Endoscopy Devices Market Expected to Reach $40.85B

The global endoscopy devices market is expected to reach $40.85 billion by 2022, according to a report by Allied Market Research, growing at a compound annual growth rate of 5.7 percent from 2015’s value of $27.27 billion.

Flexible endoscopes are expected to dominate the global endoscopy devices market, with North America projected to continue its lead, accounting for more than one-third share of the global endoscopy devices market in 2015. A rise in prevalence of diseases that require endoscopy procedures such as cancers and gastrointestinal diseases is one of the prime reasons for the market’s growth.

In addition, growth in the baby boomer generation with a high risk of targeted diseases, a rise in awareness of novel endoscopy devices and patient preference for minimally invasive procedures propel the market growth.