Increasing Number of Colonoscopies And Sigmoidoscopies Spurring The Demand Of Flexible Endoscopes
The global endoscopy equipment market is expected to grow at a CAGR of 6.24% over the forecast period of 2016 to 2024. The global flexible endoscopes market is anticipated to reach USD 6.31 million by 2024 from value USD 3.92 million in 2016, growing at a CAGR of 6.13% over the forecast period of 2016 to 2024.
In 2016 nearly 22 million people suffered from chronic gastroesophageal reflux disorder (GERD) out of which only 12 million people used medical treatments. Increasing demand for endoscopy is contributing to favourable reimbursement policies which are significantly boosting the requirement of flexible endoscopes in gastrointestinal endoscopy. Minimal invasive therapy is an advanced innovation in an endoscopic procedure. Top players of flexible endoscopes market are introducing equipment with advanced designs to provide comfort and precision during diagnosis. In January 2016, Boston Scientific Corporation introduced LithoVu, a single-use digital flexible ureteroscope to diagnose and treat stones for minimally invasive surgery.
According to Goldstein Research, global flexible endoscopes market is segmented on the basis of product type, application and by end-user. Application segment is further categorized into Gastrointestinal (GI) Endoscopy, Laparoscopy, Obstetrics/Gynaecology Endoscopy, Urology Endoscopy, Bronchoscopy, Otoscopy and Other (Neuroendoscopy, Thoracoscopy, Rhinoscopy). Among these segments, gastrointestinal endoscopy held the largest revenue share of flexible endoscope market in 2015. Increasing number of population suffering from chronic gastroesophageal reflux is likely to fuel the demand for gastrointestinal (GI) endoscopy in the near future. North America is expected to reach value USD 2.52 million by 2024 from value USD 1.57 million in 2016. Whereas, Europe flexible endoscopes market valued USD 1.18 million in 2016 and is projected to reach a value of USD 1.89 million by the end of 2024. Low-risk procedure and favourable recovery by health insurance is a major factor which is raising the adoption rate of flexible endoscopes in the UK, France, Germany and other European countries.
Global Flexible Endoscopes Market Outlook, 2016-2024 covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, the competitive analysis includes the in-depth analysis of the major players and leaders in the healthcare industry. The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler and others. Our primary research team conducted various interviews, surveys and group discussions of industry flexible endoscopes manufacturers, suppliers, and distributors, pharmaceutical & biotechnology companies, healthcare institutions, clinical centers, medical research laboratories and academic medical centres and universities to analyze the future prospects of the overall healthcare industry.
Global Flexible Endoscopes Market Segmentation can be classified on the basis of:
By Product Type
- Colonoscopes
- Gastroscopes
- Bronchoscopes
- Duodenoscopes
- Nasopharyngoscopes
- Other (Laryngoscopes, Pharyngoscopes)
By Application
- Gastrointestinal (GI) Endoscopy
- Laparoscopy
- Obstetrics/Gynecology Endoscopy
- Urology Endoscopy
- Bronchoscopy
- Otoscopy
- Other (Neuroendoscopy, Thoracoscopy, Rhinoscopy)
By End User
- Hospitals
- Diagnostic Labs
- Ambulatory Surgery Centers (ASCs)
By Geography
- North America (US, Canada) Flexible Endoscopes Market {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
- Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) Flexible Endoscopes Market {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
- The Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of the Middle East & Africa) Flexible Endoscopes Market {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
- Latin America (Brazil, Mexico and Rest of Latin America) Flexible Endoscopes Market {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
- Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) Flexible Endoscopes Market {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
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Market Trends, Drivers & Challenges
As of 2014, nearly 136,830 people are diagnosed with colorectal cancer as per the study performed by Center for Disease Control & Prevention. Colorectal cancer is the third leading type of cancer which causes maximum deaths worldwide. The government has reimbursement policies to cover colorectal cancer screening in the US, which is likely to fuel flexible endoscope market in North America region. Growing popularity of minimally invasive therapies and advancement in the medical system is boosting the flexible endoscopes market. Increase in the investment of endoscopy instruments by hospitals due to rising patient preference for minimally invasive surgeries and favourable reimbursement policies is driving the growth of flexible endoscopes market. However, stomach infection, perforation, or a tear of the stomach or oesophagus lining and bleeding during the process of endoscopy is limiting the patient preference for flexible endoscopes.
“Global Flexible Endoscope Market Report” has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space. The report also includes Porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global flexible endoscope industry report also recognizes value chain analysis to understand the cost differentiation to provide a competitive advantage to the existing and new entry players.
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