SELBYVILLE, Del., Feb. 16, 2022 /PRNewswire/ — Global flexible endoscopes market revenue is projected to reach over USD 9 billion by 2028, according to a new research report by Global Market Insights Inc. Growing prevalence of chronic diseases is expected to drive the industry growth.
Adoption of supportive initiatives, policies, and programs by the government authorities & public organizations to improve the access to affordable chronic care is poised to fuel the industry expansion. Cancer is a leading cause of mortality that accounted for around 10 million deaths in 2020 across the globe. This increasing prevalence is highlighting the surging need for early-stage disease diagnosis. As a result, several countries are emphasizing on establishing novel strategies to enhance access to high quality medical procedures that identify, prevent, and treat complications associated with visceral organs.
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The video endoscope segment is estimated to expand at 7.2% CAGR to reach above USD 3,456 million by 2028 owing to subsequent technological advancements in video endoscope. Novel video endoscope designs and technology have enabled its use for precise work on inaccessible regions along with exceptional depth of focus to support efficient treatment. The miniaturization of video endoscopes, leading to smaller slim distal end diameter offers clinical advantage and suitable for observation, biopsy and treatment.
Some major findings of the flexible endoscopes market report include:
- Government initiatives and funding to improve chronic care and is further expected to amplify the business landscape.
- Some of the major industry players operating in the market include Olympus Corporation, Boston Scientific Corporation, Fujifilm Corporation, and Karl Storz among others.
- Competitors are emphasizing strategic activities such as product launches, partnerships, and geographical expansion to gain significant revenue share and cater to larger customer base.
Browse key industry insights spread across 218 pages with 311 market data tables & 17 figures & charts from the report, “Flexible Endoscopes Market Analysis By Product (Fiberscope, Video Endoscope), Application (GI Endoscopy, Pulmonary Endoscopy, ENT Endoscopy, Obstetrics/Gynecology, Urology), End-use (Hospitals, Ambulatory Surgical Centers), Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
The flexible endoscopes market from urology segment showcased significant CAGR of 6.9% from 2022 to 2028 led by surging incidence of chronic kidney disease, increase in smoking & alcohol consumption, unhealthy lifestyle, etc. Factors such as rising incidences of diabetes & hypertension are also contributing to large number of people suffering from kidney disorders, thereby driving the segmental growth.
The hospitals segment was valued at more than USD 3,212 million in 2021. This high segmental revenue is primarily attributed to access to extraordinary expertise and specialized care. Enhanced functional independence, improved clinical outcomes, minimal surgical complications, and advanced technical resources offered by hospitals increases the preference for endoscopy procedures performed at these facilities. Many hospitals concentrate on delivering the best care path and offer efficient approach to conduct endoscopy surgeries. The surging demand for chronic care services pertaining to an upsurge in the target population is set to drive the demand and preference for flexible endoscopes in hospitals.
China flexible endoscopes market held a revenue share of around 30% in 2021 and is expected to reach USD 933 million by 2028 driven by rapidly aging population, rising prevalence of chronic conditions, and improving healthcare infrastructure among others. Geriatric population is associated with increasing disease burden, due to high susceptibility of chronic conditions that require surgical interventions. The high-unmet medical needs pertaining to the target disease segment, coupled with constantly improving healthcare expenditure in the region are some of the key factors attributing to industry outlook.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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