Esophagoscopes & Gastroscopes Market are estimated to attain a valuation of US$ 2.0 billion by 2033

The global Esophagoscopes Gastroscopes Market currently stands at US$ 1.2 billion and is predicted to exhibit a CAGR of 5.4%. The market is predicted to attain a valuation of US$ 2.0 billion by the end of 2033.

Technological Innovations Work in Market’s Favor

Innovations in the medical sector have led to a rise in the application of mechanical instruments for treating and diagnosing esophageal ailments. Since the geriatric population is globally growing, instances of esophageal cancer are rapidly rising.

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The utility of esophagoscopes for a plethora of diagnostic as well as surgical processes is aiding the market growth. The recent increase in the instances of global inflammatory bowel disease cases has shifted market trends. This has propelled the need for wide application devices for early disease detection. Such factors are cohesively fostering the fruitful application of advanced esophagoscopes and gastroscopes in the healthcare sector.

Medical Use Linked to Infection Allergies, Market Prospects Impacted

Despite the steadily improving market prospects, there are factors such as the risk of infection from contamination, anesthesia-induced allergic reactions, and organ perforation risks. These factors are expected to hinder market growth during the forecast period. Key players need to focus on developing variants that are more efficient and pose fewer side effects.

Soaring Product Costs Impact the Market Growth Rate

Currently, the advanced endoscopes available in the market are expensive. This can be attributed to the use of specialized components in their manufacturing processes. Hence, there is a need to develop a cheaper alternative for the sophisticated components of these advanced models. This would open up the market to a larger consumer segment, triggering steady revenue increment.

As Key Players Consolidate their Position, New Entrants Need to Innovate

Recent market trends have revealed that key players are driving product innovations using advanced technologies. This is to aid product application in the highly competitive medical device manufacturing sphere. Hence, new entrants need to carefully harness niche technologies for specific applications. By identifying gaps in the current market, startups could overtake key players.

Key takeaways from the Report:

The esophagoscopes and gastroscope market rose at 4.9% CAGR from 2017 to 2022, with sales revenue in 2022 reaching US$ 1.1 billion.
During the forecast period, the United States market is expected to register a CAGR of 5.8% and attain a value of US$ 648.5 million by 2033.
During the forecast period, the Indian market is expected to register a CAGR of 6.2%.
The hospital end-user segment is expected to register a CAGR of 5.2% during the forecast period.
The flexible endoscope segment dominates the market by product type at a CAGR of 5.0%, predicted between 2023 and 2033.

Recent Market Developments:

In September 2020, PENTAX Medical launched its latest innovation: video gastroscopes. This product line was named the J10 Series Ultrasound Video Gastroscopes. These are equipped with comes with linear scope scans as well as advanced frequency capabilities
In October 2021, FUJIFILM Healthcare Americas Corporation launched its new endoscope variant - Fujifilm's EI-740D/S. It is a dual-channel endoscope approved by the FDA. It can be used for the diagnosis and treatment of both the upper and lower gastrointestinal tract.
In February 2022, Ambu A/S gained FDA clearance for their latest gastroscope variant.

Key Market Players: