Endoscope Market Is Projected To Generate US$ 29,080.5 Million By 2034 At 6.3% CAGR: Fact.MR Report

(MENAFN- GlobeNewsWire - Nasdaq) Rising Popularity of Robotic-assisted Endoscopy for Better Patient Outcomes is Creating Heightened Demand for Endoscopes

Rockville , Jan. 17, 2024 (GLOBE NEWSWIRE) -- The global endoscope market is estimated at US$ 15,766.7 million in 2024 and projected to expand at a steady 6.3% CAGR through 2034. The market is projected to attain a valuation of US$ 29,080.5 million by 2034.

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The market is driven toward rapid advancement as robotic-assisted endoscopy becomes the leading trend. The medical field is accepting robotic systems to elevate endoscopic procedures. The use of these robots increases the control, precision, and maneuverability in diagnostic interventions and complex surgeries.

Growing incidences of cancer, gastrointestinal disorders, and other chronic conditions continue to raise demand for endoscopes. Further, surging demand for minimally invasive procedures is anticipated to fuel the device demand in the future.

Report Attribute	Details
Value Projection (2034)	US$ 29,080.5 million
Growth Rate (2024-2034)	6.3% CAGR
No. of pages	170 Pages
No. of Tables	64 Tables
No. of Figures	192 Figures

"Key players are finding significant growth in East Asia. Countries like China, Japan, and South Korea are projected to attract leading players. With high demand for modern technology, market players are expected to focus on the development of robot-assisted endoscopes in the years to follow." says a Fact analyst.

Key Companies Profiled in This Report

• Olympus Corp.
• Richard Wolf Medical Instruments
• CONMED Corp.
• Ethicon US, LLC
• FUJIFILM Holdings Corp.
• Medtronic
• Stryker
• Boston Scientific Corp.
• PENTAX Medical
• Karl Storz GmbH & Co., KG
• Others
  

Key Takeaways from the Endoscope Market Study

• In 2019, the endoscope market was valued at US$ 11,897.3 million.
• North America's endoscope market is anticipated to acquire a share of 38.5% in 2024. The United States is projected to lead the region, with an estimated share of 88% in 2024.
• The East Asia endoscope market is projected to gain a share of 14% in 2024. China is forecast to obtain a prominent position by acquiring a share of 51.3% in East Asia in 2024.
• Robot-assisted endoscopes segment is anticipated to expand at a CAGR of 8% through 2034. Their adoption is set to expand as the medical sector moves toward advanced technologies.
• Specialty clinics increasingly adopt endoscopes, estimated to rise at a CAGR of 6.9% through 2034.
• Endoscopes are significantly used in gastrointestinal (GI) endoscopy, with the segment accounting for a leading share of 32.4% in 2024.

Competitive Landscape

Market players are employing several strategies to up their game and share in the market. Players default to product innovation to introduce advanced features to their product portfolio. For this, they can significantly invest in research and development activities. Market players are also zeroing in on emerging technologies like virtual reality, robotic-assisted surgery, and capsule endoscopy to maintain their relevance in these modern times.

Leading players are further collaborating with universities and research institutions as it fosters innovation and expedites the development of advanced technologies. Industry participants are further merging with firms that boast of geographical reach or complementary technologies. Market leaders invest in security solutions and data privacy to address ethical concerns and execute rapid data protection measures.

Latest Market Developments Shaping the Endoscope Market

• The United States FDA, in May 2021, approved the use of EndoFresh's disposable digestive endoscopy system. The device is developed to decrease the chances of contamination in gastrointestinal (GI) procedures.
  
• Medtronic PLC, in association with Amazon Logistics, in November 2021, launched Pillcam SB3 at HOME, a capsule endoscopy product used for offering accurate and timely results at home.
  

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Country-wise Insights

The North America endoscope market is anticipated to acquire a value share of 38.5% in 2024. By 2034, the market is projected to witness sustained growth with a meager increase in value share, reaching 38.8%. Through the forecast period, the market is likely to expand at an average CAGR of 6.4%.

The East Asia market for endoscope is projected to obtain a prominent share of 14% in 2024. Registering a CAGR of 7.7% through 2034, the market is anticipated to increase to 15.9%. Value-wise, the market is forecast to expand from US$ 2,215 million in 2024 to US$ 4,629 million by 2034.

Explore More Related Studies Published by Fact Research:

Endoscope Flushing Pumps Market : The endoscope flushing pumps market is expected to grow at a CAGR of 6.2% during the forecast period of 2021-2031.

Automated Endoscope Reprocessor Market : The global automated endoscope reprocessor market size is estimated at a value of US$ 491.7 million in 2024 and is projected to expand at a noteworthy CAGR of 7.1% to reach US$ 978.8 million by the end of 2034.

Capsule Endoscope Systems Market : Revenue from the sales of capsule endoscope systems is set to reach US$ 695 million by 2027.

About Fact:

Fact is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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