How Are Product Launches Helping Endoscope Market Flourish?
Factors such as the growing incidence of chronic diseases, rising technological advancements, and booming geriatric population will accelerate the endoscope market at 7.2% CAGR during the forecast period (2019–2024). According to P&S Intelligence, the market is projected to generate $28.4 billion revenue by 2024. In recent years, the soaring number of product launches has become a prominent market trend, as advanced products play a vital role in the effective diagnosis and treatment of peptic ulcer disease (PUD), chronic gastrointestinal bleeding, muscle spasms, colon cancer, and ulcerative colitis.
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One of the key growth drivers for the market is the increasing prevalence of chronic diseases worldwide. According to the World Health Organization (WHO), cancer is one of the leading causes of human fatalities and accounted for around 10 million deaths in 2020. The WHO further states that cardiovascular diseases (CVDs) cause nearly 17.9 million deaths annually. Four out of five CVD fatalities occur due to heart attacks and strokes and around one-third of these fatalities are caused among individuals below 70 years of age.
Categories under the type segment of the endoscope market are colposcope, arthroscope, cystoscope, laparoscope, esophagoscope, colonoscope, laryngoscope, bronchoscope, and others. Among these, the esophagoscope category is expected to generate the highest revenue throughout the forecast period, due to the increasing volume of endoscopic surgeries for treating esophagus related diseases. According to the American Cancer Society (ACS), the U.S. will record a total of 19,260 new esophageal cancer cases by the end of 2021. This cancer will cause around 15,530 fatalities in 2021.
Geographically, North America will account for the largest share in the endoscope market throughout the forecast period, due to the presence of major market players, rapid technological advancements, presence of a large number of hospitals, and existence of improved healthcare infrastructure in the region. Moreover, the surging incidence of chronic diseases and booming elderly population will also contribute to the regional market growth in the coming years. The U.S. is expected to contribute higher revenue to the regional market, due to the soaring cases of gastrointestinal and respiratory diseases and the mounting number of hospitals in the country.
Whereas, the Asia-Pacific (APAC) endoscope market is expected to demonstrate the fastest growth during the forecast period, primarily on account of the burgeoning healthcare expenditure, escalating awareness about the importance of early diagnosis of diseases, and rising incidence of chronic illnesses in the region. Besides, the improving healthcare infrastructure and ongoing technological advancements being made in China and India will also supplement the market growth in the region in the forecast years. Among APAC nations, India will generate a huge demand for endoscopes in the future, due to the expanding patient pool and surging awareness about the benefits of early diagnosis of illnesses in the country.
Therefore, the rising incidence of chronic illnesses and increasing product launches will catalyze the market growth in the foreseeable future.