Rising Chronic Disease Prevalence Driving Endoscopy Volume
Every year, cancer kills 9.6 million people and cardiovascular diseases (CVDs) 17.9 million people, as per the World Health Organization (WHO). Effective and early diagnosis are now known to be the keys to reducing the mortality rate of such diseases. For diagnosis, doctors often need to look directly inside the body to see the issue. This is why a variety of endoscopic procedures have been developed, so that the insides of the human body can be looked at and anomalies detected.
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As per P&S Intelligence, the rising prevalence of chronic diseases will be the strongest driver for the growth of the endoscope market from $18.9 billion in 2018 to $28.4 billion in 2024, at a 7.2% CAGR during the forecast period (2019–2024). An endoscope consists of camera and small light bulb connected to a viewing lens by a tube thin enough to be inserted through the major pipes in the body toward a particular organ.
The fastest growth in the endoscope market during the forecast period is expected to be experienced in the Asia-Pacific (APAC) region. This is attributed to the increasing number of patients undergoing endoscopies and rising awareness about the early diagnosis of diseases. Moreover, a large number of medical device companies are establishing production plants in APAC due to the availability of raw materials and labor at lower costs than in Europe and North America. Further, the government of several regional countries is offering incentives to companies to boost domestic medical device manufacturing.
Specialty clinics, hospitals, nursing homes, diagnostic centers, private clinics, surgical centers, and academic research institutes are the major end users of such medical devices. Among these, hospitals procure endoscopes in the largest volumes, as these settings witness the highest patient footfall. Endoscopies are usually part of the entire treatment program, which often requires patients to stay at hospitals for days. Patients also prefer hospitals for healthcare services since these places employ specialists and use advanced equipment.
This study covers
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders