The global endoscope market reached a valuation of $18.9 billion in 2018. As per the estimates of P&S Intelligence, a market research company based in India, the market will generate a revenue of $28.4 billion by 2024. Furthermore, the market will advance at a CAGR of 7.2% from 2019 to 2024. The soaring population of geriatric people, the rising prevalence of chronic diseases, and the rapid technological innovations and advancements being made in endoscopes are the major market growth drivers.
Furthermore, the growing incidence of cancer is also bolstering the demand for endoscopes around the world. As per the Canadian Cancer Society 2017 estimates, in Canada, cancer is the main cause of deaths, with nearly one out of every four individuals in the country dying because of the disease every year. Moreover, cancer is responsible for as much as 30.2% of the total number of deaths occurring in the country.
As patients diagnosed with cancer and cardiovascular diseases need endoscopic procedures for effective diagnosis, the rising incidence of these diseases is fueling the requirement for endoscopic treatments. The surging geriatric population is also propelling the advancement of the endoscope market across the globe. As per the World Population Ageing 2017 publication produced by the United Nations Department of Economic and Social Affairs (UNDESA), the population of geriatric people (people in the age bracket-60 years or above) is surging rapidly.
Furthermore, the number of geriatric people all over the world grew from 382 million in 1980 to 962 million in 2017 and it is predicted to rise to 2.1 billion by 2050. Depending on type, the endoscope market is divided into esophagoscope, arthroscope, colonoscope, bronchoscope, cystoscope, laryngoscope, laparoscope, and colposcope categories. Out of these, the esophagoscope category is predicted to register the highest growth in the market in the forthcoming years.
Geographically, the endoscope market is predicted to boom in North America and Asia-Pacific (APAC) in the forthcoming years. These regions are predicted to hold more than 75.0% of the market share in 2024. This will be because of the rapid technological advancements and innovations, the surging population of geriatric people, the rising incidence of chronic diseases, the surging number of hospitals, and the existence of a well-developed healthcare infrastructure and leading industry players in these regions.
This study covers
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
• Major players operating in the market and their service offerings
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.