Rigid Endoscopes Market size is projected to experience significant growth from 2018 to 2024.
Increasing burden of chronic diseases worldwide is the key factor that will drive rigid endoscopes market growth throughout the forecast period. Increasing adoption of endoscopy for diagnosis and treatment of these diseases will accelerate the industry growth. Rapidly growing geriatric patient base prone to chronic diseases will spur rigid endoscopes market size in foreseeable future. Moreover, rising disposable income leading to increasing affordability, advancements in healthcare facilities as well as favorable reimbursement policies for endoscopic procedures will drive the rigid endoscopes market growth in coming years.
Technological advancement leading to development of novel products will serve to be another positive impact rendering factor for industry growth. For instance, availability of sterile disposable endoscopes reduces risk of patient infection to overcome the flaws of reusable endoscopy instruments will increase its adoption rate. Furthermore, high demand for minimally invasive procedures to prevent post-operative trauma and complications will spur rigid endoscopes market size over the forecast timeframe. However, high cost of endoscopy procedures as well as lack of skilled endoscopists in developing countries may hinder market growth during the forthcoming years.
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Straight rigid endoscopes product segment accounted for significant market share in 2017 and will experience similar growth over the forecast timeframe. The growth is attributable to rising demand for rigid endoscopes such as arthroscopes and sinuscopes. Increasing demand for less invasive surgical procedures coupled with rising number of surgeries being performed worldwide will further propel segmental growth during the forecast period.
Gastrointestinal endoscopy application is anticipated to witness notable revenue share throughout the forecast timeframe. Prevalence of gastrointestinal diseases such as ulcerative colitis, irritable bowel syndrome, gastroesophageal reflux disease (GERD), diverticulitis as well as gallstones is increasing worldwide. Increasing geriatric population base prone to various gastrointestinal diseases, growing demand for minimally invasive procedures coupled with availability of technologically advanced endoscopes will surge the segmental growth.
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Demand for ASCs that offer high quality and cost-effective minimally invasive procedures is growing in recent years. Other benefits such as short hospital stays resulting in less risk of hospital acquired infection will further increase the adoption of ASCs. Increasing number of procedures being performed in the ASCs will augment segmental growth in coming years.
U.S. rigid endoscopes market dominated the global rigid endoscopes market in 2017 and is poised to grow at considerable CAGR over the analysis period. Availability of advanced healthcare infrastructure, high healthcare spending in the region as well as huge investments in R&D leading to technological development will drive market growth. Presence of key market players will further drive regional market growth during the forthcoming years.
India rigid endoscopes market is projected to grow at significant rate during forecast period. Presence of large patient pool coupled with growing disease burden in the country is the key driver that will boost the market growth in coming years. Growing number of baby boomers suffering from various chronic diseases will stimulate the market growth. Moreover, developments in healthcare facilities, rising disposable income and growing demand for technologically advanced products will foster regional market growth over the forecast period.
Some of the key industry players operating in rigid endoscopes market include Aesculap Inc., Arthrex Inc., B. Braun Melsungen, Boston Scientific, ConMed, Covidien PLC, Ethicon Endo-Surgery Inc., Fujifilm Holdings Corporation, Hoya Corporation, Karl Storz, Olympus Corporation, Richard Wolf GmbH, Smiths Group and Stryker Corporation. Industry players are majorly focusing on strategic acquisitions, partnerships, mergers as well as innovative product launch to strengthen existing product portfolio and capitalize on growing market opportunities.
Rigid endoscopes market by product, 2013-2024 (USD Million)
- Straight rigid endoscopes
- Semi-rigid endoscopes
Rigid endoscopes market by application, 2013-2024 (USD Million)
- Gastrointestinal endoscopy
- Gynecology endoscopy
- ENT endoscopy
- Urology endoscopy
- Neurology endoscopy
Others Rigid endoscopes market by end-use, 2013-2024 (USD Million)
- Ambulatory surgical centers
- Diagnostic laboratories