PUBLISHER: Allied Market Research | PRODUCT CODE: 1239488
PUBLISHER: Allied Market Research | PRODUCT CODE: 1239488
The Endoscopy Fluid Management Market valued for $640.64 million in 2021 and is estimated to reach $1,286.4 million by 2031, exhibiting a CAGR of 7.2% from 2022 to 2031. The endoscopic fluid management system is defined as the medical device which is used to enhance visibility during endoscopic procedure. It acts by providing fluid pressure to the internal cavities, dilating the operating area, and washing the debris and blood. Some of the endoscopic surgical procedures involve the use of irrigating fluids. Endoscopy is a procedure which is conducted for proper diagnosis, and detection of disease. Endoscopy fluid management system is widely used for various endoscopic surgical procedure such as laparoscopy, hysteroscopy, arthroscopy, and urology.
The growth of endoscopy fluid management market is driven by technological advancement for development of different endoscopy fluid management systems devices, rise in the number of laparoscopy procedures, and surge in demand for minimal invasive surgical procedure. In addition, rise in the number of people suffering from gastroesophageal reflux disease (GERD) is anticipated to fuel the demand for endoscopy fluid management systems and drive the growth of market. According to the Journal of Annals of Esophagus, in 2022, around 60 to 70 million American population were reported to have been diagnosed with gastrointestinal disease, every year. Gastroesophageal reflux disease (GERD) is one of the most commonly diagnosed gastrointestinal disease. Thus, rise in population suffering from GERD, joint disease, and abnormal uterine bleeding is attributed to increase the demand for endoscopy procedure. This boosts the need of endoscopy fluid management system. According to the Journal of BMC Women's Health, in 2020, approximately 10% to 30% of women in reproductive age were reported to have been diagnosed with abnormal uterine bleeding.
For instance, in January 2021, the Hologic, Inc., an innovative medical technology company, announced the launch of fluent fluid management system, in Europe. This product is designed to offers more effective fluid management for physician in hysteroscopic procedures. Thus, increase in development of advanced fluid management products in emerging nations are expected to propel the growth of the market. In addition, the rise in demand for early diagnosis of disease for effective treatment acts a key driving force for the expansion of the global market.
Moreover, increase in disposable income, and rise in number of key players to manufacturer advanced fluid management system devices are expected to create lucrative growth opportunities to drive the growth of the endoscopy fluid management market. In addition, geriatric population is susceptible to joint diseases. Thus, rise in number of geriatric population, surge in need for arthropathy procedure, which further fuel the demand for endoscopic fluid management system. For instance, according to EclinicalMedicine, in 2020, it was reported that around 22% of adult above the age of 40 years have knee osteoarthritis.
Furthermore, rise in expenditure by government to develop healthcare infrastructure fuels the market growth. For instance, in October 2022, U.S. Department of Agriculture (USDA) rural development invests around $2.46 million to increase access to food distribution and healthcare infrastructure for population living in rural Virginia, U.S. In addition, the government is likely to invest in modernizing and improving the nation's healthcare infrastructure, and improve the quality of care. Furthermore, the government is likely to invest in providing additional funding to support medical research, and providing financial support for medical schools and teaching hospitals. Hence, rise in healthcare expenditure across the globe is expected to fuel the demand for endoscopy fluid management system, thereby boosting the market growth.
However, high cost associated with endoscopic fluid management systems and side effect associated with the use of fluid management system such as nausea, abdominal discomfort, and dehydration are anticipated to hinder the market growth. Now-a-day, population are aware of health, which in turn is compelling them to maintain their health condition and increase the demand for diagnosis devices. This has further encouraged many key players to enter emerging markets, thus offering a lucrative growth opportunity in the over-the-counter tests market.
The global endoscopy fluid management system market is segmented into product, application, and end user. On the basis of product, the market is divided into endoscopy fluid management system, and endoscopy fluid management accessories. On the basis of application, the market is divided into laparoscopy, hysteroscopy, and others. The others include arthroscopy, and urology. On the basis of end user, the market is divided into hospitals, clinics and others. The others segment includes ambulatory surgical center, physician practices, diagnostic centers. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major companies that operate in the global medical exoskeleton market include: Medtronic, Olympus America, Karl Storz Se & Co. Kg, Stryker, Hologic Inc, Arthrex, Inc, B. Braun, Cantel, COMEG, and CONMED Corporation