Business Impacts of COVID-19 on Endoscope Market Strategies of Major Industry Competitors
by Pramod Kumar Digital Marketing ProfessionalFrom valuing $18.9 billion in 2018, the global endoscope market is predicted to reach $28.4 billion by 2024, advancing at a 7.2% CAGR during the forecast period (2019–2024).
The major driving factors of the market are the technological advancements, rising geriatric population, and growing burden of chronic diseases. Endoscopy is the process of examination of the internal body parts for the diagnosis and treatment of diseases. The instrument used is known as an endoscope, which is made of a flexible, thin tube with a camera and a light source mounted at the top.
Based on type, the endoscope market is categorized into colposcope, laparoscope, laryngoscope, cystoscope, bronchoscope, colonoscope, arthroscope, and esophagoscope. Among all, during the historical period (2014–2018), the highest revenue in the market was generated by the esophagoscope category. This was attributed to the rising prevalence of chronic diseases, particularly in the throat, and the increasing emphasis on the diagnosis of diseases for early treatment, if possible, preventing the spread of the disease altogether. The fastest growth in the forecast period is expected to be witnessed by the colonoscope category.
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The application areas in the endoscope market are gynecology, urology, pulmonology, orthopedic, gastroenterology, and others. The gastroenterology application held the largest revenue share in the market in 2018, and it is expected to register the highest CAGR in the forecast period. This remarkable growth of the category can be ascribed to the growing prevalence of chronic diseases, such as peptic ulcer disease, pancreatitis, colitis, and colon polyps. Further, the demand for endoscopes (colonoscopes) is rising due to the increasing prevalence of colorectal cancer.
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Created on Jul 2nd 2020 01:59. Viewed 261 times.