The global Endoscopy market size is likely to surpass around USD 18.4 billion by 2026, this market is anticipated to grow with 8.8% CAGR during the forecast time period. Growing base of geriatric and handicapped populace combined with rising requirement for home medicinal services items is pushing the market.
Surge in obesity, geriatric population, and changes in the demographics & lifestyle are the main factors responsible for increase in occurrences of gastrointestinal diseases, cancer and other types of chronic diseases across the globe, which are driving the demand for more efficient endoscopies globally.
Also, advancement in technology in field of diagnosis, visualization and surgical endoscopic treatment are the other reason, which are driving the need for better equipment and devices for diagnosing the disease are also a stimulating the need for endoscopies. Also, surging awareness about the endoscopic technologies & its benefits are also driving the growth of the global endoscopy market.
Ascend in rates of growth diseases such as cancer, gastrointestinal ailments, and other endless infections around the world are driving the demand for better endoscopy devices during the forecast period. Also, growing geriatric population, obesity, and changes in demographics & lifestyle are the main factors, which are boosting the growth of the better healthcare devices such as endoscopy devices market. Also, technological advancement in diagnosis, visualization, & surgical endoscopic treatment paired with rise in awareness of endoscopic technologies & its benefits among the patients & medical professionals stimulate the need for endoscopic devices, thus driving the industry growth.
Though, many factors are anticipated to confine the market development. The influence of the drivers is projected to be higher than the restraints. Furthermore, a surge in the effects of drivers and restraints is expected to disclose new market avenues for key players manufacturing endoscopy devices, particularly capsule and flexible endoscopy systems.
Hospital segment under end-user are projected to hold high market share in 2026 owing to increase in strategic partnership among hospitals and endoscopy manufactures and also, increase in the numbers of hospitals are the other crucial factor triggering the growth of the endoscopy market during the forthcoming years. Apart from above, to develop healthcare sectors government are also supporting hospitals to equipped with better devices such as endoscopy devices to carry out advance diagnostic.
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North America holds the major market share of the global endoscopy market owing to U.S supportive government reimbursement scenario. Followed by North America, Europe is captured second largest market share in the global endoscopy market owing to increasing occurrence of cancer coupled with growing hospitals investment to purchase endoscopy.
Market companies are concentrating on implementing new strategies for instance regional expansion, partnerships, mergers and acquisitions, new product launches, and distribution agreements to surge their revenue share. The major players associated with the Endoscopy are Richard Wolf Gmbh, Fujifilm Holdings Corporation, Karl Storz, and Olympus.