Flexible Endoscopes Market Size

Flexible Endoscopes Market Analysis

The Flexible Endoscopes Market size is estimated at USD 7.42 billion in 2024, and is expected to reach USD 9.88 billion by 2029, growing at a CAGR of 5.86% during the forecast period (2024-2029).

COVID-19 significantly impacted market growth due to decreased nonurgent procedures during the pandemic. Furthermore, the decrease in endoscopic screening services was partially due to the rise in COVID-19-related emergencies among healthcare staff. However, the market has significantly increased during the late pandemic phase. For instance, according to the study published in the Journal of Gastroenterology and Hepatology in March 2021, there was a huge growth in flexible endoscopic procedures to carry out backlog procedures. Furthermore, the market is expected to show lucrative growth post-pandemic due to technological advancements and a rise in minimally invasive surgeries.

The major factors leading to the growth of the studied market include a surge in the prevalence of chronic diseases of the internal body systems, advantages of flexible microscopes over other counterparts, and a surge in awareness and demand associated with early diagnosis of chronic diseases.

Various chronic diseases such as inflammatory bowel diseases (IBD), stomach cancer, colon cancer, respiratory infections, respiratory tumors, and others require extensive use of endoscopes for diagnostic purposes. Thus, the rise in the prevalence of these diseases leads to a surge in demand for flexible endoscopes. For instance, according to the American Cancer Society 2023, the number of new cases in the United States are estimated to reach 153,030 for colorectal cancer in 2023. Furthermore, according to the American Lung Association estimates, 236,000 people in the United States were expected to be diagnosed with lung cancer in 2021. Thus, these chronic diseases' high incidence and prevalence lead to a surge in the demand for flexible endoscopes. This, in turn, drives the growth of the market studied.

The surge in adoption due to the advantages of flexible endoscopes over other counterparts also contributes to the market's growth. For instance, the most advantageous feature of an optical fiber endoscope is that the surgeon can operate its lens to change its direction and expand the scope of application.

In addition, there has been a rise in the adoption of minimally invasive surgery (MIS) as these procedures involve techniques that minimize the size and number of cuts or incisions made on the body. Furthermore, endoscopies are minimally invasive procedures that involve orifices of the body, such as the mouth. Thus, endoscopies have been significantly adopted globally for diagnostic and therapeutic purposes. This leads to a surge in demand for flexible endoscopes, thereby driving the market's growth.

Moreover, the rising initiatives from the key market players for the launch of flexible endoscopes is anticipated to propel the market growth due to the adequate availability of flexible endoscope. For instance, in August 2021, Boston Scientific received FDA approval for the EXALT Model B Single-Use Bronchoscope. EXALT Model B Single-Use Bronchoscope is the latest evolution in flexible bronchoscopy. In addition, in May 2021, EndoFresh received FDA approval for its Disposable Digestive Endoscopy System for gastrointestinal purposes.

Therefore, owing to the factors above, the studied market is anticipated to grow over the analysis period. However, stringent regulatory requirements for the flexible endoscope hinder market growth.