May 10, 2022
According to the research report titled ‘Global Endoscopes Market (2021 Edition) - Analysis By Product Type (Flexible, Rigid, Others), Application (GI, Laparoscopy, Arthroscopy, Others) End User, By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2021-2026),’ available with MarketStudyReport, global endoscopes market generated USD 10.97 billion revenue in 2020 and is slated to expand at 6.50% CAGR during 2021-2026.
Surging preference for minimally invasive procedures like laparoscopy, cystoscopy, arthroscopy, etc. over traditional ones, increasing cases of chronic diseases like cancer, gastrointestinal, & cardiovascular diseases, and growing geriatric population are parameter backing the growth of global endoscopes market.
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Besides, rise in healthcare spending, coupled with the innovation of new products is further accelerating the industry development.
During the COVID-19 pandemic, multiple industries were severely affected due to the global health emergency. Due to lockdowns, stay-at-home mandates, and travel restrictions, the supply chain and production of endoscopes were massively disrupted.
Moreover, urgent need for the treatment of patients in critical condition led to the postponement of many endoscopic procedures which brought a halt to the progress of the industry.
Also, to minimize the risk of infection and comply with government regulations, many healthcare resources were directed towards Covid care which slowed worldwide endoscopes industry growth.
Nonetheless, with the decrease in cases, the then-delayed surgeries are now being scheduled, and the business sphere is likely to pick up pace in the forthcoming years.
Concerning geographical terrain, Asia Pacific market is poised to display immense growth during the speculated timeline, ascribed to the huge demand for endoscopic procedures, continuous improvement in healthcare infrastructure, and intense demand among manufacturers given the surging need for several diagnostic and therapeutic procedures.
Additionally, elevated awareness leading to increased acceptance of such surgeries, combined with advancements in technologies are estimated to propel the regional market expansion through the review period.
The notable players in global endoscopes industry include Karl Storz SE & Co. KG, Olympus Corporation, Fujifilm Holdings Corporation, Johnson & Johnson, Steris Corporation, Boston Scientific Corporation, Medtronic plc, Stryker Corporation, Hoya Corporation, and Conmed Corporation among others.