Flexible Endoscopes Market by Product and Geography - Forecast and Analysis 2020-2024

The flexible endoscopes market share is expected to increase by USD 1.75 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 6.1%. This flexible endoscopes market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The flexible endoscopes market report also offers information on several market vendors, including Boston Scientific Corp., FUJIFILM Holdings Corp., HOYA Corp., Huger Medical Instrument Co. Ltd, KARL STORZ SE & Co. KG, Olympus Corp., Richard Wolf GmbH , SCHOLLY FIBEROPTIC GmbH, SonoScape Medical Corp., and Stryker Corp. among others. Furthermore, this report extensively covers flexible endoscopes market segmentation by product (flexible videoscopes and flexible fiberscopes) and geography (North America, Europe, Asia, and ROW).

What will the Flexible Endoscopes Market Size be During the Forecast Period?

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Flexible Endoscopes Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The presence of large patient pool with chronic disorders is notably driving the flexible endoscopes market growth, although factors such as may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the flexible endoscopes industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Flexible Endoscopes Market Driver

The presence of a large patient pool with chronic disorders is notably driving the flexible endoscopes market growth. The increase in the patient pool with various chronic disorders, especially GI disorders, is driving the global flexible endoscopes market. The growing incidence of disorders such as colorectal, esophageal, or pancreatic cancers, biliary disease, inflammatory bowel disease, and GERD is expected to propel the market growth. The changes in lifestyle, such as unhealthy diet and physical inactivity, resulted in several complications, such as raised blood pressure, blood glucose, lipids, and obesity. Additionally, the growing geriatric population will also drive the flexible endoscopes market. The average lifespan of individuals is expected to increase significantly in the future. The growing number of older adults will increase the demand for healthcare. The increased prevalence of chronic disorders among the population has boosted the frequency of diagnostic screening procedures. Thus, the presence of a large patient pool with chronic disorders leads to a significant increase in the demand for endoscopy procedures for diagnosis and treatment, thereby contributing to the market growth of flexible endoscopes globally.

Key Flexible Endoscopes Market Trend

Technological advances is the key market trend driving the flexible endoscopes market growth. Owing to huge growth potential with the presence of a large patient population, some of the companies that are extensively focusing on emerging economies include Olympus, EndoChoice, KARL STORZ, HOYA GROUP, and FUJIFILM Holdings. To meet the growing demand for flexible endoscopes in these regions, some of the companies are strategizing to expand their operations by opening new training facilities, establishing new greenfield operations, or investigating new acquisitions or joint venture possibilities. For instance, since January 2014, Olympus is selling low-cost gastroendoscopes in China to increase the adoption rates in Tier-3 hospitals and tap into a market with expected double-digit annual growth. It also sells these devices in other emerging regions such as the Middle East and South America. Apart from Olympus, several other vendors, such as HOYA and KARL STORZ, have their presence in emerging markets in MEA and South America. This is expected to drive the adoption rates of flexible endoscopes substantially in the coming years.

Key Flexible Endoscopes Market Challenge

The major challenge impeding the flexible endoscopes market growth is the threat from alternative procedures. Thepresence of other endoscopes (rigid endoscopes and capsule endoscopes) and advanced imaging modalities pose a significant threat to the growth prospects of flexible endoscopes. In rigid endoscopy, a stiff telescopic tube is inserted to view the organ of interest. Rigid endoscopy associated with microlaryngeal surgery will significantly enhance access to the endolarynx. Capsule endoscopy is the latest advancement in the field of GI endoscopy, which is an alternative to a flexible endoscope. It involves the ingestion of a small capsule, which contains a tiny camera. This camera takes pictures of the GI tract (duodenum, jejunum, ileum), and these pictures are sent to a recording device. Capsule endoscopy assists in diagnosing GI conditions such as obscure GI bleeding, malabsorption, chronic abdominal pain, Crohn's disease, ulcer tumors, polyps, and cause of bleeding in small intestines. Thus, the presence of these alternative methods is expected to hinder the growth of the global flexible endoscopes market.

This flexible endoscopes market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global flexible endoscopes market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the flexible endoscopes market during the forecast period.

Who are the Major Flexible Endoscopes Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Boston Scientific Corp.
• FUJIFILM Holdings Corp.
• HOYA Corp.
• Huger Medical Instrument Co. Ltd
• KARL STORZ SE & Co. KG
• Olympus Corp.
• Richard Wolf GmbH 
• SCHOLLY FIBEROPTIC GmbH
• SonoScape Medical Corp.
• Stryker Corp.

 

This statistical study of the flexible endoscopes market encompasses successful business strategies deployed by the key vendors. The flexible endoscopes market is concentrated and the vendors are deploying growth strategies such as focusing on launching advanced products to compete in the market.

Product Insights and News

• Stryker Corp. - The company offers Semi rigid ureteroscope for applications in ureteroscopy.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The flexible endoscopes market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Flexible Endoscopes Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the flexible endoscopes market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Flexible Endoscopes Market?

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45% of the market's growth will originate from North America during the forecast period. The US is the key market for flexible endoscopes market in North America. 

The rapidly increasing geriatric population coupled with an increase in chronic disorders will facilitate the flexible endoscopes market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In early 2020, the outbreak of COVID-19 in the region led to a halt in the operations of manufacturing facilities. It also led to a halt in regulatory approvals and gastroenterology treatments. These factors restricted the production and use of flexible endoscopes and negatively impacted the growth of the flexible endoscopes market in the region. Restrictions on medical tourism also had a negative impact on the flexible endoscopes market in the region. However, the outbreak has prompted vendors to come up with new business strategies such as online promotion activities and training doctors virtually to meet the high demand for flexible endoscopes. This will help the regional market to grow during the forecast period.

What are the Revenue-generating Product Segments in the Flexible Endoscopes Market?

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The flexible endoscopes market share growth by the flexible videoscopes segment will be significant during the forecast period. The global flexible videoscopes market is growing at a faster rate compared with the flexible fiberscopes segment. The flexible videoscopes are used for both diagnosis and treatment of various chronic diseases. These endoscopes complement conventional rigid endoscopes as well and are easily connected to other visualization and monitoring equipment. The market is primarily driven by the increasing incidence of colorectal cancer and esophagitis.

This report provides an accurate prediction of the contribution of all the segments to the growth of the flexible endoscopes market size and actionable market insights on post COVID-19 impact on each segment.

 

Flexible Endoscopes Market Scope
Report Coverage	Details
Page number	120
Base year	2019
Forecast period	2020-2024
Growth momentum & CAGR	Accelerate at a CAGR of 6.1%
Market growth 2020-2024	$ 1.75 billion
Market structure	Concentrated
YoY growth (%)	6.00
Regional analysis	North America, Europe, Asia, and ROW
Performing market contribution	North America at 45%
Key consumer countries	US, Germany, Japan, and China
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Boston Scientific Corp., FUJIFILM Holdings Corp., HOYA Corp., Huger Medical Instrument Co. Ltd, KARL STORZ SE & Co. KG, Olympus Corp., Richard Wolf GmbH , SCHOLLY FIBEROPTIC GmbH, SonoScape Medical Corp., and Stryker Corp.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Flexible Endoscopes Market Report?

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive flexible endoscopes market growth during the next five years
• Precise estimation of the flexible endoscopes market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the flexible endoscopes industry across North America, Europe, Asia, and ROW
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of flexible endoscopes market vendors

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