Flexible Endoscopes Market

Growing preference for minimally invasive surgeries over traditional surgeries promotes market growth

The rise in preference for minimally invasive surgeries, such as proctoscopy, gastroscopy, and cystoscopy, due to smaller incisions, less pain, faster recovery, and little or no risk of complications is propelling the flexible endoscope market CAGR. Minimally invasive surgeries are known to be less expensive and to provide a higher quality of life. The growing usage of minimally invasive surgical procedures has increased demand for various endoscopes and endoscopic equipment in surgical interventions such as cystoscopy, bronchoscopy, arthroscopy, and laparoscopy.

This shift towards minimally invasive surgeries over standard surgeries can be attributed to various factors, including cost-effectiveness, improved patient satisfaction, shorter hospital stays, and fewer post-surgical problems. The growing popularity of minimally invasive surgery (MIS) has increased the usage of endoscopes for diagnostic and therapeutic purposes.

In addition, factors driving the industry include an increase in the prevalence of chronic diseases affecting internal body systems, the advantages of flexible endoscopes over other devices, and growing awareness about the importance of early detection of these conditions. These instruments are used to diagnose inflammatory bowel disease (IBD), stomach and colon malignancies, respiratory infections, and tumors, among other things. As a result, the rise in the prevalence of these diseases has increased the demand for these adaptable devices.

For example, the American Cancer Society, Inc. predicted that in 2022, there would be around 26,380 cases of stomach cancer (15,900 in males and 10,480 in women), 44,850 new cases of rectal cancer, and 106,180 new cases of colon cancer in the U.S. The growing number of obese patients, more public knowledge of the technique, and government backing are all boosting the flexible endoscopes market revenue. For example, in April 2022, the US FDA changed its 'Safety Communication' and restated its recommendation that healthcare facilities and endoscopy facilities switch to utilizing only fully or semi-disposable flexible endoscopes.

The aging population worldwide is a critical factor influencing the Global Flexible Endoscopes Market Industry. As individuals age, they become more susceptible to various health issues, including those requiring endoscopic interventions. The demographic shift towards an older population is leading to an increased demand for diagnostic and therapeutic procedures that utilize flexible endoscopes. This trend is expected to contribute significantly to market growth, as healthcare systems seek to accommodate the needs of an aging demographic, thereby enhancing the overall market landscape.

The Global Flexible Endoscopes Market Industry is currently experiencing a surge in technological advancements, which enhances the capabilities and applications of flexible endoscopes. Innovations such as high-definition imaging, improved light sources, and miniaturization of components are making these devices more effective in diagnosing and treating various medical conditions. For instance, the integration of artificial intelligence in endoscopic procedures is streamlining workflows and improving diagnostic accuracy. As a result, the market is projected to reach 11.7 USD Billion in 2024, indicating a growing demand for advanced endoscopic solutions.

The Global Flexible Endoscopes Market Industry is also shaped by evolving regulatory approvals and standards that govern the manufacturing and use of medical devices. Stricter regulations are being implemented to ensure patient safety and device efficacy, which, while challenging, ultimately enhances market credibility and trust. Manufacturers are increasingly focusing on compliance with these regulations, leading to improved product quality and innovation. As a result, the market is likely to benefit from a more robust framework that supports the development and adoption of advanced flexible endoscopes.

There is a notable shift towards minimally invasive surgical procedures within the Global Flexible Endoscopes Market Industry. Patients and healthcare providers are increasingly favoring these techniques due to their associated benefits, such as reduced recovery times, lower risk of complications, and minimal scarring. Flexible endoscopes are integral to these procedures, allowing for accurate diagnosis and treatment with minimal patient discomfort. This trend is expected to drive market growth, as the industry adapts to meet the rising demand for less invasive healthcare solutions.

The rising incidence of gastrointestinal disorders globally is a significant driver for the Global Flexible Endoscopes Market Industry. Conditions such as colorectal cancer, inflammatory bowel disease, and gastroesophageal reflux disease are becoming more prevalent, necessitating effective diagnostic and therapeutic interventions. Flexible endoscopes play a crucial role in early detection and treatment, thereby improving patient outcomes. The World Health Organization has reported a steady increase in gastrointestinal diseases, which is likely to propel the market forward, contributing to its anticipated growth to 27.0 USD Billion by 2035.

By Region, the report provides market insights into Europe, North America, Asia-Pacific, and the Rest of the World. The North American flexible endoscopes market accounted for USD 4.3 billion in 2022. It will likely exhibit a significant CAGR growth in the study period due to the rising chronic diseases that require their use, such as stomach & colorectal cancer and irritable bowel syndrome. According to statistics, 12% of adults in the United States suffer from irritable bowel syndrome.

The region is also experiencing an aging population, which is more vulnerable to chronic diseases, with 16.5% of the population aged 65 or older in 2022. This figure is predicted to rise to 20% by 2050, adding to market expansion. The region's market is also being boosted by the easy availability of modern, flexible endoscopes and product introductions, such as Ambu Inc's aScope 4 Cysto, which acquired Health Canada authorization in April 2021.

Also, the major countries studied in the market report are the U.S., German, Canada, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: FLEXIBLE ENDOSCOPES MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

The European flexible endoscopes market accounts for the second-largest global market share. The growing prevalence of chronic diseases like gastrointestinal disorders, cancer, and respiratory diseases drives the demand for flexible endoscopes in Europe. The senior population in Europe is increasing rapidly, leading to a rise in the incidence of age-related diseases. Flexible endoscopes are used for early detection, diagnosis, and treatment of these diseases, propelling their demand in the region. Further, the German flexible endoscopes market held the largest market share, and the U.K. flexible endoscopes market was the fastest-growing market in the European region.

The Asia Pacific Flexible Endoscopes Market is predicted to develop at the fastest CAGR between 2023 and 2032, owing to factors such as an aging population, an increase in the frequency of chronic diseases, and an increase in demand for less invasive surgeries. In addition, rising government healthcare spending and rising disposable incomes have increased access to advanced medical technologies such as flexible endoscopes. Furthermore, the ongoing development of healthcare infrastructure and the growing number of regional hospitals and diagnostic centers are expected to drive market growth.

Moreover, the China flexible endoscopes market held the largest market share, and the Indian flexible endoscopes market was the fastest-growing in Asia-Pacific.

Leading market players focus on various strategic initiatives such as mergers & acquisitions, collaborations, and partnerships with other organizations to expand their global footprint and offer their customers a multiple range of products. New product releases, technological improvements, and geographic expansion are other major market developments that market participants use to expand their market penetration. In addition, the global flexible endoscopes industry is witnessing a growing trend of local manufacturing to reduce operational costs and provide customers with cost-effective products.

Major players in the flexible endoscopes market include Olympus Corporation, Fujifilm Corporation, Hoya Corporation, Stryker Corporation, and Karl Storz GmbH & Co. KG, among others, are investing heavily in research and development activities to improve their product offerings and gain a market competitive edge. With the growing need for minimally invasive operations, several flexible endoscopes industry companies are investing in creating endoscopes with increased imaging capabilities, improved maneuverability, and higher flexibility to access difficult-to-reach locations.

Fujifilm Corporation is a Japanese multinational conglomerate focused on photography, imaging, printing, and healthcare. The company was established in 1934 and is based in Tokyo, Japan. Fujifilm's image and photographic technology, including digital cameras, photofinishing equipment, and color film, is well-known worldwide. The company has also grown into the healthcare industry in recent years, offering medical imaging and diagnostic equipment such as endoscopic systems, medical printers, and ultrasound systems. Fujifilm announced a collaboration with AI Medical, a renowned medical AI firm, in 2021 to develop an AI-based endoscopy diagnostic support system.

The system employs Fujifilm's sophisticated endoscopy technology and AI Medical's image processing technologies to provide real-time diagnostic help during endoscopic procedures.

Hoya Corporation is a Japanese multinational company that manufactures and sells various medical equipment, including endoscopes, contact lenses, and eyeglass lenses. The corporation was founded in 1941 and is headquartered in Tokyo, Japan. Hoya Corporation is a major player in the flexible endoscopes industry, with a strong presence in developed and emerging markets. In 2020, the company launched a new line of endoscopes called the Resection DUO, which allows for both endoscopic submucosal dissection (ESD) and endoscopic mucosal resection (EMR) procedures performed with a single device.