The global rigid endoscopes market was valued at USD 6.03 billion in 2022 and it is predicted to surpass around USD 12.02 billion by 2032 with a CAGR of 7.14% from 2023 to 2032.
Report Scope of the Rigid Endoscopes Market
|Market Size in 2022||USD 6.03 billion|
|Revenue Forecast by 2032||USD 12.02 billion|
|Growth rate from 2023 to 2032||CAGR of 7.14%|
|Forecast Period||2023 to 2032|
|Market Analysis (Terms Used)||Value (US$ Million/Billion) or (Volume/Units)|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Covered||Olympus Corporation; Ethicon U.S., LLC; Boston Scientific Corporation; Karl Storz GmbH & Co. KG; Stryker; PENTAX Medical; Richard Wolf; Medtronic|
The growing demand for minimally invasive surgical procedures, especially laparoscopy, cystoscopy, and others, is boosting the market growth. High preference among endoscopists to obtain better visualization of organs in surgery and the high number of surgeries related to chronic diseases conducted worldwide, which is leading to the demand for rigid endoscopes, are driving the growth of the overall market. The COVID-19 pandemic is expected to have affected the demand for rigid endoscopes, as during the pandemic, the majority of elective surgeries were postponed as physicians gave preference to COVID-19-infected patients. In the post-pandemic period, this scenario is changing as many elective surgeries have resumed owing to the rising burden of chronic diseases worldwide. For instance, according to Cancer Tomorrow, the incidence of cancer accounted for 13.3 million in 2020 and this number is expected to rise to 30.3 million in 2040. This is expected to increase the rate of surgeries in the post-pandemic period and thus support market growth.
There is a growing demand for minimally invasive surgeries worldwide. Smaller incisions help in the faster healing of wounds and owing to this reason, patients don't need to visit hospitals frequently, because there are not many cuts or stitches. In contrast, traditional open surgeries require long incisions through the muscles and take more time to heal. This is one of the major factors supporting the demand for endoscopy procedures. Furthermore, rigid endoscopes provide high-definition images of organs; owing to this reason, there is a wide demand for rigid endoscopes for minimally invasive surgeries, which is promoting the market growth.
A significant number of people worldwide suffer from chronic diseases such as liver cancer, endometriosis, and others. As per 2021 factsheets provided by WHO, around 190 million women of reproductive age suffer from endometriosis globally. Similarly, uterine fibroids (UFs), which are also referred to as uterine leiomyoma (UL), fibroma, or leiomyoma, are among the most common tumors found in the female reproductive system. For instance, a recent study in 2022 showed that the likelihood of having UFs is estimated to be between 20-77%, and the chances of having this condition are estimated to be between 40-60% among women under the age of 35, and 70-80% among women over the age of 50. Additionally, a previous study reported that black women in the United States are more prone to this condition, with an occurrence rate of 59%. All these diseases are treated through laparoscopic surgery. The high burden of these diseases is expected to improve laparoscopic procedures in the future and thus support the demand for rigid endoscopes.
Rigid Endoscopes Market Segmentations:
|By Product||By End-use|