Global endoscope market is predicted to reach $28.4 billion by 2024, advancing at a 7.2% CAGR during the forecast period (2019–2024), according to the latest research study published by P&S Intelligence, the study covers detailed analysis of component and distribution channel of endoscope industry.
The major driving factors of the market are the technological advancements, rising geriatric population, and growing burden of chronic diseases. Endoscopy is the process of examination of the internal body parts for the diagnosis and treatment of diseases. The instrument used is known as an endoscope, which is made of a flexible, thin tube with a camera and a light source mounted at the top.
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Based on type, the endoscope market is categorized into colposcope, laparoscope, laryngoscope, cystoscope, bronchoscope, colonoscope, arthroscope, and esophagoscope. Among all, during the historical period (2014–2018), the highest revenue in the market was generated by the esophagoscope category. This was attributed to the rising prevalence of chronic diseases, particularly in the throat, and the increasing emphasis on the diagnosis of diseases for early treatment, if possible, preventing the spread of the disease altogether. The fastest growth in the forecast period is expected to be witnessed by the colonoscope category.
The objective of this research includes;
North America is expected to account for the largest share in the endoscope market by 2024, followed by APAC. Together, North America and APAC are expected to account for a 75.3% market share in 2024. This can be mainly attributed to the continuous technological advancements, surging geriatric population, increasing prevalence of chronic diseases, presence of giant players, improved healthcare services, and increase in the number of hospitals.
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The endoscope market is fragmented with the presence of giant players, such as Boston Scientific Corporation, Smith & Nephew PLC, Stryker Corporation, Medtronic PLC, Olympus Corporation, FUJIFILM Holdings Corporation, and KARL STORZ SE & Co. KG. The players in the endoscope market have adopted product launches and mergers and acquisitions as key strategies to maintain their position.
The research includes detailed analysis of;
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