Surging demand for minimally invasive procedures is expected to augment the endoscopy market growth through 2030. In addition, growing prevalence of chronic illnesses, such as cancer and gastrointestinal conditions, that require effective diagnosis and treatment is likely to fuel industry expansion over the forecast timeline.
According to the National Cancer Institute (NIH), there were 18.1 million cancer survivors, which equates to approximately 5.4% of the population, in the United States as of January 2022. The U.S. health agency further projects this number to grow by 24.4% to reach 22.5 million by the year 2032. Subsequently, escalating incidences of cancer have fostered market outlook significantly.
Moreover, product innovation and technological advancements have led to the introduction of next-generation endoscopy devices. For instance, in July 2022, the Food & Drug Administration (FDA) granted 510K clearance to medical device firm Zsquare’s to launch the ENT-Flex? Rhinolaryngoscope, the first single-use endoscope.
The device’s hybrid design offers high-resolution imaging with benefits like improved patient comfort, cost-effectiveness for both payers and providers, and better diagnostic quality. The development of such innovative devices is advancing the space of ENT endoscopy, which has enhanced the product landscape.
The global endoscopy market has been categorized on the basis of product, application, end-use, and region. Based on product, the endoscopy industry has been bifurcated into endoscopic ultrasound, visualization systems, endoscopes, insufflator, and others.
In 2021, the endoscopes segment accounted for $16,811.0 million in revenue and is estimated to grow at a steady rate over the forecast period. The growth of the endoscopes segment can be attributed to technological advancements in endoscopy devices that allow surgeons to generate a precise image of the intended internal body parts and assist in the treatment of a broad range of chronic ailments.
In terms of application, the endoscopy market has been fragmented into GI endoscopy, laparoscopy, ENT endoscopy, arthroscopy, obstetrics/gynecology, pulmonary endoscopy, and others. The laparoscopy segment is estimated to surpass a valuation of $16,716 million by 2030 owing to surging patient preference for minimally invasive surgeries and growing prevalence of stomach and colon disorders.
With respect to end-use, the global industry has been divided into ambulatory surgical centers, hospital, and others. The hospital segment is anticipated to showcase significant growth over the forecast years, with an estimated valuation of more than $32,677 million by 2030, driven by rising number of in-patient admissions as a result of mounting patient need for quality care and convenience.
In the regional frame of reference, the North America endoscopy market was valued at over $13,880.9 million in 2021 and is projected to exhibit exceptional growth in the forthcoming period. On account of increasing occurrences of chronic diseases and expanding geriatric population, and large-scale product adoption in several countries, the market is foreseen to exhibit robust growth.
Chronic diseases like heart disease, diabetes, and cancer are a major concern in North American countries, which is driving the need for timely diagnosis and treatment. According to the Centers for Disease Control & Prevention (CDC), 6 in 10 American live with at least one chronic disease, which is speculated to play a vital role in the development of the regional endoscopy market.