According to FutureWise analysis the market for endoscopy equipment and software in 2023 is US$ 49.22 billion, and is expected to reach US$ 89.23 billion by 2031 at a CAGR of 7.72%.
Rising insistence for endoscopic procedures, increased funds and grants for research and development in endoscopy software, increased adoption of endoscopy equipment in hospital settings, advancements in technology are some of the crucial factors contributing to the growth of the market. According to the data provided by the Gastroenterology, 2019, over 10 million colonoscopies, over 6 million upper endoscopies, over 310,000 flexible sigmoidoscopies are performed every year in the United States. Furthermore, endoscopy is increasingly being used for treating multiple disorders like orthopedic disorders, cancer, gastroesophageal reflux disorders and neurological disorders. As per the report provide by the Cancer Research, UK, over 15 million cases of cancer were registered worldwide in 2017 and this number is predicted to reach over 25 million by 2040, i.e. a rise of over 60%. Furthermore, as per the report published by the Lancet Commission on Global Surgery, over 75% of cancer patients require surgery. Such factors shall contribute to the growth of the market.
Conversely, unfavourable reimbursement facilities in the United States, high expense of endoscopy equipment along with limited or no reimbursement in underdeveloped and developing nations are some factors restraining the endoscopy equipment and software market growth. Furthermore, the increased inclination of patients to Ayurveda medicines shall possibly impede the market growth. Furthermore, the healthcare professionals needed to be trained for maintaining and handling the endoscopic equipment effectively, but a lack of these professionals has impeded the market growth significantly.