Endoscopy Equipment and Software Market Size, Share, Growth Analysis, By product(endoscopes, visualization systems, software, accessories), By application(diagnostics and surgery), By Region - Industry Forecast 2024-2031

Endoscopy Equipment and Software Market size was valued at USD 42.42 billion in 2019 and is poised to grow from USD 45.6 billion in 2023 to USD 81 billion by 2031, growing at a CAGR of 7.5% in the forecast period (2024-2031).

Endoscopy involves inserting a long, thin tube into the body through a natural orifice, such as the mouth, to closely examine an internal organ or tissue. It is also capable of other activities like imaging and simple surgery. Endoscopy is thought to be the game-changer for minimally invasive and non-invasive surgery. In the upcoming years, the endoscopy equipment and software market will grow as a result of a number of key factors, including an ageing population with a variety of comorbidities, an increase in gastrointestinal problems, cancer cases, and other chronic diseases, as well as technological advancement.

Additionally, the growing preference among medical professionals for using endoscopy equipment outfitted with technologically advanced cameras and light sources, as well as the expanding interest in and adaptability of various hospitals for endoscopy will drive the growth of the endoscopy equipment and software market in the forecast period.

Additionally, approximately 75% of cancer patients require surgery, according to the Lancet Commission on Global Surgery's report. Due to the unstable medical conditions of cancer patients, there will be a rise in the need for minimally invasive or non-invasive surgery, which will help the endoscopy equipment and software market grow over the coming years.

The usage of disposable endoscopic components to reduce operation costs and the risk of cross-contamination will also fuel market expansion in the ensuing years. During the forecast period, it is anticipated that new FDA approvals, insurance company reimbursement policies for endoscopic surgery, faster recovery times, and fewer postoperative complications would all contribute to market expansion.

US Endoscopy Equipment and Software Market is poised to grow at a sustainable CAGR for the next forecast year.