Endoscopy Devices Market Size, Share, Growth Analysis, By Type(Flexible Endoscopes and Rigid Endoscopes), By Application(Gastroenterology and Pulmonology) - Industry Forecast 2024-2031

Global Endoscopy Devices Market size was valued at USD 46.7 billion in 2022 and is poised to grow from USD 50.25 billion in 2023 to USD 90.29 billion by 2031, growing at a CAGR of 7.6% during the forecast period (2024-2031).

The market for endoscopy devices is expected to experience significant growth in the foreseeable future due to several key factors. One of the primary drivers is the less invasive nature of these devices, coupled with their affordability in terms of pre and post-procedure costs. Additionally, there is a growing trend towards using disposable endoscopic components to reduce procedure costs and minimize the risk of cross-contamination, which is anticipated to further accelerate market growth. The increasing burden of chronic diseases and the rising geriatric population worldwide also contribute to the adoption of endoscopic devices. Various medical conditions associated with the elderly, such as liver abscess, gall stones, endometriosis, and intestinal perforation, often require endoscopic interventions, thereby driving the demand for endoscopy devices. For example, the Administration on Aging (AoA) of the U.S. Department of Health and Human Services reported that the population aged above 65 years was 16% in 2019 and is expected to reach 21.6% by 2040. Moreover, medical professionals are increasingly preferring technologically advanced endoscopy devices equipped with high-definition cameras and light sources to facilitate accurate analysis of internal organs. The shift towards minimally invasive surgical procedures over traditional surgeries, aiming to reduce hospital stays and post-procedure complications, is another significant factor fueling the demand for endoscopy devices. These factors contribute to higher patient satisfaction, improved economic viability, and reduced hospital stays, thereby driving the demand for minimally invasive endoscopic interventions. Furthermore, the growing burden of cancer globally is leading to increased adoption of endoscopy devices for early diagnosis and treatment. Biopsies, in particular, have gained preference for cancer detection and diagnosis, further propelling the demand for endoscopic devices. Technological advancements in developing innovative endoscopic solutions are also expected to drive market growth. Key manufacturers are continually striving to introduce advanced endoscopic devices for improved treatment and diagnosis of chronic disorders. For instance, Fujifilm Holdings Corporation launched the ELUXEO 7000X endoscopic Imaging System in August 2021, which allows real-time visualization of hemoglobin oxygen saturation levels in tissue during laparoscopic and endoluminal imaging procedures.