Endoscopic Tools Market To Reach USD 505.4 Million By 2032, Says DataHorizzon Research
A Detailed Analysis Report of the Endoscopic Tools Market.
Fort Collins, Colorado, Nov. 08, 2023 (GLOBE NEWSWIRE) — According to DataHorizzon Research, the Endoscopic Tools Market size was valued at USD 233.3 Million in 2022 and is anticipated to be valued at USD 505.4 Million by 2032 at a CAGR of 8.3%.
The growing prevalence of gastric cancer is a major factor contributing to market growth. The rise in the geriatric population and the prevalence of gastrointestinal cancers such as esophagus, stomach, and colon cancer have led to an increasing demand for endoscopy procedures. Also, the rise in the aging population is causing an increase in reported cases of colorectal cancer.
According to the Congressional Budget Office (CBO), in the U.S., in 2023, the percentage of people aged 65 or above was 34% relative to the total population aged 25 to 64. Also, the population aged 65 or above is expected to increase to 73 million by 2053. Increased patient awareness of the endoscopic submucosal dissection method will also drive the demand for gastrointestinal endoscopic procedures. According to the American Cancer Society, stomach cancer accounts for about 1.5% of the new cancer cases detected in the U.S. annually. In 2023, approximately 15900 cases in men and 10500 cases in women are estimated to be diagnosed. This incidence rate is expected to grow, leading to a rising patient pool to bolster the endoscopic tools market.
Furthermore, the rise in endoscopy procedures is also expected to accentuate the expansion of the endoscopy market. Endoscopy procedures are less invasive and save costs regarding pre- and post-operative care and length of stay at hospitals. Also, these procedures are increasingly covered by health insurance providers in selected countries. These factors have led to an increase in the preference for endoscopy procedures among patients and physicians.
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The global endoscopic tools market has been segmented into product, indication, procedure, end-user, and region. The colon cancer segment accounted for the largest market share and held a revenue share of 53.8% in the endoscopic tools market in 2022. The stomach cancer segment also held a significant market share in 2022 and a revenue share of 29.9% in 2022.
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Endoscopic Tools Market Report Highlights:
- The global endoscopic tools market growth is anticipated at a CAGR of 8.3% by 2032.
- Growing preference for minimally invasive surgeries, the increasing use of endoscopy for treatment and diagnosis, and technological advancements leading to enhanced applications are the major factors leading to the market growth.
- Based on indication, the market is sub-segmented into esophageal, stomach, and colon cancer.
- Based on procedure, the market is further categorized into endoscopic mucosal resection (EMR), endoscopic submucosal dissection (ESD), and peroral endoscopic myotomy (POEM).
- Some prominent players in the endoscopic tools market report include Olympus Corporation, Boston Scientific Corporation, ERBE Elektromedizin GmbH, FujiFilm Medical Systems, Sumitomo Bakelite Co., Ltd., Ovesco Endoscopy AG, and ZEON CORPORATION among others.
Industry Trends and Insights:
- According to Cancer Research in the UK, cancer cases are estimated to reach 27.5 million by 2040. This is expected to result in significant growth in cancer surgeries, as around 80% of cancer cases require surgery. As a result, the rising incidence of target health conditions is expected to drive the demand for endoscopy in the coming years.
- In October 2023, Olympus Corporation of America recalled two of its products.
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Endoscopic Tools Market Segmentation:
- By Product: Knives, tissue retractors, grasps/clips, injection agents, gastroscopes, colonoscopes.
- By Indication: Esophageal cancer, stomach cancer, colon cancer.
- By Procedure: EMR, ESD, POEM.
- By End-user: Hospitals, ambulatory surgical centers, specialty clinics
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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