According to FMI, the global endoscope procedure kits market size was valued at US$ 13.78 Bn in 2022. It is expected to expand at a CAGR of 9.4% from 2022 to 2032, reaching a value of US$ 33.85 Bn by 2032.
Attributes
Details
Endoscope Procedure Kits Market CAGR
9.4%
Endoscope Procedure Kits Market (2022)
US$ 13.78 Bn
Endoscope Procedure Kits Market (2032)
US$ 33.85 Bn
Over the course of the forecast period, there is likely to be an increase in the prevalence of chronic diseases. In addition, there is predicted to be an increase in awareness of the importance of early detection of diseases through minimally invasive surgical interventions. These two factors are expected to drive the growth of the endoscope procedure market.
The market is also expected to grow, thanks to favorable reimbursement policies, as well as increasing FDA approvals for endoscopic procedure kits. For instance, EndoFresh's disposable digestive endoscopy system, designed to reduce the risk of contamination in gastrointestinal procedures, was cleared by the FDA in 2021.
With an increasingly fast-paced lifestyle, a variety of gastrointestinal disorders have developed, including Gastrointestinal Reflux Disease (GERD), Crohn's disease, Irritable Bowel Syndrome (IBS), gastroenteritis, dyspepsia, gallstones, and a variety of forms of cancer, including colon cancer. Apart from the elderly, it also affects the young and upwardly mobile. Thus, endoscope procedure kit sales are expected to continue to grow in the foreseeable future. Also, minimally invasive non-surgical procedures with diagnostic and therapeutic applications are growing in popularity.
It is also expected that the adoption of endoscope procedure kits and market growth will be accelerated over the forecast years due to the increasing prevalence of functional gastrointestinal disorders like Irritable Bowel Syndrome (IBS), chronic constipation, or functional dyspepsia. Globally, over 40% of people have functional gastrointestinal disorders, according to a study published in the Gastroenterology journal in 2021.
Developing countries, however, lack skilled physicians and endoscopists, which hinders endoscopy market share. Healthcare resources in emerging and underdeveloped nations are insufficient to ensure that everyone has equal access to the necessary treatments. This results in inadequate healthcare facilities due to a lack of trained clinical personnel. Additionally, endoscopy instruments are relatively expensive.
In 2022, North America dominated the global market, accounting for more than 41.5% of revenue. A growing number of elective endoscopic procedures improved healthcare expenditures, and a high geriatric population is expected to maintain the dominant position throughout the forecast period.
On the other hand, Asia-Pacific is projected to be the fastest-growing regional market. Several factors are contributing to the growth of the APAC regional market, including an increasing geriatric population and an improved healthcare infrastructure. This growth is attributed to the large patient population pool suffering from functional gastrointestinal disorders. In addition, this region is expected to attract foreign investments due to its rapid economic development and increasing government healthcare investments.
An endoscopy is a minimally invasive medical procedure with the help of a tool used to observe the interior surfaces of the body. It is to diagnose, prevent and even treat complications pertaining to the internal organs of the body. It is cost effective, much less complicated than surgery and also leaves minimal if any scars in the body.
An endoscope procedure kit mainly consists of a long tube, a camera and a light source at the tip that enables the physicians or medical practitioners to examine the area of interest. The procedure is and usually painless requiring minimum hospital stay.
They make cause some discomfort but a quick recovery is expected for most patients undergoing an endoscopy. These factors contribute to their popularity and are also responsible for the endoscopy procedure kit market.
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Endoscope Procedure Kits market Drivers
A fast paced modern lifestyle has led to a variety of gastrointestinal disorders like Gastrointestinal Reflux Disease (GERD), Crohn’s disease, Irritable bowel syndrome (IBS), gastroenteritis, dyspepsia, gallstones and also various forms of Cancer such as Colon Cancer.
This affects not only the aged population, but also the young and upwardly mobile. Hence, it can be reasonably assumed to drive the endoscope procedure kit market demand for the foreseeable future. There is also a growing preference for minimally invasive non-surgical procedures with diagnostic and therapeutic application.
An endoscopy does not require a patient to stay in the hospital for very long (if at all) which brings down the stress levels and associated costs of the treatment. Greater patient awareness and technological innovation are also primary reasons that the endoscope procedure kit market is growing exponentially. Another factor is the reimbursement option available for preventive screening techniques like various endoscopies.
The American Society of Gastrointestinal Endoscopy estimates the average Adenoma Detection Rate (ADR) to be around 25%. This also requires the use of endoscope procedure kit, further boosting growth. The U.S. FDA policies are also encouraging and support quick approval of these devices.
Endoscope Procedure Kits market Restraints
There are a few factors which restrain the endoscope procedure kit market from reaching its true potential, the availability of advanced alternatives being one of them. These devices are very costly and there are limited funds available with governments in developing countries to reimburse hospitals and medical practitioners for their sizeable investment in them.
A lack of awareness on the part of the general public in these countries about the cost-benefit equation of such treatments is also something which must be mentioned.
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Endoscope Procedure Kits market Key Regions
The main regions served by the endoscope procedure kit market are as follows – North America, Europe, Asia Pacific and the rest of the world (Latin America, Middle East and Africa). North America is the largest market at present followed by Europe.
This is mainly due to the availability of advanced healthcare facilities, an aging population, strong government support in the form of social security benefits and an educated and aware populace.
Asia Pacific can be expected to rapidly catch up to the West in the medium to long term for demanding endoscope procedure kits because of greater investment in healthcare, rising prevalence of gastroenteritis disorders and lastly a growing awareness of such procedures.
The endoscope procedure kit market key players include Ethicon, Inc. (U.S.), Olympus Corporation (Japan), Hoya Corporation (Japan), Given Imaging Ltd. (Israel), Minntech Corporation (U.S.) Fujifilm Holding Corporation (Japan), Advanced Sterilization Products Services Inc. (U.S.), Steris Corporation (U.S.), Boston Scientific Corporation (U.S.), Pentax Medical Corporation (Japan), Stryker Corporation (U.S.). KARL STORZ GmBH (Germany), Smith & Nephew plc (U.K.), Medtronic plc (Ireland), Richard Wolf GmBH (Germany), CONMED Corporation (U.S.), and Cook Medical Incorporated (U.S.).
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The report covers exhaustive analysis on
Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
Regional analysis includes
North America (U.S., Canada)
Latin America (Mexico. Brazil)
Western Europe (Germany, Italy, France, U.K, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
