The global endoscopic devices market is projected to reach $49 billion by 2024—a sum largely driven by a rise in gastrointestinal, laparoscopic, and urologic applications, according to a new study by

The primary factors propelling growth for the endoscopic devices market include an increasing geriatric population; a rise in obesity rates; and changes in demographics and lifestyles, which have resulted in growing incidences of cancer, gastrointestinal diseases, and other chronic conditions on a global basis.

Demand for these devices has also gained traction due to technological advancements in visualization, diagnosis, and surgical endoscopic treatment, as well as a growing awareness among patients and the medical community regarding the benefits offered by endoscopy.

What’s more, laparoscopy was the top application market for endoscopic devices in 2017—with an estimated 30% market share—according to officials. Trailing laparoscopic devices in 2017 was gastrointestinal endoscopy and urologic endoscopy, with 16.2% and 14% market share, respectively. Gastrointestinal endoscopy is also expected to be the fastest-growing application of endoscopy devices from 2017 to 2024, surging at a compound annual growth rate of about 8%, officials say.

Despite the market gains, many industry professionals have concerns about endoscope reprocessing standards. Click here to read two professionals’ opinions about elevating such standards.