Every year, cancer kills 9.6 million people and cardiovascular diseases (CVDs) 17.9 million people, as per the World Health Organization (WHO). Effective and early diagnosis are now known to be the keys to reducing the mortality rate of such diseases. For diagnosis, doctors often need to look directly inside the body to see the issue. This is why a variety of endoscopic procedures have been developed, so that the insides of the human body can be looked at and anomalies detected.
By that meaning, arthroscopes, esophagoscopes, bronchoscopes, colonoscopes, laryngoscopes, cystoscopes, colposcopes, laparoscopes, hysteroscopes, sigmoidoscopes, gastroscopes, enteroscopes, thoracoscopes, and mediastinoscopes are all endoscopes. Among these, esophagoscopes are the most widely used, as they help identify intestinal symptoms, abnormal throat, gastrointestinal reflux disease (GERD), esophageal cancer, and bleeding in the alimentary canal. In the coming years, the demand for colonoscopes will increase the fastest, as colorectal cancer accounts for the third-most cases and second-most deaths by cancer, as per the WHO.
The booming geriatric population is one of the strongest endoscope market growth drivers. According to the World Population Ageing 2019 report by the United Nations (UN), compared to 703 million in 2019, 1.5 billion people in the age group of 65 and above will exist on this planet in 2050. Owing to their physical weakness, inefficient biological processes, and natural immunosuppression, they are more susceptible to chronic diseases, especially cancer and CVDs. Moreover, the elderly also face digestive issues regularly, because of which colonoscopy and endoscopy volumes are rather high.
Because of the rising geriatric population and incidence of chronic diseases, the widest use of endoscopes is witnessed in North America. Moreover, the region has a developed healthcare infrastructure, which results in the sooner introduction of advanced medical practices. Additionally, the masses are reimbursed for medical procedures under insurance policies, as well as government-funded healthcare schemes, such as Medicare and Medicaid. Further, a large number of medical device companies in the region are engaging in research and development (R&D) to come up with better products.
The fastest growth in the endoscope market during the forecast period is expected to be experienced in the Asia-Pacific (APAC) region. This is attributed to the increasing number of patients undergoing endoscopies and rising awareness about the early diagnosis of diseases. Moreover, a large number of medical device companies are establishing production plants in APAC due to the availability of raw materials and labor at lower costs than in Europe and North America. Further, the government of several regional countries is offering incentives to companies to boost domestic medical device manufacturing.