The global endoscopes market is projected to grow at a CAGR of 7.21% to reach US$12.021 billion by 2025 from US$7.916 billion in 2019.
According to the data and the statistics that have been provided by the World Health Organization (WHO), cancer is considered to be of the leading causes of death in the world and was responsible for around 9.6 million deaths globally in 2018. Dietary factors are considered to be one of the leading causes of cancer and can lead to lung cancer, esophageal cancer, breast cancer among others. Also according to the techniques that WHO recommends for reducing the burden of cancer include leading a healthy, balanced lifestyle, and early detection of cancer. Endoscopes are one such instrument that can be used to detect cancer in the early stages and are used by many doctors. In this exam, a tube with an imaging system is inserted into the location of suspected infection or disease, and then the doctors can easily analyze the inner lining and surrounding for signs and symptoms of cancer such as ulcers and red spots. Thus, these factors are leading to increased demand and adoption of endoscopes in the different end-users such as hospitals, diagnostic centers, and ambulatory care centers to detect cancer early and carry out examinations, which is leading to a boost in the market growth.
Product Offerings by major market players in the endoscopes market
The market players are highly active in the market by offering and making available a variety of endoscopes including single-use and reusable products with enhanced and advanced features in order to cater to the rising demands from different end-users. This, in turn, is helping them improve their market position.
Some of the examples of product offerings are as follows:
The disposable and single-use type endoscopes are expected to hold a significant market share over the forecast period owing to the fact that they are able to effectively lower the chances of transmission 0f healthcare-associated infections (HAIs)
According to the data and the statistics, provided by the WHO (World Health Organization), Urinary Tract Infections is caused by the pseudomonas aeruginosa bacteria and the pneumonia is caused by the Mycobacterium tuberculosis, which can be transmitted through the use of infected bronchoscopes and cystoscopes that are used for different endoscopic exams. The disposable type and single-use type endoscopes are estimated to hold a significant market share over the forecast period as they are can effectively contain the infections the patients being operated on has and minimizes the problems associated with its transmission to the other patients.
The North American region to hold a noteworthy share over the forecast period owing to rising cases of cancer in the high-income countries such as the US and the Asia Pacific region is estimated to increase its share over the forecast period as a result of the rising investments being made into the medical sector
The North American region is expected to hold a noteworthy market share over the forecast period owing to the fact there are many leading market players involved in catering to the demands of the different end-users such as ambulatory care centers, hospitals, and diagnostic centers by launching and providing top-quality equipment and products. Moreover, the usage of endoscopes is growing in order to detect cancer, which is rising due to rising unhealthy lifestyles being led by individuals in countries such as the US. The equipment is able to analyze the inner lining of the organs to better judge the early and developmental stage symptoms of different types of cancer and other serious diseases.
In addition, the Asia Pacific region is estimated to increase its share over the forecast period owing to the fact that there are increasing initiatives being taken by the government in order to improve the facilities provided by the healthcare sector. Additionally, there are also investments being made in the R&D of better medical equipment in order to deal with and detect the serious diseases that are burdening the population.