Rising adoption of endoscopy devices for examining body organs due to growing awareness among the population is expected to drive the growth of global endoscopy devices market. The Global Endoscopy Devices Market was valued at USD 36.9 Bn in 2020 and is expected to reach USD 59.3 Bn by 2027, growing at a CAGR of 7.1% during the forecast period.
Increasing demand for minimally invasive procedures to detect, treat and prevent complications regarding the internal organs targets the growth of the endoscopy devices market during the forecast year. Moreover, the rising prevalence of cancer and obesity is the major driving factor for the endoscopy devices market growth. For instance, according to National Cancer Registry Programmed, the recorded incidence of cancer in the Indian population was about 13.8 lacs cases for the year 2020.
Moreover, the increasing prevalence of gastrointestinal, urological, and respiratory disorders due to the rising number of the old-age population and to treat, detect, and prevention of diseases the demand for endoscopy devices rises which are the boosting factors for the growth of targeted market during the forecast period. For instance, according to the UN, the population aged 65 and above is anticipated to rise from 0.9 billion in 2017 to 2.1 billion by 2050.
Additionally, the launch of new products such as EVIS X1 endoscopy system and rising use of endoscopic bariatric metabolic therapies are the fueling factors for the endoscopy devices market growth. Rising awareness about endoscopic devices and the presence of a strong pipeline for medical devices are expected to introduce good opportunities for the growth of the market during the forecast year.
However, the lack of trained physicians and endoscopists is the major restraining factor for the growth of the market. Further, the infection caused by few endoscopic procedures might hinder the growth of the targeted market.
In terms of geography, in 2020, the North America region accounted for the major share of the global market. This is owing to the increased government focus on minimally invasive procedures in North America to prevent, treat and diagnosis the complications related to the internal organs. The growing incidence of cancer and obesity due to an unhealthy diet among numerous people in this region drives the growth of the endoscopy devices market.
Moreover, the government is taking initiative to accelerate the innovations in endoscopic devices in this region is another factor supporting the growth in North America. However, Asia Pacific witnesses the highest growth over the forecast period due to the increasing prevalence of gastrointestinal diseases, rising incidence of cancer, and the increasing demand for quality healthcare.
The Global Endoscopy Devices Market Segmentation:
Global Endoscopy Devices Market, by Product Outlook (Revenue, USD Billion, 2021-2027)
Global Endoscopy Devices Market, by Applications Outlook (Revenue, USD Billion, 2021-2027)
Global Endoscopy Devices Market, by End-Users Outlook (Revenue, USD Billion, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the endoscopy device market are: