PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1504261
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1504261
Global flexible endoscope market is projected to witness a CAGR of 6.62% during the forecast period 2024-2031F, growing from USD 8.54 billion in 2023 to USD 14.25 billion in 2031F. The market has significantly expanded in recent years due to the clinical benefits of flexible endoscopy compared to conventional endoscopy, technological advancements, and increasing adoption.
Flexible endoscopy devices are gaining significant popularity in healthcare, primarily due to their increasing application in minimally invasive surgical procedures. Versatility and effectiveness are the prime reasons for the increased demand for flexible endoscopy devices globally since they are used to diagnose and treat various medical conditions. The global flexible endoscopy devices market is driven by factors such as the rising prevalence of chronic diseases, technological advancements, and growth in demand for minimally invasive procedures. The growth in gastrointestinal diseases, such as colorectal cancer and inflammatory bowel diseases, also contributes to the demand for flexible endoscopes. The increasing geriatric population also contributes to the demand for flexible endoscopes since old-age populations are more prone to developing chronic diseases. The COVID-19 pandemic significantly impacted the market for these devices since several endoscopic procedures were considered to carry a significant risk of viral transmission. Despite this, the market for flexible endoscopic equipment is still expanding, indicating how important these technologies are becoming an integral part of the healthcare industry. Comparing flexible endoscopes to traditional rigid endoscopes reveals many benefits. They offer more accessibility, making it possible for them to reach places that are challenging to access with rigid endoscopes and to maneuver through complex anatomical positions. This makes it possible to examine and treat ailments in the respiratory system, gastrointestinal tract, and urinary tract, all of which are difficult-to-access sections of the body.
Increasing Prevalence of Gastrointestinal and Pulmonary Disorders to Fuel the Market
The global demand for flexible endoscopes is increasing rapidly, largely due to the increasing prevalence of gastrointestinal (GI) and pulmonary disorders. GI disorders such as Crohn's disease, ulcerative colitis, celiac disease, stomach cancer, ulcers, and gastroesophageal reflux disease are becoming more common. These conditions often require endoscopic examination for accurate diagnosis and treatment, driving the demand for flexible endoscopes. Additionally, the growing incidence of pulmonary diseases like chronic obstructive pulmonary disease (COPD), asthma, and lung cancer is also contributing to the growth of the flexible endoscopes market. Among inflammatory bowel illnesses, Crohn's and ulcerative colitis are the most frequently diagnosed conditions. Research conducted by Crohn's & Colitis UK in 2022 suggests 1 in every 123 people in the UK have either Crohn's disease or ulcerative colitis. This amounts to a total of nearly half a million people in the UK living with IBD. As per EFCCA (European Federation of Crohn's and Ulcerative Colitis Associations), more than 10 million inflammatory bowel disease (IBD) patients globally.
Flexible Endoscope Offers Clinical Benefits as Compared to Conventional Endoscope
Flexible endoscopes offer several clinical benefits compared to conventional endoscopes. They provide improved accessibility to hard-to-reach body areas, allowing for more effective diagnosis and treatment of gastrointestinal and pulmonary disorders. Flexible endoscopes enable visualization of inaccessible areas within the body. Flexible endoscopes are more agile and can navigate complex anatomical structures, enabling the healthcare provider to visualize better and access areas that are difficult to reach with rigid endoscopes. This is particularly beneficial in diagnosing and treating conditions related to the gastrointestinal tract and respiratory system. Flexible endoscopes may be preferred for advanced diagnostic and therapeutic procedures due to their higher image quality, sturdiness, handling, suction power, and ease of medical record integration. According to a 2022 study conducted at the Leeds Institute of Medical Research, flexible endoscope treatments can be finished in less time, without sedation, and with fewer complications, which results in a short recovery period. During the pandemic, robotic flexible endoscope techniques assisted in reducing the COVID-19 virus's transmission within hospitals.
Video Endoscope Dominates the Global Flexible Endoscope Market
Regarding segmentation by product, the market is divided into fiberscope and video endoscope. Video endoscopes dominate the global flexible endoscope market. The high demand for video endoscopes can be attributed to their versatility and advanced features, which make them a preferred choice for various medical applications. Video endoscopes offer high-resolution imaging capabilities, allowing for detailed visualization of internal organs and tissues, which is crucial for accurate diagnoses and effective treatments. Additionally, they are more user-friendly and provide better patient comfort than fiberscopes, which are often more invasive and require more complex procedures. The growing adoption of video endoscopes in diagnostic applications, such as endoscopic examination of the esophagus, and their ability to function as a mobile and convenient solution across hospital settings have further contributed to their popularity.
In 2023, Pentax Medical, a part of HOYA Group, received CE certification for two medical devices: the i20c video endoscope series and Pentax Medical INSPIRA. The new video processor, developed with the needs of healthcare providers in mind, sets new benchmarks when combined with the i20c video endoscope generation while maintaining compatibility with PENTAX Medical's most recent endoscope models.
North America Dominates the Global Flexible Endoscope Market
North America's advanced healthcare system and high incidence of diseases necessitating endoscopic procedures are the main reasons North America is now leading the global market for flexible endoscopes. There are several reasons for this increase in significant demand. A large portion of the population in countries such as the United States and Canada is old, and this age group is frequently at risk of developing chronic illnesses that require a flexible endoscope. The introduction of advanced technologies such as flexible endoscopes and the presence of the world's biggest regulatory authority, the FDA, are also factors that make North America the most dominant region. The market domination is also aided by the presence of significant medical device companies in the region. In 2021, the FDA (Food and Drug Administration) in the United States revised a safety alert on reprocessed flexible bronchoscopes. When there is a higher risk of infection transmission or no urgent assistance for reprocessing, the FDA advises healthcare practitioners to use single-use flexible bronchoscopes. Furthermore, the FDA advised healthcare institutions to consider reprocessing using sterilization rather than high-level disinfection.
Future Market Scenario (2024-2031F)
The growing demand for minimally invasive treatments and the rising incidence of chronic illnesses are projected to fuel the growth of the flexible endoscope market globally. Technological advancements, such as the application of artificial intelligence and nanotechnology, improve picture quality and reduce infection risks, which are important trends that will influence the industry as we advance. Flexible endoscopes will be used increasingly in advanced applications like remote monitoring and robotically assisted surgery. In addition, there will be a change in the market toward devices that are easy to carry and use, including disposable flexible endoscopes, which will be more widely used in outpatient settings. Along with increasing treatment accuracy and efficiency, these developments will reach a wider patient and healthcare provider base.
Key Players Landscape and Outlook
Several medical devices companies like Olympus Corporation, Becton Dickinson and Company, ATMOS MedizinTechnik GmbH and Co. KG, Boston Scientific Corporation, FUJIFILM Holdings Corporation, Karl Storz SE and Co. KG, Laborie Medical Technologies Corporation, EndoMed Systems GmbH, Richard Wolf GmbH and Hoya Corporation (Pentax Medical) are flourishing in the flexible endoscope market by planning and adopting new strategies. They are complying with new strategic initiatives for flexible endoscopes to increase their market presence. New agreements, contracts, acquisitions, mergers, investments, and partnerships are major ways through which they are trying to achieve higher market share.
In 2023, AdaptivEndo and Plasmapp announced their collaboration to evaluate the use of low-temperature hydrogen peroxide gas plasma for various flexible endoscopy applications. STERLINK Plus was the sterilization system that was evaluated by AdaptivEndo and Plasmapp. The initial focus of the evaluation was the AdaptivEndo GI endoscope platform, which uses a reusable handpiece for endoscopy. AdaptivEndo aims to advance flexible, single-use endoscopes that reduce a patient's risk and increase access to care. AdaptivEndo combines the best aspects of single-use devices with the performance of a high-quality, reusable system.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.