Endoscope Market to Grow due to Surging Chronic Disease Prevalence

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Endoscope Market to Grow due to Surging Chronic Disease Prevalence

January 13
12:28 2020
Endoscope Market to Grow due to Surging Chronic Disease Prevalence

Endoscope Market
From valuing $18.9 billion in 2018, the global endoscope market is predicted to reach $28.4 billion by 2024, advancing at a 7.2% CAGR during the forecast period (2019-2024).

The major driving factors of the market are the technological advancements, rising geriatric population, and growing burden of chronic diseases. Endoscopy is the process of examination of the internal body parts for the diagnosis and treatment of diseases. The instrument used is known as an endoscope, which is made of a flexible, thin tube with a camera and a light source mounted at the top.

Based on type, the endoscope market is categorized into colposcope, laparoscope, laryngoscope, cystoscope, bronchoscope, colonoscope, arthroscope, and esophagoscope. Among all, during the historical period (2014–2018), the highest revenue in the market was generated by the esophagoscope category. This was attributed to the rising prevalence of chronic diseases, particularly in the throat, and the increasing emphasis on the diagnosis of diseases for early treatment, if possible, preventing the spread of the disease altogether. The fastest growth in the forecast period is expected to be witnessed by the colonoscope category.

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The endoscope market is observing the trend of the increasing number of product launches with innovative technologies. These advanced products are helping in effectively diagnosing numerous diseases and conditions, such as colon cancer, chronic gastrointestinal bleeding, ulcerative colitis, and muscle spasms. They are able to provide enhanced visualization of body parts with minimal scope for errors. Olympus Corporation, in March 2019, launched a small intestine endoscopy system — PowerSpiral containing a motorized rotation system that helps in visualizing the deeper parts of the small intestine.

The manufacturers in the endoscope market are trying to increase their revenue by cutting down on the manufacturing cost of the instrument. They are doing that by relocating their manufacturing facilities to emerging economies, such as China and India, where the material and labor are available at significantly lower prices than developed countries. Further, to boost the economy of their countries, governments here offer incentives and subsidies to these companies for setting up their manufacturing plants. This is expected to drive the demand for advanced endoscopes, by motivating manufacturers to invest in technology R&D.

Therefore, the market for endoscopes is set to witness a significant growth in the forecast period due to the rising number of chronic diseases, such as cancer and cardiovascular diseases.

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