Rigid Endoscopes Market Trends

Growth Drivers

• Increasing Prevalence of Chronic Illnesses – Growing chronic illnesses such as cancer and gastrointestinal conditions that necessitate accurate diagnosis and treatment are projected to increase the adoption of rigid endoscopes thereby, driving the rigid endoscopes market growth. The fifth most common cancer in the world is stomach cancer. In 2020, there were over a million new cases of stomach cancer.
• Rising Cases of Obesity – Obesity is associated with a variety of gastrointestinal problems, including gastroesophageal reflux disease, esophageal adenocarcinoma, colorectal polyps, and erosive esophagitis. Furthermore, indigestion caused by lactose intolerance, incorrect diagnosis, and ignorance is pushing patients to test themselves. This has increased the demand for rigid endoscopes, in turn impeding the rigid endoscopes market growth.
• High Expenditure on the Medical Devices Sector – High investments have been made in the medical device industry as a result of the rising global burden brought on by the rise in the prevalence of chronic and acute diseases. These are used to develop smart diagnostic and monitoring medical devices, like rigid endoscopes for therapeutic procedures. In 2022, large medical device companies increased their R&D expenditures from more than USD 1 billion to USD 24 billion.

Challenges

• Limited availability of Skilled Professionals - Healthcare resources in developing and underdeveloped economies are insufficient, resulting in inequitable access to healthcare resources. As a result, there aren't enough qualified healthcare workers.
• High Cost of Advanced Devices
• Rising Excise Tax on Manufacturers