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Rigid Endoscope Market Size, Emerging Trends, Growth Rate, Business Opportunities And Forecast To 2033
Rigid Endoscope Market
According to The Business Research Company's, The rigid endoscope market size has grown strongly in recent years. It will grow from $4.6 billion in 2023 to $5.01 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to global civil unrest, urbanization and population density, political instability, risk of public disorder at large events, military and law enforcement modernization..
The rigid endoscope market size is expected to see strong growth in the next few years. It will grow to $6.76 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to terrorism and asymmetric threats, pandemic-related unrest, public events and mass gatherings, national security concerns, public awareness and advocacy.. Major trends in the forecast period include non-lethal technologies, integrated communication systems, enhanced riot control vehicles, crowd monitoring and analysis, less-lethal projectiles and ammunition, training simulators and virtual reality..
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Market Drivers and Trends:
The increasing prevalence of cancer and gastrointestinal disorders is expected to propel the growth of the rigid endoscope market going forward. Cancer refers to the abnormal growth of the cells that leads to dysfunction of organs and tissue, whereas Gastrointestinal disorders are disorders of the digestive system. Rigid endoscopes are used for diagnosing and treating cancer and gastrointestinal disorders, allowing clinicians to see into the patient's body, biopsy, and do minimally invasive operations that can lead to earlier diagnosis and effective treatment. For instance, in January 2023, according to the American Cancer Society, a US-based nonprofit cancer advocacy organization, the number of cancer cases increased from 1,898,160 in 2021 to 1,958,310 in 2023, reflecting a growth of 3.16%. , Furthermore, in March 2021, according to International Agency for Research on Cancer, globally, gastrointestinal cancers (GI) account for one in every four cancer cases and one in every three cancer deaths. Therefore, the increasing prevalence of cancer and gastrointestinal disorders drives the growth of the rigid endoscope market.
Product innovations have emerged as a key trend gaining popularity in the rigid endoscope market. Major market players are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, in November 2022, Integrated Endoscopy, a US-based medical device company, introduced Gen II NUVIS, a single-use ridged endoscope, 4K, battery-operated cordless arthroscopy for arthroscopic surgical procedures. The Gen II NUVIS has a patent-pending streamlined optical train design that decreases the number of optical elements by more than 60% while increasing image quality to 4K. The image quality is greater, but the Gen II NUVIS will also be significantly faster and less expensive to build, as well as access to high-volume automation. Additionally, a built-in battery-powered LED replaces the lightbox and hefty light cord.
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Major Key Players of the Market:
Stryker Corporation, Karl Storz SE & Co. KG, Richard Wolf GmbH, Olympus Corporation, Medtronic plc, CONMED Corporation, Smith & Nephew plc, B Braun Melsungen AG, Henke-Sass Wolf GmbH, Ethicon Inc., Fujifilm Holdings Corporation, Integrated Endoscopy Inc., NeoScope Inc., PENTAX Medical, Optomic España SA, 3A Composites, Hoya Corporation, Aesculap Inc., Boston Scientific Corporation, Cook Medical Inc., Pristine Surgical LLC, Allengers Medical Systems Ltd., Aspen Surgical Products Inc., Bausch Health Companies Inc., Beacon Medical Group, Cardinal Health Inc., GI Dynamics Inc., Catalyst Medical Solutions Ltd., HealthTrust, EndoChoice Holdings Inc.
Rigid Endoscope Market 2024 Key Insights:
• The rigid endoscope market will grow to $6.76 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Surge In Cancer And Gastrointestinal Disorders Ignites Robust Growth In Rigid Endoscope Market
• Product Innovations Drive Rigid Endoscope Market
• North America was the largest region in the rigid endoscope market in 2023
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