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

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 endoscopy devices market is characterized by intense competition among several prominent players. These companies focus on continuous research and development activities to introduce innovative products and gain a competitive edge. Market participants also emphasize strategic collaborations, partnerships, and mergers to expand their market presence and distribution networks. Additionally, companies invest in enhancing their manufacturing capabilities and maintaining stringent quality standards to ensure product efficacy and reliability. Moreover, the market is witnessing increased competition due to the entry of new players, further intensifying the competitive dynamics within the industry. 'Medtronic (US)', 'Johnson & Johnson (US)', 'Olympus Corporation (Japan)', 'Fujifilm Holdings Corporation (Japan)', 'Stryker Corporation (US)', 'Karl Storz SE & Co. KG (Germany)', 'Boston Scientific Corporation (US)', 'Cook Medical (US)', 'Smith & Nephew plc (UK)', 'Hoya Corporation (Japan)', 'CONMED Corporation (US)', 'Pentax Medical (Japan)', 'Richard Wolf GmbH (Germany)', 'B. Braun Melsungen AG (Germany)', 'Olympus Medical Systems Corp. (Japan)', 'Fujifilm Medical Systems USA, Inc. (US)', 'Medtronic plc (Ireland)', 'KARL STORZ Endoscopy-America, Inc. (US)', 'Arthrex, Inc. (US)', 'Ethicon, Inc. (US)'

One significant driver fueling the growth of the endoscopy devices market is the increasing prevalence of chronic diseases, such as gastrointestinal disorders and cancer. The rising burden of these diseases worldwide creates a higher demand for endoscopy devices for early diagnosis, treatment, and management. This driver is propelled by factors such as changing lifestyle patterns, aging populations, and the need for minimally invasive procedures, highlighting the importance of endoscopy devices in addressing the growing healthcare challenges.

One prominent trend in the endoscopy devices market is the increasing adoption of robotic-assisted endoscopy procedures. Robotic technology offers enhanced precision, dexterity, and visualization during endoscopic interventions, enabling surgeons to perform complex procedures with greater accuracy. The use of robotic systems also allows for smaller incisions, reduced tissue trauma, and faster patient recovery. As a result, the demand for robotic-assisted endoscopy is growing, as healthcare providers seek to improve patient outcomes and expand the capabilities of minimally invasive procedures. This trend is expected to continue driving advancements in endoscopy technology and shaping the future of the market.

North America dominated the endoscopy devices market. The region's dominance can be attributed to several factors. Firstly, the well-established healthcare infrastructure and high healthcare expenditure in countries like the United States and Canada contribute to the widespread adoption of advanced medical technologies, including endoscopy devices. Additionally, favorable reimbursement policies and a high level of awareness among healthcare professionals and patients further drive the market growth.