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Esophagoscopes And Gastroscopes Market Analysis, Trends, Growth, Research And Forecast 2033
Esophagoscopes And Gastroscopes Market Analysis
According to The Business Research Company's, The esophagoscopes and gastroscopes market size has grown strongly in recent years. It will grow from $1.55 billion in 2023 to $1.67 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to prevalence of gastrointestinal disorders, aging population, early detection and cancer screening, minimally invasive procedures.
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Market Drivers and Trends:
The rise in the number of inflammatory bowel disease cases is driving the esophagoscope and gastroscope market. Inflammatory bowel disease is a chronic condition that causes inflammation in the digestive tract. Esophagoscopes and gastroscopes are helpful in the diagnosis and management of inflammatory bowel disease (IBD), as these tools help visualize and observe the internals of the gastrointestinal tract. For instance, in March 2023, according to a research article published in the Journal of the Canadian Association of Gastroenterology, a Canada-based open-access peer-reviewed journal, the incidence rate of inflammatory bowel disease in Canada is expected to increase from 825 per 100,000 in 2023 to 1075 per 100,000 in 2035. Therefore, increasing inflammatory bowel disease cases drive the esophagoscope and gastroscope markets.
Major companies in the esophagoscope and gastroscope market are developing innovative gastroscopes and esophagoscope devices, such as dual-channel endoscopes to provide reliable services to the customers. Dual-channel endoscopes are medical instruments used for visualizing and performing procedures within the human body, primarily in the gastrointestinal (GI) tract they are used by highly trained medical professionals to diagnose and treat various medical conditions, contributing to improved patient outcomes and a reduced need for invasive surgeries. For instance, in October 2021, Fujifilm Holdings Corporation, a Japan-based medical company launched El-740D/S dual-channel endoscope. This is the first dual-channel endoscope approved by the U.S. Food and Drug Administration (FDA), a US-based government agency for use in both upper and lower gastrointestinal applications. The availability of the EI-740D/S significantly broadens gastroenterologists' and colorectal surgeons' capabilities across a wide range of treatments.
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Major Key Players of the Market:
Medtronic PLC, FUJIFILM Corporation, Stryker Corporation, Boston Scientific Corporation, B Braun Melsungen AG, Olympus Corporation, HOYA Corporation, Smith & Nephew PLC, Ethicon Inc., Hologic Inc., Steris PLC, Teleflex Incorporated, Karl Storz SE & Co. KG, CONMED Corporation, Ambu A/S, Richard Wolf GmbH, SonoScape Medical Corporation, Vimex Endoscopy Sp. z o.o., Smart Medical Systems Ltd., Jedmed Instrument Co, Endomed Systems GmbH, Maxer Endoscopy GmbH, Surtex Instruments Limited, FENTEX medical GmbH, Machida Endoscope Co. Ltd., Aohua Endoscopy Co. Ltd., Zhejiang Shendasiao Medical Instrument Co. Ltd., Hangzhou Orient Medical Co. Ltd., Medical Device Depot Inc., Optec Endoscopy Systems GmbH.
Esophagoscopes And Gastroscopes Market 2024 Key Insights:
• The esophagoscopes and gastroscopes market size is expected to grow to $2.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Rising Incidence Of Inflammatory Bowel Disease Spurs Growth In Esophagoscope And Gastroscope Market
• Increasing Focus On Product Innovations To Provide Reliable Service To The Customers
• North America was the largest region in the esophagoscopes and gastroscopes market in 2023
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