From valuing $18.9 billion in 2018, the global endoscope market is predicted to reach $28.4 billion by 2024, advancing at a 7.2% CAGR during the forecast period (2019–2024).
The major driving factors of the market are the technological advancements, rising geriatric population, and growing burden of chronic diseases. Endoscopy is the process of examination of the internal body parts for the diagnosis and treatment of diseases. The instrument used is known as an endoscope, which is made of a flexible, thin tube with a camera and a light source mounted at the top.
The application areas in the endoscope market are gynecology, urology, pulmonology, orthopedic, gastroenterology, and others. The gastroenterology application held the largest revenue share in the market in 2018, and it is expected to register the highest CAGR in the forecast period. This remarkable growth of the category can be ascribed to the growing prevalence of chronic diseases, such as peptic ulcer disease, pancreatitis, colitis, and colon polyps. Further, the demand for endoscopes (colonoscopes) is rising due to the increasing prevalence of colorectal cancer.
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The manufacturers in the endoscope market are trying to increase their revenue by cutting down on the manufacturing cost of the instrument. They are doing that by relocating their manufacturing facilities to emerging economies, such as China and India, where the material and labor are available at significantly lower prices than developed countries. Further, to boost the economy of their countries, governments here offer incentives and subsidies to these companies for setting up their manufacturing plants. This is expected to drive the demand for advanced endoscopes, by motivating manufacturers to invest in technology R&D.
Therefore, the market for endoscopes is set to witness a significant growth in the forecast period due to the rising number of chronic diseases, such as cancer and cardiovascular diseases.
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