According to Fact.MR- market research and competitive intelligence provider- demand for endoscopes surged at a CAGR of 9% from 2015 to 2021. Rising preference for minimally invasive surgical procedures to reduce patient trauma has proven to be a significant growth accelerator throughout the historical period.
During the COVID-19 pandemic, endoscope market demand underwent multiple fluctuations. At the onset of the disease, there was a significant shortage, attributed to the imposition of stringent lockdowns to curb the spread of the virus. Production shortfalls amid factory shutdowns led to a demand supply disequilibrium. Eventually, however, prospects appeared optimistic, given the rising need to scan infected patients and suggest appropriate treatment.
In the future, favourable reimbursement policies provided by healthcare sectors along with increasing FDA approvals for endoscopic devices are expected to escalate the demand for endoscopes. Thus, the sales of endoscopes are expected to exceed US$ 34 Bn by registering a CAGR of 10% in the forecast period 2022-2032.
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Key Segments Covered in the Endoscopes Market Report
By Product
By Application
By End Use
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Competitive Landscape
Competitive Landscape
In January 2021, Olympus Corp completed the acquisition of Quest Photonic devices. The company is focusing on offering and inventing endoscopes to provide better treatments to patients.
Key Companies Profiled:
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Gastrointestinal Disorders Surging Demand for Endoscopes in North America?
The market for endoscopes is expanding in North America due to rising use of elective endoscopic operations, better healthcare spending, and the large senior population. The increased incidence of functional gastrointestinal problems and cancer in the United States is also anticipated to increase demand for endoscopes.
For instance, the American Cancer Society predicts that in 2021 there will be around 1.9 million new cancer cases identified in the United States. Therefore, it is anticipated that North America will account for more than 40% of the global endoscope market throughout the evaluation year.
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