The global endoscopy market continues to grow along with minimally invasive surgeries and life expectancy rates.
“Endoscopy is now seeing a new wave of innovation, driven by the start-up boom, advances in technology such as AI and the need for incumbents to think beyond product enhancements for competitive differentiation,” according to Frost & Sullivan, a growth strategy consulting and research firm.
A recent Frost & Sullivan analysis of the industry identifies and profiles the top 30 innovative products and their manufacturers, including new endoscopy products, AI-enabled image analysis solutions, robotic solutions, advanced visualization solutions and even therapy products for endoscopy.
“The global market for endoscopy devices is expected to grow from $43.40 billion in 2018 to $45.95 billion in 2019, representing a year-on-year growth rate of just 6.6%,” said Siddharth Shah, transformational health program manager, Frost & Sullivan. “How can top-ranked manufacturers boost growth further and capture higher market shares? The answer lies in competitive differentiation through innovation, driven predominantly by start-ups that attempt to transform endoscopy with the power of novel technologies.”
Frost & Sullivan is not alone in predicting growth for the global endoscopy market in coming years.
The global endoscopy devices market size is expected to reach $58.1 billion by 2025, according to a report by Grand View Research Inc., exhibiting a compound annual growth rate (CAGR) of 7.4% during the forecast period.
A growing preference for minimally invasive endoscopic procedures, increasing geriatric population and an increase in the prevalence of target gynecological, urological and gastrointestinal diseases are key factors contributing to market growth, according to a press release. Technological advancements in endoscopes and visualization systems are also positively impacting the market, the release adds.
MarketsandMarkets also predicts growth.
“The global endoscopy equipment market is projected to reach $35.2 billion by 2024 from an estimated $25.6 billion in 2019 at a CAGR of 6.6% during the forecast period. The growth of this market is driven majorly by factors such as growing demand for endoscopy, growing investments, funds, and grants, rising number of hospitals and increasing hospital investments in endoscopy facilities, and technological advancements,” MarketsandMarkets reports.
A report from Mordor Intelligence forecasts that the endoscopy devices market, which was valued at $25.2 billion in 2018, is expected to register a CAGR of about 6.45% from 2019 to 2024.
“The United States dominates the market and is expected to continue to do the same during the forecast period,” according to a Mordor Intelligence report. “Currently, the United States dominates the market for endoscopy devices, and it is expected to continue its strong hold for a few more years. An increasing number of treatments, along with a rising population that exhibits a higher prevalence of GI disorders, are driving the growth of the market. Mild GERD is estimated to affect 60% of the population in the United States, nearly half of which experience it on a weekly basis. Colon cancer is projected to be the third leading cause of cancer deaths in the United States, with approximately 150,000 diagnosed, annually. The number of annual gastro-intestinal procedures is also likely to grow, due to the growing prevalence of digestive disorders affecting all divisions of the population, and the expanding therapeutic capabilities of endoscopy devices.”
“Furthermore, the increasing preference for less invasive surgeries and treatment possibilities continues to fuel technological advancements in the U.S. endoscopic devices market. This is allowing surgeons to treat more conditions, without resorting to open surgery,” the report adds.