Endoscopy Devices Market Forecast 2023 - 2030

By Product Type :

The product type segment is categorized into rigid endoscope, flexible endoscope, capsule endoscope, and robot-assisted endoscope. In 2022, the flexible endoscope segment accounted for the highest market share and is expected to grow at the fastest CAGR in the overall endoscopy devices market. The flexible endoscope is demanded widely by medical professionals in the diagnosis of different chronic diseases such as stomach cancer, respiratory infections, and others as it offers enhanced efficiency and safety. Thus, the high incidence of chronic diseases is significantly impacting the growth of flexible endoscope usage in the endoscopy devices market. For instance, according to WHO, around 125 million people in the U.S. were diagnosed with chronic disorders in 2022. The diseases that were most commonly found among U.S. citizens were arthritis, diabetes, cardiovascular disease, allergies, and others. Hence, the growth of the flexible segment is anticipated to grow in the following years owing to the increasing prevalence of chronic diseases globally.

By Application :

The application segment is categorized into gastrointestinal (GI) endoscopy, laparoscopy, obstetrics/gynecology endoscopy, arthroscopy, urology endoscopy, bronchoscopy, mediastinoscopy, otoscopy, laryngoscopy, and others. In 2022, the gastrointestinal (GI) endoscopy segment accounted for the highest market share in the endoscopy devices market. This is due to the large prevalence of gastrointestinal diseases globally coupled with rising cases of colorectal cancer. Increasing advancements in endoscopic technologies for the diagnosis of functional gastrointestinal disorders by the key players in the market is acting as a catalyst for the growth of the gastrointestinal (GI) endoscopy segment in the market.

Moreover, the urology segment is expected to grow at the fastest CAGR in the overall endoscopy devices market during the forecast period. This is due to rising chronic diseases globally such as cancer, and others. For instance, according to the National Cancer Institute, estimated new bladder cancer cases would be around 82,290 in 2023, out of which estimated deaths would be around 16,710. Hence, increasing bladder cancer cases will create a positive growth outlook for the urology segment in the endoscopy devices market.

By End Use :

The end use segment is categorized into hospitals, ambulatory surgery centers, and others. In 2022, the hospitals segment accounted for the highest market share of 47.56% in the endoscopy devices market. Rising preference for diagnosis and treatments in hospitals is driving the market growth of endoscopy devices globally. The increasing number of surgeries and endoscopy procedures being performed in hospitals globally is driving segmental growth. Also, the availability of advanced equipment and better endoscopic facilities in hospitals is acting as a catalyst for this segmental growth of hospitals in the endoscopy devices market significantly. Hence, due to the aforementioned factors, there is a significant growth observed in the hospitals segment in the overall endoscopy devices market.

Moreover, the ambulatory surgery centers segment is expected to grow at the fastest CAGR in the overall endoscopy devices market during the forecast period. Rising preference for minimally invasive procedures, reduction in hospital stays, and faster recovery time are a few of the major driving factors for the ambulatory surgery centers segment in the endoscopy devices market.

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By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, North America accounted for the highest market share of 38.05% and was valued at USD 10,844.25 million and is expected to reach USD 16,102.62 million in 2030. In the North America region, the U.S. accounted for the highest market share of 69.25% during the base year 2022. The rising prevalence of chronic diseases such as diabetes, cancer, gastrointestinal disorders, and others in North America is driving the market growth of endoscopy devices. Also, rising demand for minimally invasive procedures, coupled with enhanced healthcare infrastructure is driving the market growth of endoscopy devices in North America.

Moreover, Asia Pacific is expected to grow at the fastest CAGR of 5.7% during the forecast period due to the increase in population and rising number of patients suffering from different diseases. Moreover, the rise in government initiatives and investments, and improving healthcare infrastructure in countries such as India, and China, among others is driving the market growth of endoscopy devices. For instance, according to IBEF, India's public expenditure on the healthcare sector reached around 2.1% of GDP in 2023, in comparison to 1.6% in 2021, showcasing an increase in public expenditure on the healthcare sector. Further, the Indian government is also planning to introduce a credit incentive program worth USD 6.8 billion to boost the country's healthcare infrastructure. Hence, the increasing investments in healthcare infrastructure in the Asia Pacific is expected to enhance the market growth during the forecast period.