Esophagoscopes and Gastroscopes Market to Reach USD 2.88 Billion, Globally, by 2031 at 5.7% CAGR | Medtronic Plc, Olympus Corporation, CONMED Corporation, Stryker Corporation

According to the report, the global esophagoscopes and gastroscopes industry generated $1.64 billion in 2021, and is estimated to reach $2.88 billion by 2031, witnessing a CAGR of 5.7% from 2022 to 2031.

Rise in health-conscious consumers, increase in unmet healthcare needs, and surge in demand for enhanced healthcare services drive the growth of the global esophagoscopes and gastroscopes market. On the other hand, high cost of advanced flexible endoscopes owing to their specialized components and manufacturing process impedes the growth to some extent. However, significant investments by the government to improve healthcare infrastructure are expected to create lucrative opportunities in the industry.

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The rigid segment to maintain its dominance during the forecast period-

By type, the rigid segment held the major share in 2021, accounting for more than two-fifths of the global esophagoscopes and gastroscopes market revenue. The same segment would also cite the fastest CAGR of 6.4% throughout the forecast period. Rise in the adoption of rigid esophagoscopes and gastroscopes for diagnosis & biopsy by various key players drives the segment growth.

The gastroesophageal reflux disease segment to rule the roost-

By application, the gastroesophageal reflux disease segment accounted for the highest revenue in 2021, contributing to nearly two-fifths of the global esophagoscopes and gastroscopes market share. The same segment would also portray the fastest CAGR of 6.4% throughout the forecast period. This is due to the rise in the number of people suffering from gastroesophageal reflux diseases and the lack of awareness regarding the causes of gastrointestinal syndromes in underdeveloped countries such as Saudi Arabia. Moreover, rise in соnсеrn аmоng реорlе fоr mаіntаіnіng а hеаlthу lіfеѕtуlе аnd соnѕіѕtеnt grоwth in thе gеrіаtrіс рорulаtіоn have boosted thе dеmаnd fоr endoscopic examinations, thus fueling the segment growth.

The hospitals and clinics segment held the lion's share in 2021

By end-user, the hospitals and clinics segment garnered the major share in 2021, generating more than two-fifths of the global esophagoscopes and gastroscopes market revenue. The same segment would also display the fastest CAGR of 6.3% throughout the forecast period. This is because hospitals are the most conventional place for diagnosis and treatment of diseases, whereas, in clinics, several medical services are available at discounted prices.

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North America garnered the major share in 2021-

By region, North America garnered around two-fifths of the global esophagoscopes and gastroscopes market revenue in 2021, and is expected to rule the roost by 2031. This is attributed to the presence of several major players such as B Braun Melsungen AG and Stryker Corporation and the advancements in the manufacturing technology of gastroscopes across the region. Asia-Pacific, on the other hand, would portray the fastest CAGR of 7.1% during the forecast period. Surge in the prevalence of gastrointestinal diseases and increase in adoption of advanced esophagoscopes and gastroscopes drive the growth of the market.

Leading Market Players-

B Braun Melsungen AG
Smart Medical Systems
KARL STORZ
Medtronic Plc
HOYA GROUP
Olympus Corporation
Aohua Endoscopy Co., Ltd.
CONMED Corporation
FUJIFILM Corporation

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