Rising Prevalence of Diseases Requiring Endoscopy tDrive Market Growth during 2021–2028
According tthe latest study on “Endoscopy Guidewire Market Forecast t2028 – COVID-19 Impact and Global Analysis – by Type, Core Material and Application,” the market was valued at US$ 1,192.04 million in 2021 and is projected treach US$ 1,749.60 million by 2028; it is expected tgrow at a CAGR of 5.6% during 2021–2028. The report highlights the trends prevailing in the market, and drivers and deterrents pertaining tthe market growth. The growth of the market is mainly attributed tthe key factors such as the rising prevalence of diseases requiring endoscopy and favorable government initiatives. However, risk of infections caused due tendoscopy and high cost of endoscopy procedures & equipment restrain the market growth. On the other side, the rising patient preference for minimally invasive procedures offer lucrative opportunities for the growth of the market during the forecast period.
Endoscopy is a procedure, which helps doctors or physicians tview and operate internal organs and vessels of the body. As this is a minimally invasive procedure, it is preferred on a large scale for diagnosis and treatment of various diseases and medical conditions. Endoscopy can be performed on different internal body organs with the help of specialized instruments. Endoscopy is preferred in diseases or medical conditions such as cancer and gastrointestinal disorders. In recent years, there has been a substantial rise in cancer cases and other diseases needing endoscopy.
For instance, the American Cancer Society estimates about 26,560 new cases (16,160 in men and 10,400 in women) of stomach cancer in the US by 2021. Endoscopy procedure is highly preferred during the detection and treatment of various indications, such as ulcers, liver & kidney diseases, and chronic joint symptoms, which have increased significantly in recent years due tvarious environmental factors and change in the individual’s lifestyle in developing economies. With an increase in these medical conditions, the demand for endoscopy procedures is expected tincrease the adoption of endoscopy guidewire devices in the coming years.
Olympus Corporation, Steris plc. CONMED Corporation, Boston Scientific Corporation, Merit Medical Systems Inc., Medtronic, Cook Medical LLC, Medorah Meditek Pvt. Ltd., and Hobbs Medical Inc are among the prominent players operating in the Endoscopy Guidewire market. These players are focusing on product development and innovation tsustain their positions in the market. For instance, in May 2019, Olympus Corporation., among the technology leader in designing and delivering innovative solutions for medical and surgical procedures, launched its RevoWave Endoscopic Guidewire and the CleverLock Guidewire Locking Device. in the US market.
The report segments the global endoscopy guidewire market as follows:
By Core Material
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- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- South and Central America
- Rest of South and Central America