Endoscopy Procedures Estimates Industry Is Projected To Reach A Market Size Of Worth US$ 263 Million By 2032
During the forecast period, 2022- 2032, the global endoscopy procedures estimates market is expected to grow at 1.5% CAGR, reaching US$ 223 Mn in 2021. This industry is projected to reach a market size worth US$ 263 Mn by 2032 at the current rate, according to a Fact.MR report.
The COVID-19 pandemic in 2020 has led to a reduction in the use of endoscopic procedures compared with 2019. Government guidelines recommended canceling all elective surgeries, which resulted in a drop in surgeries. At the end of 2020, there was a shortage of healthcare professionals in major geographic regions, resulting in a decline in endoscopy procedures.
A growing number of cancers and gastrointestinal disorders, and the preference for minimally invasive procedures are expected to accelerate the adoption of endoscopic surgery over the forecast period. Following the implementation of COVID, the number of endoscopic procedures is expected to increase due to technological advances and the increasing burden of chronic non-communicable diseases.
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Key Takeaways from the Market Study
- The market is expected to reach a valuation of US$ 263 Mn by the end of 2022.
- As a result of the pandemic, endoscopy procedure estimates decreased by 46% from 2019 to 2021.
- It is projected that the procedure will grow by roughly 2% to 3% annually over the next decade.
- The Asia Pacific region held the largest share of global estimates in 2021, and it is expected to keep the position with more than 44% in 2022.
- With a 32% share of the market, the gastroscopy segment is expected to dominate the market in 2022.
“Rising prevalence of chronic diseases has led to growing acceptance of minimally invasive endoscopic surgeries to diagnose, treat, and prevent the complications associated with these diseases. With the advancement in technology and the increasing burden of chronic non-communicable diseases across the globe, endoscopic procedures are expected to rise,” reports a Fact.MR analyst.
Key Segments Covered in the Endoscopy Procedures Estimates Industry Survey
By Application :
- Gastrointestinal (GI) Endoscopy
Several major players dominate the market, making it highly competitive and fragmented. In order to recover the losses incurred by the pandemic and to strengthen their positions, the companies are taking various strategic initiatives. To expand their geographical presence and product offering, industry players engage in strategic mergers, acquisitions, and partnerships. In addition, these companies invest in order to maximize market revenue share.