Flexible are Expected to Dominate the Global Endoscope Market
One
of the key drivers is the increasing emphasis on preventive maintenance in
industrial operations.
According to TechSci
Research report, “Global Endoscope Market - Industry Size, Share, Trends,
Competition Forecast & Opportunities, 2028”. The Global Endoscope is anticipated to project robust
growth in the forecast period with a CAGR of 9.0% through 2028. The less
invasive properties and affordable post and pre-procedure cost of endoscopy
devices are the major factors anticipated to boost the market growth over the
forecast period. Furthermore, a shift in the trend to use disposable endoscopic
components to minimize the procedure cost as well as the chance of
cross-contamination is also expected to accelerate market growth over the
years. In addition, the growing chronic disease burden and increasing geriatric
population globally are also anticipated to fuel the adoption of endoscopic
devices during the coming years. Moreover, growing medical conditions due to
the increasing geriatric population often require endoscopic intervention such
as liver abscesses, gallstones, endometriosis, and intestinal perforation,
which in turn anticipated to drive the market growth for endoscopy devices over
the forecast years. For instance, as per the Administration on Aging (AoA) of
the U.S. Department of Health and Human Services report, about 16% of the
population was aged above 65 years in 2019. This number is expected to increase
to 21.6% by 2040.
In addition, increasing
preference by medical professionals to use technologically advanced endoscopy
devices equipped with high-definition camera and light sources to help
physicians analyze internal organs of interest also drives the market growth.
The shift of preference towards minimally invasive surgical procedures than
traditional surgeries to reduce hospital stay and minimize post-procedure
complications are the major factors anticipated to fuel the demand for
endoscopy devices. Hence, factors such as higher patient satisfaction,
increased economic viability, and lesser hospital stays are expected to
increase the demand for minimally invasive endoscopic interventions in the
coming years, thereby accelerating market growth. Furthermore, the growing
burden of cancer all over the world also fuels the adoption of endoscopy
devices for the early diagnosis and treatment of the disease. For instance,
GLOBOCAN 2020 estimated 19.3 million new cancer cases worldwide and almost 10
million deaths occurred in 2020 due to cancer. In addition, the increasing
preference for biopsies for diagnosis and detection of cancer in recent years
is also likely to increase the adoption of endoscopic devices, which in turn is
anticipated to drive the market for endoscopy devices over the years.
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data Figures spread through 188 Pages and an in-depth TOC on " Global Endoscope Market.
Technological advancement to
develop innovative endoscopic devices is also anticipated to accelerate market
growth during forecast periods. The key manufacturers are continuously looking
forward to innovating advanced endoscopic solutions for better treatment and
diagnosis of several chronic disorders. For instance, in August 2021, Fujifilm
Holdings Corporation announced the commercial launch of the ELUXEO 7000X
Endoscopic Imaging System. This advanced imaging system enables real-time
visualization of hemoglobin oxygen saturation (StO2) levels in tissue during
laparoscopic and/or endoluminal imaging procedures. The high-value manufacturing
theme is now embracing a shift in service strategy, with manufacturers taking
responsibility for the system, leading to next-generation solutions like
industrial product service systems. Furthermore, the change in service duties
has resulted in the creation of solution-based systems that track the product’s
total cost of ownership across its entire life cycle. These solutions are based
on crucial service choices that ensure the system’s continuous and fault-free
functioning, hence prolonging the product’s life.
Key market players in the
Global Endoscope Market are following:-
- Olympus Corporation
- Fujifilm Holdings
Corporation
- PENTAX Medical Corporation
- Karl Storz SE & Co. KG
- Hoya Corporation
- Stryker Corporation
- Smiths Medical
- Richard Wolf GmbH
- Arthrex
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“In February 2023, Pentax
Medical Corporation announced a ¥10 billion (USD 76 million) investment to
expand its production capacity for industrial endoscopes in China. This
investment is expected to help Pentax meet the growing demand for its
industrial endoscopes from the Chinese market.
In January 2023, Hoya
Corporation announced a ¥5 billion (USD 38 million) investment to develop new
ultra-high-resolution industrial endoscopes. This investment is expected to
help Hoya develop industrial endoscopes with even better image quality, enabling
customers to inspect and diagnose problems more accurately. These investments
are a testament to the growing potential of the global Endoscope market. As the
demand for preventive maintenance and quality assurance continues to grow,
industrial endoscopes are becoming increasingly essential tools for businesses
in a wide range of industries.
..” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management consulting firm.
Endoscope Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast Segmented By Industry Vertical (Energy &
Power, Automotive & Transportation, Manufacturing, Aerospace & Defense,
Construction & Infrastructure, and Others), By Product (Flexible, Rigid,
Disposable)By Region, Competition 2018-2028. has
evaluated the future growth potential of Global Endoscope Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the Global Endoscope Market.
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