Photo: The global market for endoscopic imaging systems is expected to reach $6.94 billion by 2030 (Image provided by Pexels)
The market for endoscopic imaging systems is a well-established market and has witnessed significant developments over the past few years. The global endoscopic imaging systems market was valued at $3.64 billion in 2021 and is expected to grow at a CAGR of 7.43% during the forecast period 2022-2030 to reach $6.94 billion by 2030. The growth of the market is likely to turn back. From the increasing adoption of minimally invasive procedures, improvement in the clinical quality of endoscopic procedures, and increased integration of technology into endoscopic imaging systems.
These are the latest findings from Research and Markets (Dublin, Ireland), a market research firm.
The COVID-19 pandemic has been an unprecedented event affecting the global healthcare system. Healthcare systems have collapsed in various economies, and technology integration has skyrocketed. Endoscopic procedures were also affected during the first phase of the pandemic. Many non-emergency procedures were delayed or canceled in order to reduce the risk of infection during the early months of 2020. Similar to other medical specialties, the rate of adoption of endoscopic imaging systems was also negatively affected. Limited demand for new devices, high costs for endoscopic imaging systems, and supply chain disruptions have hampered the production and sale of endoscopic imaging systems, particularly during the peak of the epidemic in 2020.
However, during the 2022-2030 forecast period, the rate of adoption of endoscopic imaging systems is expected to match to pre-COVID-19 levels. Allocating funds to purchase new devices and the pace of purchase decisions will be key factors influencing device adoption rates. The increasing demand for minimally invasive procedures will drive advances in endoscopy and improve its adoption among end users such as physicians. The adoption of artificial intelligence (AI) in endoscopic procedures and the entry of local companies into the regional endoscopic imaging systems market will provide significant growth opportunities in the global endoscopic imaging systems market. Moreover, the increasing demand in the developing regions will also provide an opportunity for market growth. Depending on the application, the diagnostic endoscopic imaging systems segment is expected to dominate the global endoscopic imaging systems market during the forecast period 2022-2030.
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