Endoscopy Guidewire Market Know in Detail about the Analysis, Forecasts, and Overview and Market Development
Endoscopy Guidewire Market: Insight
According to the latest study on “Endoscopy Guidewire Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Core Material and Application,” the market was valued at US$ 1,192.04 million in 2021 and is projected to reach US$ 1,749.60 million by 2028; it is expected to grow at a CAGR of 5.6% during 2021–2028. The report highlights the trends prevailing in the market, and drivers and deterrents pertaining to the market growth.
Endoscopy is a procedure, which helps doctors or physicians to view and operate internal organs and vessels of the body. As this is a minimally invasive procedure, it is preferred on a large scale for diagnosis and treatment of various diseases and medical conditions. Endoscopy can be performed on different internal body organs with the help of specialized instruments. Endoscopy is preferred in diseases or medical conditions such as cancer and gastrointestinal disorders. In recent years, there has been a substantial rise in cancer cases and other diseases needing endoscopy.
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Endoscopy Guidewire Market: Competition Landscape & Key Developments
Olympus Corporation, STERIS plc. CONMED Corporation, Boston Scientific Corporation, Merit Medical Systems Inc., Medtronic, Cook Medical LLC, Medorah Meditek Pvt. Ltd., and Hobbs Medical Inc are among the prominent players operating in the endoscopy guidewire market. These companies are adopting partnerships, product launches, collaborations, and other business strategies to sustain their position in the market. For instance, in June 2021, STERIS plc acquired Cantel Medical, a global provider of products and services related to infection prevention, endoscopy, dental, dialysis, and life sciences Customers.
For instance, the American Cancer Society estimates about 26,560 new cases (16,160 in men and 10,400 in women) of stomach cancer in the US by 2021. Endoscopy procedure is highly preferred during the detection and treatment of various indications, such as ulcers, liver & kidney diseases, and chronic joint symptoms, which have increased significantly in recent years due to various environmental factors and change in the individual’s lifestyle in developing economies. With an increase in these medical conditions, the demand for endoscopy procedures is expected to increase the adoption of endoscopy guidewire devices in the coming years.
Government initiatives have been proved to be an essential aspect for the growth of technology and the demand for any product in the market. To make endoscopic procedures accessible and beneficial to the patients, various government bodies have laid various initiatives supporting endoscopy devices. For instance, in July 2019, the Endoscopy Action Plan, implemented by the Queensland Government, was aimed toward improving the health of Queenslanders by means of delivering sustainable access to better quality gastrointestinal endoscopy services. The need for gastrointestinal endoscopy has been increasing rapidly owing to the national bowel screening program and a growing geriatric population. As per the plan, US$ 160 million would be invested over four years to deliver better services and improve access across the Queensland health system. Under the project, the services will be expanded to provide 50,000 more endoscopy procedures. Due to the implementation of this plan, the waiting time for endoscopy procedures has significantly reduced, and better services have been made available across the state.
Moreover, the Gastroenterological Society of Australia (GESA) and the Australian Gastrointestinal Endoscopy Association (AGEA) established the National Endoscopy Training Initiative (NETI). This program was established to improve the quality and safety of colonoscopy and coordinate colonoscopy training in Australia. According to the program, comprehensive series of national, formalized, and standardized colonoscopy workshops are being conducted by experienced and highly qualified supervisors. In addition, standards are being laid down by NETI to be followed by individual endoscopists. Favorable government initiatives coupled with suitable policies are the major factors driving the growth of the market.
Endoscopy Guidewire Market: Segmental Overview
Based on application, the global endoscopy guidewire market is segmented into diagnostics and therapeutics. The therapeutics segment held a larger share of the market in 2021, and it is expected to register the highest CAGR during the forecast period. For instance, As a part of therapeutic applications includes surgical procedures in the hospitals, clinics ambulatory surgical center (ASC). The endoscopy procedures have various advantages over the traditional surgical procedures as it takes less time for patient recovery, lower risk of infections, and shorter stay at the hospital post procedures. For instance, various ASCs in the US carry out endoscopic surgeries during the previous years. For example, the Endoscopy and Surgical Center of Lexington Clinic (ESC) is a well-equipped facility with more than 20 highly trained physicians and surgeons specializing in performing endoscopic and outpatient procedures in more than eight disciplines. The presence of various specialized ASCs focusing on endoscopic procedures is expected to fuel the segment's growth in the endoscopy devices market during the forecast period. Due to the above-stated reasons, the demand for therapeutic application of the endoscopy devices-related market is expected to increase during the forecast period.
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