Market Trends of Global Endoscopy Devices Industry
The Flexible Endoscope Segment is Expected to Show Better Growth in the Forecast Period
A flexible endoscope is an optical instrument that transmits light and carries images back to the observer. Furthermore, these instruments are equipped with flexible transparent fibers. The segment is expected to grow during the forecast period due to the advantages offered over other alternatives, rising launches, and increasing adoption of flexible endoscopes.
Various chronic diseases such as inflammatory bowel diseases (IBD), stomach cancer, colon cancer, respiratory infections, respiratory tumors, and others require extensive use of endoscopes for diagnostic purposes. Thus, the high prevalence of these diseases leads to a surge in demand for flexible endoscopes. For instance, according to the American Cancer Society 2023 report, an estimated 26,380 new cases of stomach cancer were diagnosed in the United States in 2022, and 26,500 new stomach cancer are estimated to be diagnosed in 2023. Thus, these chronic diseases' high incidence and prevalence lead to a surge in demand for flexible endoscopes.
Furthermore, the launches and approvals by market players are expected to propel the segment's growth during the forecast period. For instance, in August 2021, Boston Scientific received FDA approval for the EXALT Model B Single-Use Bronchoscope. EXALT Model B Single-Use Bronchoscope is the latest evolution in flexible bronchoscopy. It is developed for use in ICU and built to help keep airways clear during complex respiratory procedures like double-lumen tube placements.
Thus, considerable segment growth is expected over the forecast period due to the increasing prevalence of diseases, several advantages of a flexible endoscope, and product launches.
North America is Expected to Hold a Significant Market Share Over The Forecast Period
The high burden of diseases such as cardiovascular diseases, colorectal and stomach cancer, increasing adoption of minimally invasive surgeries, technological innovations, approvals, product launches, and partnerships by market players are expected to drive the endoscopy market in the region. For instance, the data updated by Cedars-Sinai in January 2022 reported that coronary artery bypass graft surgery (CABG), also known as coronary artery bypass or bypass surgery, is the most common heart surgery and more than 300 thousand people have successful bypass surgery in the United States each year. The high number of bypass surgery performed may cause an increased demand for image-guided surgical systems, thus driving the growth of endoscopy devices in the nation.
Furthermore, an increase in endoscopic procedures for early diagnosis of gastrointestinal and colorectal cancers is expected to boost the market in the coming years. Most gastrointestinal stromal tumors usually start in the rectum, colon, and esophagus. For instance, as per the American Cancer Society (ACS) 2023 report, the expected esophagus cancer is estimated to be diagnosed in 21.5 thousand individuals, stomach cancer in 26.5 thousand individuals, and colorectal cancer in 153 thousand in the United States in 2023. The high burden of these cancers is expected to propel the demand for endoscopy devices in the nation during the forecast period.
The rising launches and approvals of endoscopy devices in the region also contribute to the market growth during the forecast period. For instance, in July 2022, Zsquare, a developer of single-use endoscopes, received Food and Drug Administration 510K clearance to market its product, the Zsquare ENT-Flex Rhinolaryngoscope, in the United States. Also, in November 2022, PENTAX Medical, a healthcare industry leader in diagnostic and therapeutic endoscopy solutions, launched the Performance Endoscopic Ultrasound (EUS) system in Canada.
Thus, the factors such as the rising product launches and the increasing adoption of minimally invasive imaging and surgeries due to chronic diseases are expected to boost the market's growth in Canada during the forecast period.
