Press release
Endoscope Repair Market is reaching US$ 613 Mn at a CAGR of 6.0% between 2022-2025
Endoscope Repair Market 2022
Endoscope Repair Market is destined to grow on an impertinent note, i.e. reaching US$ 613 Mn at a CAGR of 6.0% between 2022-2025. Personalization has taken over almost every sphere of the industry verticals, and healthcare is no exception. People have started looking at their healthcare picture such that they could actively take part in improving their physical and mental health on the daily basis. This personalization will be the face of the healthcare vertical in the forecast period.
Increasing demand for endoscopic procedures, owing to its benefits of being a minimally invasive procedure, is anticipated to boost growth of the global endoscope repair market. Guidelines published by several government authorities, including the Food and Drug Administration (FDA), Society of Gastroenterology Nurses and Associates (SGNA), Centers for Disease Control and Prevention (CDC), and American Society for Gastrointestinal Endoscopy (ASGE) have played a key role in ensuring manufacturers focus on quality compliance. This, in turn, has catalyzed the demand for endoscope repair services.
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Company Profiles:
Stryker Corporation
Medivators Inc.
Olympus Corporation
Pentax Medical Company (Hoya Corporation)
Smith & Nephew PLC.
Fujifilm Holdings Corp.
Karl Storz GmbH & Co. KG
Medserv International, Inc.
Endoscopy Repair Specialist Inc.
Fibertech Incorporation
Associated Endoscopy, Inc.
EndocorpUSA
Medical Optics
HMB Endoscopy Products
Endodoctor GmbH
Schölly Fiberoptic GmbH
AED.MD
XION GmbH
Integrated Medical Systems International, Inc.
United Endoscopy
Others.
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Rising Colorectal & Gastrointestinal-related Diseases to Drive Market Growth
According to Persistence Market Research (PMR), the global endoscope repair market is projected to register a significant 6% CAGR during the forecast period (2017 to 2025). The market is estimated to generate revenues worth US$ 1,649.7 Mn by 2025-end. This growth is primarily attributed to shifting preferences of doctors and patients from conventional procedure toward endoscope procedure owing to its safety and efficacy.
In addition, rising popularity of colorectal and gastrointestinal-related diseases has led to increasing demand for endoscopy procedures, primarily for detection and treatment purposes. According to WHO, incidences of benign, malignant gastrointestinal diseases, and colorectal complications have gained an uptick among elderly population. This is further expected to propel demand for endoscopes and drive growth of the market.
North America will remain the largest market for endoscope repair with more than 30% share, followed by Europe and Asia Pacific (APAC). The North America endoscope repair market is expected to exceed US$ 600 Mn by 2025-end. APAC is anticipated to exhibit fastest growth at 6.3% CAGR through 2025, followed by Europe and Middle East & Africa (MEA).
Laparoscope to Remain Top-Selling Product in the Market
Although laparoscope will remain the top-selling product in the market, it is expected to witness a slight decline in its share by 2025-end. Gastroscope is expected to be the second largest product in the market. Esophagoscope will be the fastest-selling product, while demand for hysteroscope and duodonoscope will rise congruently at 6.4% CAGR.
Based on modality type, flexible endoscope is expected to retain its dominance over the market, reaching over 60% market share by 2025. However, demand for rigid endoscope is projected to exhibit a relatively higher CAGR. OEMs are expected to be the largest service providers in the global endoscope repair market, whereas third-party vendors are projected to witness a comparatively higher growth in demand.
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Advent of Medical Tourism across APAC Countries to Create Opportunities for Market Growth
Elevating repair and service costs of endoscope devices has led to price sensitivity in the market. Stiff competition between OEMs and third-party vendors has resulted into price variations. OEMs and third party vendors provide high-quality, scalable customized packages based on customer requirements, which in turn is expected to pave opportunities for market growth.
An array of opportunities for market growth might be created in APAC, owing to wide acceptance of various endoscopes in this region. The advent of medical tourism across APAC countries viz. Malaysia, India, Philippines, Indonesia, Thailand, and Vietnam is further expected to create opportunities for growth of the global endoscope repair market during the forecast period.
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