According to a new study by Polaris Market Research, the global market for endoscopy visualization systems is expected to reach USD 33.89 billion by 2028. Market growth is expected to be driven by factors such as increasing cases of colon cancer, a rapidly aging population across the globe, and an increase in the use of endoscopy. Further growth will be driven by the development of next-generation innovative visualization systems.
Endoscopy is used to diagnose and treat colorectal cancer (CRC). Globally, 1.9 million people were diagnosed with CRC in 2016, and 2.2 million cases per year are expected by 2030. As cancer cases increase, endoscopy procedures will be required more often.
Similarly, endoscopic procedures are more commonly performed on older patients due to their faster recovery times, fewer complications, and minimally invasive nature. In the United States alone, more than 17 million endoscopic procedures are performed every year. Globally, 700 million people aged 65 or older will live in 2020, and they are expected to double in the next three decades. Cumulatively, these factors should favor market growth
Endoscopic procedures are widely used to diagnose and treat various diseases including gastrointestinal disorders, pancreatic abnormalities, colorectal cancer, gynecological, urological, and respiratory disorders. Due to its superior color reproducibility, 4K technology is widely used by surgeons during surgery. Karl Storz announced in January 2021 the development of IMAGE1 S Rubina, a multimode visualization system with enhanced fluorescence-guided imaging and 4K resolution.
Industry participants such as Boston Scientific Corporation, CONMED Corporation, Ethicon US, LLC, FUJIFILM Holdings Corporation, Karl Stroz GmbH & Co. KG, Machida Endoscope Co., Ltd, Medtronic, Olympus Corporation, PENTAX Medical, Richard Wolg GmbH, Smith & Nephew plc, and Stryker, are some of the key players operating in the global visualization system market.