Technological Advancements to Play a Key Role in Growth of Flexible Endoscopes Market

 Growing urbanization and industrialization around the world has increased the number of road accidents considerably. As per the Association for Safe International Road Travel (ASIRT) statistics, every year, nearly 1.3 million people die due to road accidents and around 20-30 million individuals get injured or disabled. These daunting numbers have evoked the adoption of trauma fixation procedures which is anticipated to propel Flexible Endoscopes market growth over the forthcoming years. Factors like growing geriatric population who are vulnerable to hip fractures coupled with rising prevalence of degenerative bone diseases like osteoporosis and arthritis are also likely to support the adoption of bone fixation devices further.

According to Global Market Insights Inc., Flexible Endoscopes market size is estimated to surpass USD 5.7 Billion by 2022, given the prominence of below mentioned trends:

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Novel product development initiatives by industry players

Considering the increasing product demand, major players operating in Flexible Endoscopes industry are focusing on new product development to effectively serve growing consumer demand. For instance, in 2021, Orthofix Medical Inc. a renowned medical device company focusing on spine and extremities, announced the launch of its intramedullary lengthening system FITBONE® in European and the U.S. markets. According to the company, this product has been designed for limb lengthening and correction of deformity in femur and tibia bones. Such initiatives are expected to open new growth opportunities for the industry in the years to come.

Browse key industry insights spread across 327 pages with 612 market data tables & 28 figures & charts from the report, “Flexible Endoscopes Market Size By Product (Fiberscope, Video Endoscope), By Application (GI Endoscopy, Pulmonary Endoscopy, ENT Endoscopy, Obstetrics/Gynecology, Urology), By End-use (Hospitals, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
 https://www.gminsights.com/industry-analysis/flexible-endoscopes-market     

1# Favorable regulatory policies in North America

Numerous regulators in North America are focusing on reframing their policies pertaining to the adoption and usage of endoscopes across healthcare settings. Considering an instance, in June 2021, the U.S. Food and Drug Administration provided updated information, underscoring recommendations for health care providers on bronchoscopes along with reports on medical device adverse events.

The authority reminded health care units and associated staff to reprocess bronchoscopes and their accessories by emphasizing the significance of adherence to the reprocessing instructions of the manufacturer. Such steps are expected to promote the importance of flexible endoscope maintenance across the region.

2# Growing collaborations in the Asia Pacific

A rise in collaborative steps by regional flexible endoscope manufacturers and organizations has emerged as a major driver impelling APAC market growth. Citing an instance, in May 2021, Jiangsu Vedkang Medical Science and Technology Co., Ltd., joined forces with PENTAX Medical for the establishment of a joint venture centered on developing single-use therapeutics products in the field of flexible medical endoscopy.

The new company is expected to facilitate the availability of innovative single-use devices to global clientele via PENTAX Medical’s sales network and Vedkang’s reliable R&D infrastructure and production.

Similar developments are poised to push China flexible endoscopes market share, which is anticipated to cross USD 933 million by 2028.

3# Increasing demand for GI endoscopes

Rising product developments coupled with an increase in certifications and recognitions by several regulatory bodies are set to drive the demand for different types of flexible endoscopes across the GI sector. For example, every year, the American Society of Gastrointestinal Endoscopy (ASGE) honors gastroenterologists with Crystal Awards, a recognition for those making tremendous contribution to the area of gastrointestinal endoscopy.

Such awards are not only expected to give impetus to R&D initiatives but are also set to promote segmental expansion over the forthcoming years.

All in all, the rising prevalence of chronic disorders comprising lung cancer, pelvic inflammatory disease, gastrointestinal disorders, and others is expected to drive flexible endoscopes industry landscape across various regions. Not to mention, the deployment of these devices delivers optimal outcomes and helps in enhancing patient compliance.

Mounting preference for hospitals among patients                       

Enhanced infrastructure for providing improved and advanced trauma fixation procedures in hospitals has increased the preference for these healthcare settings among patients. In addition, availability of cost-effective treatments at several government hospitals across developing countries is increasing the inclination for patients further. Apart from these factors, increasing cases of sports related injuries and rise in number of road accidents are impelling the demand for Flexible Endoscopes in hospitals. This is driving the growth of hospital segment across Flexible Endoscopes industry. For the records, in 2021, the segment had recorded a notable valuation of USD 5.7 billion.

Increasing prevalence of bone related diseases in the U.S.

Increasing pervasiveness of numerous medical conditions in the U.S. such as osteoporosis and other bone related disorders is fostering the adoption of Flexible Endoscopes in the country. According to a report by the National Osteoporosis Foundation, in 2014, around 6.9 million residents in the U.S. suffered from osteoporosis and over 43.4 million people had low bone mass. These factors have increased the adoption of Flexible Endoscopes in the country. According to the report, Flexible Endoscopes market in the U.S. had secured a sizeable share in 2021 by registering an appreciable valuation of around 5.7 billion.

Growing healthcare expenditure in India                          

India provides lucrative growth opportunities for trauma fixation industry on account of growing awareness among the population about health and internal Flexible Endoscopes, increasing healthcare expenditure and higher proclivity for minimally invasive procedures. Besides, rising elderly population in the country who are susceptible to various disorders is also a prominent factor fueling the product demand. Considering the elevating product demand in the country, Flexible Endoscopes market in India is estimated to observe a substantial CAGR of 7% through 2028.

Notable participants in the Flexible Endoscopes Market include: Few of the notable companies operating in the market are Notable key companies operating in the market are Olympus Corporation, Boston Scientific Corporation, Fujifilm Corporation, and Karl Storz among others. These market leaders are undertaking several growth strategies such as collaboration, partnership, merger and acquisitions to gain competitive edge and broaden their industry presence. These industry participants implemented various strategies such as mergers and acquisitions, collaborations, new product launch, etc. in order to capture high revenue share.

Chapter 1   Methodology

1.1    Market definition

1.2    Base estimates & working

1.3    Forecast parameters

1.4    Data validation

1.5    Data sources

1.5.1    Secondary

1.5.1.1    Paid sources

1.5.1.2    Unpaid sources

1.5.2    Primary

Chapter 2   Executive Summary

2.1    Flexible endoscopes industry 3600 synopsis, 2017 - 2028

2.1.1    Business trends

2.1.2    Product trends

2.1.3    Application trends

2.1.4    End-use trends

2.1.5    Regional trends

Chapter 3   Flexible Endoscopes Industry Insights

3.1    Industry segmentation

3.2    Industry landscape, 2017 – 2028 (USD Million)

3.3    Industry impact factors

3.3.1    Growth drivers

3.3.1.1    Growing prevalence of chronic conditions

3.3.1.2    Technological advancements

3.3.1.3    Increasing popularity of minimally invasive therapies

3.3.1.4    Rising health awareness and demand for early-stage diagnosis

3.3.2    Industry pitfalls & challenges

3.3.2.1    Changing regulation related to medical equipment

3.4    Growth potential analysis

3.4.1    By product

3.4.2    By application

3.4.3    By end-use

3.5    COVID-19 impact analysis

3.6    Porter’s analysis

3.7    Competitive landscape, 2020

3.7.1    Company matrix analysis, 2020

3.7.2    Company market share analysis, 2020

3.8    PESTEL analysis

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