The global endoscopy equipment market is projected to grow from its current $25.6 billion valuation to $35.2 billion by 2024, surging at a compound annual growth rate of 6.6%, according to a new Reportlinker study.
The key factors driving growth in this market include an increased demand for endoscopic procedures; a growing number of investments, funds, and grants; the rising number of hospitals; and advancements in endoscopic devices. However, unfavorable healthcare reforms in the United States, as well as the high cost of endoscopic procedures and devices, are expected to restrain market growth.
Based on application, the market is segmented into laparoscopy, gastrointestinal (GI) endoscopy, arthroscopy, obstetrics/gynecology endoscopy, urology, bronchoscopy, mediastinoscopy, ENT endoscopy, and other applications. Of these, the GI endoscopy segment is expected to see the highest growth during the forecast period.
Such an increase can be attributed to the rising geriatric population, the improving healthcare infrastructure in developing countries, and the increasing number of colonoscopy procedures performed in developed countries.
From a regional basis, the Asia-Pacific is projected to witness the highest growth during the forecast period. Market researchers attribute this increase to universal healthcare coverage in the Asia-Pacific, as well as the presence of Japan’s well-developed healthcare system. A large patient population and healthcare infrastructure improvements in China, along with the popularity of medical tourism in India, are also contributing to this increase.