The global flexible endoscopes market is expected to grow at a 6.4% CAGR to a market worth of US$ 16.73 billion by the end of 2033, up from US$ 8.44 billion in 2022.
The rising demand for flexible endoscopes required for gastrointestinal investigations is likely to fuel market expansion significantly.
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Globally, the overall level of living has improved, resulting in increased spending on medical services and infrastructure. People are becoming increasingly aware of the importance of routine check-ups and the need to be diagnosed for the presence of any ailment as a result of the widespread development of chronic diseases.
Flexible endoscopes have become an important tool for checking gastrointestinal tracts for indicators of sickness. The global market in developed economies is being driven by the increasing popularity of this form of diagnosis, particularly among these countries’ senior populations.
The newly developed flexible endoscopy techniques, which are expected to increase the adoption rate of flexible endoscopes, enable better view of a larger area of the colon while providing greater patient comfort than existing endoscopic techniques utilised in multiple hospitals and clinics.
Key Takeaways
- In 2021, the fiberscope segment had a market share of more than USD 3,593 million and was worth more than USD 3,593 million.
- From 2022 to 2032, the pulmonary endoscopy segment is expected to grow at a CAGR of over 7%. The fast aging of the population is blamed for this significant increase in the prevalence of respiratory illnesses.
- In 2021, the ambulatory surgical centers category had a significant market share, and by 2028, it is expected to reach more than USD 2,602 million.
- In 2021, the United States dominated the North American flexible endoscopes market, with a considerable market share expected to approach USD 3,020 million by 2028. Several factors contribute to the considerable market share, including the presence of major industry players, an increase in the number of bariatric procedures, and so on.
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Competitive Landscape:
Becton, Dickinson and Company, Boston Scientific Corporation, Cooper Surgical, Endomed Systems, Fujifilm Corporation, Hoya Corporation, Karl Storz, Laborie Medical Technologies, Olympus Corporation, Richard Wolf GmbH, Stryker Corporation, Smith & Nephew, Inc., Pentax Medical, Ambu, Inc., Machida Endoscope Co.
These market players focus on strategic advancements, such as collaborations, new product launches and commercialization, and vertical integration to expand their businesses. Furthermore, these companies are extensively spending on R&D operations, which allows them to innovate and capitalize on these products, resulting in increased market revenue.
- In August 2021, the FDA approved Boston Scientific’s EXALT Model B Single-Use Bronchoscope. This bronchoscope was created to be a replacement for reusable bronchoscopes. The company was able to expand its flexible endoscopes offering across numerous care settings due to this clearance.
- In January 2021, Olympus Corporation announced the acquisition of Quest Photonic Devices to strengthen its position in the surgical endoscopy sector. This strategic move bolstered Olympus’ position as a global pioneer while also expanding the company’s client base.
Key Segment
By Product Type:
- Fiberscope
- Video Endoscope
By Application:
- GI Endoscopy
- Pulmonary Endoscopy
- ENT Endoscopy
- Obstetrics or Gynecology
- Urology
- Others
By End User:
- Hospitals
- Ambulatory Surgery Centres
- Others
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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