Sweden Endoscopy Devices Market Size

Sweden Endoscopy Devices Market Analysis

The Sweden Endoscopy Devices Market size is estimated at USD 355.34 billion in 2024, and is expected to reach USD 494.56 billion by 2029, growing at a CAGR of 6.84% during the forecast period (2024-2029).

The COVID-19 pandemic affected the studied market significantly. Since the pandemic's beginning, healthcare systems in Sweden faced interruption of usual care across several healthcare facilities, exposing vulnerable patients with various diseases to significant risks. For instance, as per the study published in January 2023 by Scandinavian Cardiovascular Journal, 9.4% fewer patients underwent heart operations in Sweden than in the previous year, followed by a 5.8% increase in 2021. However, the 9.4% decrease in the number of heart surgeries performed in Sweden during the COVID-19 pandemic, compared to the previous year, partially recovered during 2021. Thus, COVID-19 adversely affected Sweden's endoscopy devices market initially. The market growth is stabilizing in the present scenario as the restrictions have eased down and disease screening services and surgeries have been resumed.

The major factors leading to the market growth are the growing preference for minimally invasive surgeries, the increasing adoption of endoscopes for treatment and diagnosis, and technological advancements leading to enhanced applications.

Further, the growing prevalence of chronic diseases, such as cancer and cardiovascular diseases, is driving the demand for surgical treatment procedures, augmenting the market's growth. For instance, as per Europa.eu, Country Health Profile 2021, nearly two in five Swedish adults (38%) reported having at least one chronic condition, a slightly higher proportion than in the European Union (36%). This proportion increases with age; 55% of people over 65 reported at least one chronic condition. As with self-reported health, there is a gap in the prevalence of chronic conditions by income group: 46% of Swedish adults in the lowest income group report having at least one chronic condition, compared to 30% of those in the highest. Thus, the demand for treatment procedures is increasing due to the high burden of mortality due to chronic diseases. Thus, the market studied is expected to grow over the forecast period.

Additionally, as the number of people suffering from chronic diseases is higher in the aging population, the growing geriatric population in Sweden is anticipated to bolster the demand for endoscopic devices owing to a higher number of surgeries. For instance, according to the World Data Atlas 2021, in Sweden, there were 20.5% of the population over 65 years of age in 2021. The average annual growth rate of the population was 0.74%. Hence, the growing geriatric population in the country is expected to increase the demand for surgery, which is expected to increase the demand for endoscopic devices, supporting market growth.

However, factors like the lack of skilled technicians and infections caused by few endoscopes hinder market growth.