Esophagoscopes and Gastroscopes Market to Reach USD 2.88 Billion, Globally, by 2031 at 5.7% CAGR: Allied Market Research

Rise in health-conscious consumers, increase in unmet healthcare needs, and surge in demand for enhanced healthcare services drive the growth of the global esophagoscopes and gastroscopes market

PORTLAND, Ore., Jan. 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Esophagoscopes and Gastroscopes Market by Type (Rigid, Flexible, Transnasal, Others), by Application (Gastroesophageal Reflux Disease, Ulcers, Barrett's Esophagus, Celiac Disease, Others), by End User (Hospitals and Clinics, Diagnostic Laboratories, Ambulatory Surgical Centres): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global esophagoscopes and gastroscopes industry generated $1.64 billion in 2021, and is estimated to reach $2.88 billion by 2031, witnessing a CAGR of 5.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Drivers, Restraints, and Opportunities-

Rise in health-conscious consumers, increase in unmet healthcare needs, and surge in demand for enhanced healthcare services drive the growth of the global esophagoscopes and gastroscopes market. On the other hand, high cost of advanced flexible endoscopes owing to their specialized components and manufacturing process impedes the growth to some extent. However, significant investments by the government to improve healthcare infrastructure are expected to create lucrative opportunities in the industry.

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Covid-19 scenario-

• Decrease in the number of esophagoscopy and gastroscopy procedures due to the risk of Covid-19 infection had a negative impact on the global esophagoscopes and gastroscopes market, especially during the lockdown period.
• However, since 2021, the market started recovering at a full scale.

The rigid segment to maintain its dominance during the forecast period-

By type, the rigid segment held the major share in 2021, accounting for more than two-fifths of the global esophagoscopes and gastroscopes market revenue. The same segment would also cite the fastest CAGR of 6.4% throughout the forecast period. Rise in the adoption of rigid esophagoscopes and gastroscopes for diagnosis & biopsy by various key players drives the segment growth.

The gastroesophageal reflux disease segment to rule the roost-

By application, the gastroesophageal reflux disease segment accounted for the highest revenue in 2021, contributing to nearly two-fifths of the global esophagoscopes and gastroscopes market share. The same segment would also portray the fastest CAGR of 6.4% throughout the forecast period. This is due to the rise in the number of people suffering from gastroesophageal reflux diseases and the lack of awareness regarding the causes of gastrointestinal syndromes in underdeveloped countries such as Saudi Arabia. Moreover, rise in соnсеrn аmоng реорlе fоr mаіntаіnіng а hеаlthу lіfеѕtуlе аnd соnѕіѕtеnt grоwth in thе gеrіаtrіс рорulаtіоn have boosted thе dеmаnd fоr endoscopic examinations, thus fueling the segment growth.

The hospitals and clinics segment held the lion's share in 2021

By end-user, the hospitals and clinics segment garnered the major share in 2021, generating more than two-fifths of the global esophagoscopes and gastroscopes market revenue. The same segment would also display the fastest CAGR of 6.3% throughout the forecast period. This is because hospitals are the most conventional place for diagnosis and treatment of diseases, whereas, in clinics, several medical services are available at discounted prices.

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North America garnered the major share in 2021-

By region, North America garnered around two-fifths of the global esophagoscopes and gastroscopes market revenue in 2021, and is expected to rule the roost by 2031. This is attributed to the presence of several major players such as B Braun Melsungen AG and Stryker Corporation and the advancements in the manufacturing technology of gastroscopes across the region. Asia-Pacific, on the other hand, would portray the fastest CAGR of 7.1% during the forecast period. Surge in the prevalence of gastrointestinal diseases and increase in adoption of advanced esophagoscopes and gastroscopes drive the growth of the market.

Leading Market Players-

• B Braun Melsungen AG
• Smart Medical Systems
• KARL STORZ
• Medtronic Plc
• HOYA GROUP
• Olympus Corporation
• Aohua Endoscopy Co., Ltd.
• CONMED Corporation
• FUJIFILM Corporation

The report analyzes these key players in the global esophagoscopes and gastroscopes market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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