he endoscopy market is expected to register sizable growth over the coming years credited to rising preference for minimally invasive procedures.
The endoscopy market is expected to register sizable growth over the coming years credited to rising preference for minimally invasive procedures. These procedures are being adopted to treat cancer patients as well as elderly patients given to its little or no risk of complications and faster recovery compared to open surgery.
GI endoscopy witnessed a substantial demand credited to rising prevalence of gastrointestinal diseases. GI tumors are one of the main causes of death worldwide. The United European gastroenterology is taking efforts and spreading awareness about gastrointestinal diseases and research initiatives, leading to an increase in the number of GI endoscopies.
There is an increasing demand for novel endoscopic devices in North America and Europe, along with a high incidence of chronic conditions, which is driving more endoscopy recommendations. Considering this demand, companies operating in the market are working on improving the navigation and visualization of endoscopes.
For example, in 2019, major industry player, Stryker announced the launch of new, transformative visualization tools designed to enhance patient experience and orthopedic surgical efficiency. With such developments, Global Market Insights, Inc., suggests that the endoscopy market may register over USD 52 billion by 2027.
Mentioned below are some of the essential trends driving endoscopy market expansion:
- Robust demand for endoscopic ultrasound
The endoscopic ultrasound (EUS) market is projected to record a CAGR of 8.1% by 2027, The EUS segment was worth over USD 1,210 million in 2020 backed by enhanced technological advancements in endoscopic ultrasound devices. Innovative design of these devices and equipment has widened their usage as therapeutic and diagnostic tools lately.
Companies performing in this niche are forming new partnerships to strengthen their business presence. In 2020, HOYA Corporation along with Hitachi, Ltd., announced a five-year contract with respect to Endoscopic Ultrasound Systems in order to strengthen their technical collaboration and to ensure Hitachi’s continued supply of diagnostic ultrasound sensor related parts and ultrasound systems.
To access sample pages of this report titled, “Endoscopy Market Size By Product (Endoscopes {Rigid Endoscopes, Flexible Endoscopes, Capsule Endoscopes, Robot-Assisted Endoscopes}, Visualization Systems, Endoscopic Ultrasound, Insufflator), By Application (Arthroscopy, Laparoscopy, GI endoscopy, Obstetrics/Gynaecology, ENT endoscopy, Pulmonary Endoscopy), By End-use (Hospitals, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/request-sample/detail/2655
- Increasing adoption in hospitals
The hospital end-user segment held a valuation of above USD 15,580 million in 2020 on account of better healthcare systems and easy availability of medical devices. There is a rising preference for endoscopic procedures among patients and physicians as well as growing private and government funding to expand hospital infrastructure. These aspects could boost the need for endoscopic devices.
- Brazil emerging as a promising business avenue
The Brazil endoscopy market held a valuation of over USD 321 million in 2020. Robust technological developments and high number of people suffering from gastrointestinal illnesses has led to high supply and demand for endoscopic devices.
Additionally, an increased number of skilled healthcare professionals are driving a surge in the number of endoscopic procedures. As per reports, around 3,180 healthcare professionals have been authorized to perform endoscopies in Brazil, in 2018.
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