible endoscopes would rise. People have become more aware of the importance of periodic examinations and the need to get checked for the development of any illness due to the widespread prevalence of chronic diseases.
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Due to the surge in acceptance prompted by flexible endoscopes' benefits over rivals, the market under investigation is expanding. For instance, the most advantageous feature of optical fiber endoscopes is the surgeon's ability to regulate the endoscope's lens to alter the direction and increase its range of usage. Flexible endoscopes have developed into an effective instrument for examining gastrointestinal tracts that may be exhibiting disease symptoms. The rising acceptance of this diagnosis, especially among the elderly, drives the worldwide market in developed economies. Compared to the other endoscopic techniques now employed at various hospitals and clinics, the newly created flexible endoscopy techniques offer a superior vision of a wider area of the colon with more patient comfort. These techniques are projected to increase the adoption rate of flexible endoscopes.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 18.43 Billion |
| CAGR | 7.9% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing preference for minimally invasive surgeries over traditional surgeries promotes market growth |
| The increasing frequency of gastrointestinal disorders and technological improvements in endoscopic equipment |
Flexible Endoscopes Market Competitive Landscape:
- Stryker Corporation
- Olympus Corporation
- Karl Storz
- Hoya Corporation
- Pentax Medical
- Richard Wolf GmbH
- B.D. (Becton, Dickinson & Company)
- Boston Scientific Corporation
- Fujifilm Corporation
- Smith & Nephew Plc
Flexible Endoscopes Market Trends:
Market Drivers:
The primary factors influencing the market under investigation are the rising incidence of chronic illnesses affecting internal body systems, flexible microscopes' particular advantages over rivals, and the rising demand for early detection of chronic disease. Flexible endoscopes are required because of the rise in the incidence and prevalence of chronic illnesses in the United States, including irritable bowel syndrome and lung cancer. The use of endoscopes for both diagnosis and treatment has increased due to the surgical minimally invasive (MIS) trend. Although the sector is expanding, it is constrained by stringent regulatory standards for flexible endoscopes.
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Due to the increasing popularity of endoscopies and their minimally invasive nature, the market is anticipated to expand overall. Endoscopes are heavily used for diagnostic purposes in several chronic conditions, including inflammatory bowel diseases, colon cancer, respiratory infections, stomach cancer, and respiratory malignancies. The market is also driven by factors including a growing number of chronic diseases affecting the human body's internal systems, the benefits of flexible endoscopes over other devices, and the rising demand for early detection of these disorders.
Restraints
In developing countries, the dearth of experienced experts, such as endoscopists, is one of the biggest problems facing the flexible endoscopes market. In underdeveloped and growing nations, there are not enough resources for healthcare to guarantee that everyone has access to basic medical treatment. Healthcare facilities are subpar due to a shortage of clinical staff with the required training.
COVID 19 Analysis
The COVID-19 epidemic caused global disruption in every industry and business sector. Similarly, the virus outbreak has significantly impacted global medical activities. Due to specific endoscopic treatments, like pulmonary or gastrointestinal endoscopy, being regarded as aerosol-generating methods to prevent SARS-CoV-2 transmission, the COVID-19 pandemic impacted the market for certain endoscopes. For instance, there was a significant impact on treatment methods, healthcare services, and other things. Additionally, there were obstacles in the global supply chain for medical devices. The flexible endoscopes industry additionally had various effects during the global lockdowns. As fewer hospitals worldwide offered endoscopic services, consumer demand for fresh, flexible endoscopes fell precipitously. The surge in COVID-19-related situations for medical professionals also contributed to reduced services.
Flexible Endoscopes Market Segmentation:
By end-user, the market includes hospitals, ambulatory surgery centers, and specialty clinics.
By application, the market includes G.I. endoscopy, pulmonary endoscopy, ENT endoscopy, and urology.
By product, the market includes fiberscope and video endoscopes.
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Flexible Endoscopes Market Regional Insights:
Due to several variables, including an aging population, an increase in the frequency of long-term illnesses, and a rise in demand for minimally invasive surgeries, the Asia-Pacific area is anticipated to experience the fastest growth throughout the projection period. In addition, rising disposable incomes and rising healthcare spending by governments have made cutting-edge medical technologies like flexible endoscopes more widely available. Additionally, expanding the region's healthcare infrastructure and increasing clinics and diagnostic facilities are anticipated to drive the market's expansion.
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