PUBLISHER: The Business Research Company | PRODUCT CODE: 1415740
PUBLISHER: The Business Research Company | PRODUCT CODE: 1415740
“Flexible Endoscopes Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on flexible endoscopes market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for flexible endoscopes? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The flexible endoscopes market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Flexible endoscopes represent a remarkable advancement in medical technology, utilizing pliable, transparent fibers to relay light and images for observation. This innovative instrument empowers healthcare professionals to conduct comprehensive examinations and treatments within the body's internal structures. Its significance lies in facilitating minimally invasive procedures, leading to swifter recoveries, diminished risks, and superior patient outcomes compared to conventional open surgeries.
The primary categories of products falling under flexible endoscopes are fiberscopes and video endoscopes. Fiberscopes, also referred to as fiberoptic endoscopes, are crucial medical instruments employed for visualizing and scrutinizing internal bodily structures. They harness fiber optic technology to transmit light and images from the distal end (the tip) to the proximal end (comprising the eyepiece or camera system) of the scope. These versatile tools find application in various fields, including GI endoscopy, pulmonary endoscopy, ENT endoscopy, obstetrics and gynecology, urology, among others. They are utilized by diverse end-users, encompassing hospitals, ambulatory surgery centers, and other healthcare facilities.
The flexible endoscopes market research report is one of a series of new reports from The Business Research Company that provides flexible endoscopes market statistics, including flexible endoscopes industry global market size, regional shares, competitors with a flexible endoscopes market share, detailed flexible endoscopes market segments, market trends and opportunities and any further data you may need to thrive in the flexible endoscopes industry. This flexible endoscopes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The flexible endoscopes market size has grown strongly in recent years. It will grow from $8.95 billion in 2023 to $9.7 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to advancements in medical technology, rising prevalence of gastrointestinal diseases, diagnostic and treatment advancements, global healthcare access.
The flexible endoscopes market size is expected to see strong growth in the next few years. It will grow to $12.94 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to personalized medicine, telemedicine and remote procedures, patient education and awareness, reimbursement policies. Major trends in the forecast period include artificial intelligence integration, capsule endoscopy, 3d imaging, endoscopy in pediatric care.
The upward trend in chronic disease prevalence is poised to be a significant catalyst for the expansion of the flexible endoscopes market in the foreseeable future. Chronic diseases encompass enduring medical conditions that persist over prolonged periods, often advancing gradually. By enabling direct visual assessment, flexible endoscopes play a crucial role in the early detection and accurate diagnosis of various chronic disorders, including respiratory, gastrointestinal (GI), and urological ailments. Moreover, they are instrumental in administering therapeutic interventions for chronic conditions. For instance, as of January 2023, data from the National Center for Biotechnology Information, a division of the National Library of Medicine within the National Institutes of Health, indicates that the population aged 50 and above with at least one chronic disease is projected to reach 142.66 million by 2050, up from 71.522 million in 2020, signifying a remarkable 99.5% surge. Concurrently, the number of individuals with multimorbidity is anticipated to escalate by 91.16%, soaring from 7.83 million in 2020 to 14.97 million in 2050. Therefore, the escalating prevalence of chronic diseases is a driving force behind the growth of the flexible endoscopes market.
The surge in healthcare expenditures is anticipated to be a significant driver in the growth of the flexible endoscope market in the foreseeable future. Healthcare expenditures encompass the total financial resources allocated to providing healthcare services and medical treatments. Increased investment in flexible endoscopes within the healthcare sector leads to elevated standards of patient care and improved outcomes. This is achieved through the acquisition of state-of-the-art endoscopic equipment, training of medical personnel, and the promotion of research and development endeavors. For example, as of May 2023, a report from the UK's Office for National Statistics, a government department, revealed that healthcare spending in the UK experienced a nominal increase of 9.4% and a real terms increase of 9.7% between 2020 and 2021. Moreover, expenditure on preventive care reached $45.72 billion in 2021, more than doubling from the previous year. Consequently, the upswing in healthcare expenditures stands as a driving force behind the growth of the flexible endoscope market.
The stringent regulatory requirements are anticipated to pose a hindrance to the growth of the flexible endoscopes market in the forthcoming period. These requirements encompass the set of rules, laws, and guidelines that organizations must adhere to in order to comply with government regulations. Given that flexible endoscopes are intricate medical devices, they necessitate strict regulatory adherence to ensure patient safety and mitigate the risk of infections. For example, in October 2022, the Association of perioperative Registered Nurses, a non-profit membership association based in the US, issued four revised guidelines aimed at enhancing flexible endoscope safety. These guidelines are designed to prevent patient infections and outbreaks associated with endoscope utilization. As a result, the stringent regulatory requirements are impeding the progression of the flexible endoscopes market.
Prominent companies in the flexible endoscopes market are driving innovation and securing approvals for new products to maintain their market position. The advancements in flexible endoscope technology are revolutionizing patient experiences, exemplified by the introduction of the Zsquare ENT-Flex Rhinolaryngoscope. This cutting-edge device offers heightened patient comfort compared to traditional reusable endoscopes. For instance, in July 2022, Zsquare, an Israel-based pioneer in flexible, high-resolution single-use endoscopes, announced the FDA's (Food and Drug Administration) approval of the Zsquare ENT-Flex Rhinolaryngoscope. This marks a significant milestone as the first high-performance single-use ENT (ear, nose, and throat) endoscope. It employs a pioneering hybrid design, featuring an all-optical disposable shell encompassing a reusable core component. This flexible endoscope boasts an enhanced design that empowers medical practitioners with high-resolution imaging through an exceptionally slim endoscope shaft, all at the most economical cost-per-use in single-use endoscopy. A few advantages of this innovative engineering include increased diagnostic quality, patient comfort and significant cost savings for payers and providers.
In November 2021, Healthcare Components Group LLC, a US-based manufacturer and provider of replacement parts and components for healthcare devices, made an undisclosed acquisition of Endoscopy Development Company LLC. This strategic move significantly enhances Healthcare Components Group's capabilities in supplying the essential components required for endoscope development and upkeep. Endoscopy Development Company LLC, a US-based entity, specializes in manufacturing replacement parts for both flexible and rigid endoscopes.
Major players in the flexible endoscopes market are Medtronic PLC, Fujifilm Holdings Corporation, Becton Dickinson and Company, Stryker Corporation, Boston Scientific Corporation, AB SKF, Olympus Corporation, HOYA Corporation, Smith & Nephew PLC, Micro-Epsilon Messtechnik GmbH & Co. KG, EndoChoice International, Pentax Medical, Ambu Inc., Richard Wolf GmbH, Welch Allyn Inc., Cooper Surgical Inc, Ethicon Endo-surgery LLC, Vimex Endoscopy, Endo-Flex GmbH, Machida Endoscope Co Ltd, XION GmbH, Huger Medical Instrument Co. Ltd., Endomed Systems Gmbh, Karl Storz GmbH & Co. KG., Laborie Medical Technologies Inc, ACMI Corporation .
North America was the largest region in the flexible endoscopes market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in flexible endoscopes report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the flexible endoscopes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The flexible endoscopes market consists of sales of cystoscopes, arthroscopes and bronchoscopes. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.