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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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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