The market is being driven by the surging aged population, technological advancements in the domain, and rising burden of chronic diseases. In terms of type, the market is divided into colposcope, esophagoscope, laparoscope, laryngoscope, cystoscope, bronchoscope, colonoscope, arthoscope, and others.
Out of all these, the gastroenterology category accounted for the largest share of the market in the past, and the category is further projected to advance at the fastest pace during the forecast period. The increasing incidence of diseases including peptic ulcer disease, colon polyps, pancreatitis, and colitis are leading to the growth of the category. In addition to this, the increasing number of colorectal cases across the globe is also driving the demand for endoscopes in the gastroenterology application area.
North America dominated the endoscope market in the past, and the region is expected to account for 47.7% share of the market in 2024. The surging prevalence of chronic diseases, increasing geriatric population, enhanced healthcare services, presence of major players, and rising number of hospitals are leading to the growth of the regional market. The Asia-Pacific region is predicted to progress at the fastest pace during the forecast period, owing to the increasing awareness regarding early disease diagnosis and rising healthcare expenditure.
The rising burden of chronic diseases, including cardiovascular diseases, cancer, and respiratory diseases, across the globe is a major driving factor of the endoscope market. As per the American Heart Association’s Heart Disease and Stroke Statistics 2018, approximately 836,546 deaths occurred in the U.S. because of cardiovascular diseases. Patients suffering from chronic diseases need endoscopic procedures for diagnosis. The increasing prevalence of cancer in Canada is also projected to result in the growth of the market in the years to come.
The relaxation of strict regulations in various countries is opening up wide opportunities for the companies operating in the endoscope market. Manufacturers in the medical device industry are focusing on lowering the manufacturing cost of devices and hence are relocating to areas where they can find materials and labor at low cost. Moreover, governments of various countries are providing incentives and tax relaxations for attracting manufacturing companies, which is projected to result in the growth of the market in the near future.
Hence, the market is expanding due to the growing burden of chronic diseases and focus of manufacturers on decreasing the cost of medical devices.