The global disposable endoscopes market size is expected to reach USD 4.45 billion by 2027 and is expected to expand at a CAGR of 19.8% over the forecast period, according to a new report published by Grand View Research, Inc.
Increasing incidence of Hospital-acquired Infections (HAI) is one of the pivotal factors attributed to the growth. Furthermore, high capital cost associated with cleaning, maintenance, reprocessing and storage cabinets and equipment is also of the factors compelling healthcare establishments to opt of disposable endoscopes. Increasing prevalence of target diseases including cancer, ENT, Neurological, GI disorders and others is further boosting the adoption. Technological advancements, ongoing product development, and strong clinical pipeline, are some of the other expected to significantly boost the market growth.
New product approvals in the countries from Europe and North America is expected to significantly push adoption of new products. Key market participants are constantly working on new product development to cater to wide application areas. Ambu A/S is expected to launch nearly 13 products in next 2 to 3 years which will cater to a wide array of applications including, ENT, pulmonary, gastroscopy, colonoscopy, duodenoscopy, and few others.
The demand for disposable endoscopes is anticipated to witness a surge in hospitals, diagnostic centers, and other facilities owing to rapidly increasing instances of HAIs which results in significant burden on healthcare systems. Developed economies are the most lucrative markets due to their high healthcare expenditure enabling them to adopt disposable endoscopes that are slightly expensive as compared to the reusable variants that gets amortized over time.
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Further key findings from the report suggest:
- Bronchoscopy application segment held the largest disposable endoscopes market share in 2019 owing to technological advancements and rising bronchoscopes-related infections
- Hospitals held the largest revenue share in the end-use segment in 2019 due to higher adoption of disposable scopes to limit the incidence of HAIs
- North America held the largest revenue share in 2019, due to high healthcare expenditure and user preference for disposable scopes
- Asia Pacific is expected to experience a lucrative CAGR over the forecast period. Rapid development of healthcare infrastructure, increasing number of hospitals, and higher appetite for new device acquisition are a few factors contributing to the regional growth
- Boston Scientific Corporation, Ambu A/S, Hill Rom Holdings, and OBP Medical Corporation are the major players operating in the disposable endoscopes market. New product development to gain market share is one of the key strategies adopted by the key participants