The endoscope market is on the way of growth, and this will continue the same way in the years to come as well. The main reasons, which are responsible for the growth of the industry are the increasing elderly population, and growing burden of chronic disorders globally.
North America will have the highest revenue in the near future. This has a lot to do with the growing elderly population, rising occurrence of chronic ailments, and increasing count of hospitals in the region.
Also, the existence of key players, constant tech progressions, and enhancing healthcare services will help the industry to grow. As per the ACS’s 2018 data colorectal cancer was the second-highest cause of deaths because of cancer in the U.S. and that generally affects the aging.
Further, the AHA reported that the hospital count in the U.S. boomed from 5,534 in 2016 to 6,200 in 2017, thus powering the endoscope sales in North America.
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The large-scale acceptance of endoscopes and incessant tech evolution have brought about the expansion of cutting-edge products that can be used in all healthcare units.
For instance, in February 2019, PENTAX Medical, a subsidiary of HOYA Corporation, presented its APC and integrated electrosurgical platforms, ENDO PLUS and ENDO ARC, addressing coagulation apprehensions and provide electrosurgical competences. Such technological expansions by market players is a main reason behind the increasing acceptance of new-generation endoscopes.
The esophagoscope category, had the largest share in the endoscopes market because of the increasing incidence of chronic ailments and high emphasis on their early diagnosis and treatment.
The gastroenterology category, will have the fastest growth because of the increasing occurrence of colon polyps, colitis, pancreatitis, and peptic ulcers. Also, the increasing count of colorectal cancer cases will power the growth of this category.
Hospitals are the largest users of endoscopes. This has a lot to do with the spurring hospital count at a global level, where a substantial count of endoscopy processes are performed.
APAC will grow the fastest in the industry due to the increasing healthcare expenditure, snowballing consciousness with regards to the early disease diagnosis, and growing cases of chronic disorders.
Furthermore, in China and India, the progressing healthcare infra and ongoing tech expansions are the important growth drivers. India will record substantial growth as a result of the increasing number of patients and initiatives of the governments to raise consciousness about the advantages of early diagnosis of a disease.
The technological advancements happening all over the world has a lot to do with the growing demand for endoscopes. And, this will only increase, as technology keeps on advancing with time.
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