The global market for endoscopic devices is slated to surge to $33.5 billion by 2022, increasing at a compound annual growth rate of 4%, according to a new report from Transparency Market Research. Dominating the market is the gastroenterology segment, which researchers attribute to an increase of gastric problems around the globe.
Specifically, the global surge in using endoscopic equipment to diagnose gastroenterological disorders is expected to boost the market worldwide. Another factor expected to buoy the global market for endoscopic equipment is rising investments in the medical sector. After all, Transparency Market Research officials say, both government and non-government agencies are taking measures to improve healthcare infrastructures around the world.
Geographically, North America is projected to be the top market for endoscopic devices—with the region slated to see revenues grow from $9.9 billion in 2017 to $12.3 billion by the end of 2022.
Moreover, New Zealand, Australia, India, China, and Japan are also presumed to increase the revenue generation of the endoscopy equipment market during the forecast period by creating better infrastructure and medical facilities in terms of treatment. Transparency Market Research officials say the emergence of ultra-modern healthcare facilities are especially creating lucrative opportunities for the endoscopic equipment market, .
One factor that may hinder market growth, however, is the high treatment cost of gastroenterology, as well as their medications. In fact, the high cost of treatment may make customers to think twice before opting for such treatment, Transparency Market Research officials caution.
Apart from that, the emerging market for ayurvedic medicines and their guaranteed no side-effect propaganda may divert patients from opting for endoscopic treatment and instead acquire natural remedies to cure themselves. Due to this shift, the market for endoscopy equipment may also face loss in the years to come.