Key Insights into the Endotherapy Devices Market’s Growth Opportunities for 2024-2033
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What is the Estimated Growth Rate for the Endotherapy Devices Market Between 2024 and 2033?
The market size for endotherapy devices has seen robust growth in recent years and is expected to expand from $4.48 billion in 2023 to $4.76 billion in 2024, translating to a compound annual growth rate (CAGR) of 6.3%. The factors that contributed to the growth in the past include a rise in gastrointestinal disorders, an aging population, more awareness leading to early diagnosis, the existence of favorable insurance policies, global economic growth, and strategic alliances and partnerships.
The market size for endotherapy devices is anticipated to experience significant growth in the upcoming years, reaching $6.17 billion in 2028 with a CAGR of 6.7%. Various factors influencing this projected growth during the forecast period include developments in less invasive procedures, the escalating prevalence of chronic diseases, enhancements in healthcare infrastructure, an elevated emphasis on early diagnoses, regulatory backing, and standardization. Future trends likely to appear in the forecast period encompass progress in imaging technologies, the incorporation of artificial intelligence, technological advancements, the worldwide development of healthcare infrastructure, and a heightened occurrence of gastrointestinal disorders.
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What Are the Primary Contributors to the Growth of the endotherapy devices Market?
The escalation of gastrointestinal disorders is anticipated to propel the expansion of the endotherapy devices market. Gastrointestinal ailments, which affect the digestive tract spanning from the mouth to the anus, encompass colorectal cancer, gastroesophageal reflux disease, ulcerative colitis, inflammatory bowel disease, Crohn’s disease, among others. Endotherapy devices enable non-invasive or minimally invasive surgical operations to diagnose and treat ulcers, inflammation, blockages, bleeding, celiac disease, and gastrointestinal tract tumors. They also assist in pinpointing the origin of unexplained symptoms such as abdominal pain, bleeding, heartburn, nausea, vomiting, and pain. For example, an article by Cleveland Clinic in January 2021 reported that diverticular disease is common, impacting 10% of individuals aged over 40 and 50% of those over 60 in Western societies. Moreover, colorectal cancer is the second most common cancer in the United States, with an annual diagnosis of 130,000 Americans. Consequently,this amplification in gastrointestinal disorders is fuelling the growth of the endotherapy devices market.
Which Key Segments Comprise the Endotherapy Devices Market?
1) By Product: Gastrointestinal Devices and Accessories, Endoscopic Retrograde Cholangio Pancreatography Devices And Accessories, Other Endotherapy Devices
2) By Application: Bronchoscopy, Arthroscopy, Laparoscopy, Urology Endoscopy, Neuro-Endoscopy, Gastrointestinal Endoscopy, Other Applications
3) By End-Use: Hospital, Ambulatory Surgical Centers, Other End-Users
What Are the Key Trends Reshaping the Endotherapy Devices Market?
The rise of technological progress is a significant trend in the endotherapy devices industry that is gaining traction. The major firms in this market are keen on enhancing their products through innovation to boost their ability to observe and maintain their market position. As an example, in October 2021, FUJIFILM Healthcare Americas Corporation, a top-tier US company offering endoscopic imaging and endosurgical solutions, ventured into their novel El-740D/S dual-channel endoscope, specifically designed for gastrointestinal uses. The EI-740D/S comes equipped with two channel widths – 3.7mm and 3.2mm, and unique characteristics like Linked Colour Imaging (LCI) and Blue Light Imaging (BLI) light mode options. These options aid in better lesion and adenoma detection and characterization while ensuring high image quality that enhances comfort without compromising control and also helps alleviate fatigue in physicians. Moreover, this endoscope’s distal tip is structured for simple insertion and device visibility, and its ability to angulate upwards by 210° and its short bending section ensures precision handling, making the inspection and treatment of typically hard-to-reach spots feasible.
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What Are the Top Regions Fueling Growth in the Endotherapy Devices Market?
North America as the largest region in the endotherapy devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global endotherapy devices market report during the forecast period. The regions covered in the endotherapy devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Endotherapy Devices Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the endotherapy devices market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Endotherapy Devices Market Include
1. Endotherapy Devices Market Executive Summary
2. Endotherapy Devices Market Segments
3. Endotherapy Devices Market Size And Template Market Growth Rate
4. Key Endotherapy Devices Market Trends
5. Major Endotherapy Devices Market Drivers
……
25. Key Mergers And Acquisitions In The Endotherapy Devices Market
26. Top Endotherapy Devices Companies
27. Endotherapy Devices Market Opportunities And Strategies
28. Endotherapy Devices Market, Conclusions And Recommendations
29. Appendix
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