According to a release from Transparency Market Research. the global endoscopy devices market was valued at US$ 31.8 Bn in 2020 and is estimated to expand at a CAGR of 3.8% from 2021 to 2028.
Increasing prevalence of cancer, rising aging population, and the presence of endoscopic device manufacturers are factors responsible for the rapid expansion of the global endoscopy devices market.
The report says that companies in the global endoscopy devices market should accelerate their product development and unlock revenue opportunities to obtain competitive benefits. Market stakeholders are extending their services arms by developing innovative and technologically advanced endoscopy devices to in order to gain revenue benefits.
Market contributors in the global endoscopy devices market should focus on the production of cost-efficient endoscopy devices. The high cost of endoscopic devices is a factor hampering the growth of the global endoscopy devices market.
The coronavirus pandemic has put intense pressure on the healthcare system across the globe due to shortage of hospital beds, medical staff, necessary medical devices, and surgical equipment. Considering risk and safety of patients, non-emergency surgeries have been cancelled or postponed due to rising cases of coronavirus. This factor has negatively affected the global endoscopy devices market.
There is an increasing demand for endoscopic devices for the treatment and diagnosis of neurodegenerative, infectious, immune, metabolic, and cardiovascular diseases. This factor is expected to offer revenue benefits for the device manufacturers across the globe.
After the booming vaccination drives across the globe, the market is recovering from the losses caused due to the COVID-19 pandemic. Manufacturers operating in the global endoscopy devices are focusing on product innovations due to increasing demand at the global level. In addition, endoscopic devices are widely utilized in diagnostic and operative procedures.
Minimal invasive procedures are gaining popularity due to their simplicity, reliability, and efficiency. Minimally invasive procedures are relatively cost-effective than any other traditional surgical procedures. Increasing geriatric population, rising number of surgeries, and growing investments in developing healthcare infrastructure are some of the factors contributing to the global endoscopy market growth.
Endoscopy procedures are minimally invasive, performed by inserting a rod-shaped instrument into the area of surgery by making through small incisions in the body. Endoscopic devices are specifically designed for performing complex urological surgeries, gastrointestinal surgeries, ENT, cardiovascular, and joint surgeries. These minimally invasive procedures ensure quick recovery and little chances of infection. This factor is driving the demand for different endoscopy devices.
Moreover, increasing applications of endoscopic devices in oncology is accelerating the market growth. The rising adoption of minimally invasive procedures in patients drives the global endoscopy market growth.