Reusable Endoscopy Segment to Account for Largest Market Share by Product Type in Endoscopy Procedure Market during 2022–2030
According to our new research study on " Endoscopy Procedure Market Forecast to 2030 –Global Analysis – by Procedure, Offering, Product Type, End-user," the endoscopy procedure market size is expected to grow from US$ 53,196.65 million in 2030 from US$ 30,877.37 million in 2022; it is estimated to register a CAGR of 7.0 % from 2022 to 2030. The report highlights the key factors driving the endoscopy procedure market growth and prominent players with their developments in the market.
Based on product type, the endoscopy procedure market is by product type, is segment into disposable and reusable. The reusable segment held the largest share of the market in 2022 and disposable segment is expected to grow at the highest CAGR during the forecast period. Reusable endoscopy products can be reprocessed using manual or automated endoscope reprocessors (AERs) and reused by healthcare providers on multiple patients. Products used in endoscopy procedures are suitable for reuse and are typically made of a stronger material than disposable products, which are typically made of a thinner material. The reusable endoscopes need to go through one or more processes, such as cleaning, disinfection, and sterilization, as part of intensive cleaning. However, several risks are associated with a reusable endoscope, which is not limited to adherence to the predetermined cleaning procedure per the specific reusable endoscope. Across the world, various medical facilities use reusable endoscopes to lower the cost of surgical procedures. Additionally, the application of reusable products benefits the institution's financials and helps reduce medical waste.
Based on the region, North America is the fastest growing region in the endoscopy procedure market. Among the countries accounted in the region for the study, US is the largest market for endoscopy procedure followed by Canada and Mexico. Growing preference for minimally invasive surgeries and increasing prevalence of chronic diseases in the US and North America are likely to drive the endoscopy procedure market in the forecasted period. In addition, the technological advancement by market players leading to enhanced applications is likely to foster the growth of the market in the forecasted period.
The US endoscopy procedure market holds a significant share in North America. The rising healthcare expenditure is fueling the demand for endoscopy products in healthcare settings. According to US Center for Medicare & Medicaid Services, the national healthcare expenditure in the US increased by 9.7% in 2019 to reach US$ 4.1 trillion in 2020. Furthermore, national health spending is expected to grow at a 5.4% annual rate from 2019 to 2028, and it is expected to reach US$ 6.2 trillion by 2028. The rising healthcare expenditure is estimated to increase the adoption of various equipment for patient care, fueling the demand for endoscopy procedure products. According to the Global Burden of Disease Study published in October 2020, there is a high burden of various diseases in the US, such as colorectal cancer, cirrhosis, chronic kidney diseases, heart diseases, and cancer. Additionally, according to the US Department of Health and Human Services, 2021, chronic kidney disease (CKD) affects more than 1 in 7 U.S. adults—an estimated 37 million Americans.
The US endoscopy procedure market has recently witnessed several technological advancements and breakthroughs. The country has a broad pool of global endoscopy product manufacturers such as Boston Scientific Corp, PENTAX Medical, Stryker Corporation, and Steris Corporation. Therefore, the endoscope product approvals in the United States fueled the market growth. For instance, in February 2023, Boston Scientific Corporation received U.S. Food and Drug Administration (FDA) 510(k) clearance of the LithoVue Elite Single-Use Digital Flexible Ureteroscope System, the first ureteroscope system with the ability to monitor intrarenal pressure in real-time during ureteroscopy procedures.
Steris Plc, Conmed Corp, Olympus Corp, Boston Scientific Corp, PENTAX Medical Erbe Elektromedizin Gmbh, Micro-Tech Nanjing Co Ltd, Merit Medical Systems Inc, Cook Medical LLC, Stryker Corp, and Johnson & Johnson. are among the key companies operating in the endoscopy procedure market.
Companies operating in the endoscopy procedure market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the endoscopy procedure market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall endoscopy procedure market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.
A few of the significant developments by key endoscopy procedure market players are listed below.
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