Australia Endoscopy Devices Market Size

Australia Endoscopy Devices Market Analysis

The Australia Endoscopy Devices Market size is estimated at USD 702.78 million in 2024, and is expected to reach USD 919.81 million by 2029, growing at a CAGR of 5.53% during the forecast period (2024-2029).

The COVID-19 pandemic led to a substantial reduction in gastrointestinal, ENT Surgical, and other endoscopic procedures, which caused a backlog of elective procedures in the country. For instance, a research article published in the Medical Journal of Australia in June 2022 stated that during the pandemic, elective medical procedures, and population cancer screening programs, including colonoscopy and other public measures were suspended and a 42% reduction was reported in the endoscopic procedures in 2020 compared to the previous year. Such a scenario caused a decline in endoscopic procedure volumes in the country. Furthermore, the study stated that in Melbourne, the pandemic restricted non-urgent endoscopy during 2020. The patients were scheduled for elective endoscopy and were re-triaged for priority by the Gastroenterological Society of Australia's COVID-19 guidelines. However, the studied market has been recovering well over the last two years since the restrictions were lifted.

The increasing preference for minimally invasive surgeries and the rise in the prevalence of diseases that require endoscopy procedures are the major drivers for the market growth. For instance, as per an article published in the Australian Journal of Otolaryngology, endoscopic ear surgery gained popularity in recent years in Australia. It also conducted a survey to access the popularity of endoscopic ear surgery in Australia which demonstrated positive results toward the adoption of endoscopic ear surgery in the country in 2021. Also, a research study published in January 2022, indicated a rising incidence of gastrointestinal diseases among the young population (18 to 50 years) in Australia. Such instances are anticipated to positively impact the market, thereby propelling the market growth over the forecast period.

Furthermore, the strategic initiatives by key market players such as collaborations, product launches, and research and development activities are anticipated to propel market growth. For instance, in October 2021, Stryker established a research and development lab in Queensland, Australia. The new R&D Lab will also partner with Stryker's CMF, Endoscopy, Instruments, Joint Replacement, Medical, Spine, and Trauma & Extremities divisions to focus on research that creates technological platforms that can be used across service lines. These factors are projected to increase the supply of endoscopy devices in Australia, thereby boosting the market growth.

However, the high cost of sophisticated endoscopy devices is likely to hinder market growth over the forecast period.