Esophagoscopes And Gastroscopes Market Is Set For Significant Growth At A Rate Of More Than 6% As Per The Business Research Company's Esophagoscopes And Gastroscopes Global Market Report 2024
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LONDON, Feb. 21, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s research on the esophagoscopes and gastroscopes market, the esophagoscopes and gastroscopes market has witnessed robust growth in recent years, driven by the prevalence of gastrointestinal disorders, an aging population, early detection and cancer screening initiatives, and the increasing adoption of minimally invasive procedures. Recent market analysis indicates that the market size is expected to rise from $1.55 billion in 2023 to $1.67 billion in 2024, with a compound annual growth rate (CAGR) of 7.3%.
Forecasted Growth
Looking ahead, the esophagoscopes and gastroscopes market is set for continued expansion, with projections indicating a surge to $2.14 billion by 2028, at a CAGR of 6.5%. This growth in the forecast period can be attributed to factors such as the growth in outpatient endoscopy centers, patient demand for non-invasive procedures, advances in imaging and visualization technologies, and healthcare infrastructure development.
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Key Trends
Major trends expected to shape the esophagoscopes and gastroscopes market include advancements in endoscopy technology, technological innovations such as 3D imaging and artificial intelligence (AI) integration, and the growing emphasis on patient-centered care models.
Drivers of Growth
The rising incidence of esophageal cancer is expected to be a significant driver of market growth in the coming years. Esophageal cancer, characterized by the development of cancerous cells in the esophagus, underscores the importance of early detection and evaluation. Esophagoscopy and gastroscopy procedures play a crucial role in diagnosing esophageal cancer, contributing to the increasing demand for esophagoscopes and gastroscopes. For instance, in 2023, approximately 21,560 new esophageal cancer cases were diagnosed in the United States alone, highlighting the pressing need for effective diagnostic tools.
Market Players and Innovations
Key players in the esophagoscopes and gastroscopes market, including Medtronic PLC, FUJIFILM Corporation, and Boston Scientific Corporation, are driving innovation to address evolving healthcare needs. Recent advancements include the development of dual-channel endoscopes, such as Fujifilm Holdings Corporation's El-740D/S, designed to enhance diagnostic capabilities in upper and lower gastrointestinal applications. Strategic acquisitions, like Boston Scientific's acquisition of Apollo Endosurgery, further fuel market growth by expanding product portfolios and enhancing market presence.
Regional Insights
While North America led the esophagoscopes and gastroscopes market in 2023, the Asia-Pacific region is poised to witness the fastest growth in the forecast period. Increasing healthcare expenditures and a rising demand for minimally invasive procedures drive market expansion in this region.
Segmentation
The esophagoscopes and gastroscopes market is segmented by type (rigid, flexible, transnasal, and other types), application (gastroesophageal reflux disease, ulcers, Barrett's esophagus, celiac disease, and other applications), and end-user (hospitals, ambulatory surgical centers, specialty clinics, diagnostic centers, and other end users).
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In conclusion, the Esophagoscopes and Gastroscopes Market Poised for Strong Growth report provides valuable insights into market dynamics, emerging trends, and growth opportunities. Industry players can leverage this report to identify strategic opportunities, develop innovative solutions, and expand their market presence to capitalize on the evolving landscape of esophagoscope and gastroscope technologies.
Esophagoscopes And Gastroscopes Global Market Report 2024 by The Business Research Company provides insights on the esophagoscopes and gastroscopes market size, esophagoscopes and gastroscopes market segments, esophagoscopes and gastroscopes market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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