The global endoscopes market size was valued at $10.4 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 8.8% from 2020 to 2027, according to a Grand View Research report.
An increasing geriatric population, growing awareness of the benefits of minimally invasive surgeries over open invasive surgeries, rising prevalence of chronic diseases such as heart diseases, cancer and diabetes continue to drive the market. Various technological advancements are also among key trends boosting the demand for endoscopes globally, according to the report.
“Minimally invasive surgeries are driving the use of various endoscopic procedures for diagnosis such as proctoscopy, gastroscopy and cystoscopy. These surgeries require smaller incisions and hence offer advantages such as lesser pain, low or no risk of complications and quicker recovery when compared to open surgery,” according to Grand View Research. “Minimally invasive surgeries are also cost-effective and result in improved quality of life. The shift in trend from open surgery to minimally invasive procedures is expected to drive the demand for endoscopes.”
The increasing prevalence of cancer is listed as another key factor contributing to the growth of the market. The growing prevalence of cancer is expected to drive the demand for biopsies in cancer diagnosis. Endoscopy for biopsies and endoscopic ultrasound are the most preferred procedures for cancer diagnosis. According to the World Health Organization (WHO), cancer is the second leading cause of death worldwide, accounting for an estimated 9.6 million deaths in 2018, which is estimated to increase to 22.0 million by 2034.
Emergence of endoscopic bariatric surgeries, namely, endoscopic sleeve gastroplasty is also expected to drive the market growth, Grand View Research states. This procedure uses sutures for restructuring the stomach and helps reduce the stomach size by 70%. Although weight loss due to endoscopic bariatric surgery is not as effective as a surgical bariatric procedure, the former results in better health outcomes. Thus, the rise in demand for bariatric procedures is further expected to drive the demand for endoscopes.
“Owing to the effects of aging and the adoption of unhealthy lifestyles, disease burden is highest in geriatric patients. Furthermore, the geriatric population accounts for the maximum cases of cancer and chronic cardiovascular, respiratory, spinal and neurological diseases,” the report adds. “The economic impact of the geriatric population is much higher in developed nations as compared to emerging nations. The growing geriatric population is expected to boost the demand for various endoscopic procedures such as stomach, esophagus, cervical, orthopedic, and pulmonary endoscopy, subsequently driving the demand for endoscopes.”
Technavio has been monitoring the flexible endoscopes market and reports that it is poised to grow by $1.75 billion from 2020 to 2024, progressing at a CAGR of over 6% during the forecast period.
Technavio says that the value of the market was $5.10 billion in 2019 and it is projected to reach $6.85 billion by 2024. The global technology research and advisory company states that the rising popularity of minimally invasive procedures is one of the key factors driving the market growth.