The global endoscope market reached a valuation of $18.9 billion in 2018. As per the estimates of P&S Intelligence, a market research company based in India, the market will generate a revenue of $28.4 billion by 2024. Furthermore, the market will advance at a CAGR of 7.2% from 2019 to 2024. The soaring population of geriatric people, the rising prevalence of chronic diseases, and the rapid technological innovations and advancements being made in endoscopes are the major market growth drivers.

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The growing prevalence of chronic diseases such as cardiovascular diseases, respiratory diseases, and cancer is pushing up the requirement for advanced endoscope devices around the world. As per the Heart Disease and Stroke Statistics 2018 published by the American Heart Association (AHA), cardiovascular diseases claimed the lives of around 836,546 people in the U.S. in that year. This means that nearly one out of every three adults in the country died from cardiovascular diseases in 2018.

This will be because of the increasing requirement for endoscopic surgeries for the treatment of esophagus-related diseases. When application is taken into consideration, the endoscope market is classified into gastroenterology, orthopedic, pulmonology, gynecology, and urology. Amongst these, the gastroenterology category is expected to demonstrate the fastest growth in the market in the upcoming years. This is credited to the growing incidence of diseases such as peptic ulcer diseases, pancreatitis, colitis, and colon polyps around the world.

Hence, it can be said with full confidence that the market will exhibit rapid advancement all over the world in the upcoming years, mainly because of the growing incidence of cancer and cardiovascular diseases and the surging geriatric population in several countries.

As patients diagnosed with cancer and cardiovascular diseases need endoscopic procedures for effective diagnosis, the rising incidence of these diseases is fueling the requirement for endoscopic treatments. The surging geriatric population is also propelling the advancement of the endoscope market across the globe. As per the World Population Ageing 2017 publication produced by the United Nations Department of Economic and Social Affairs (UNDESA), the population of geriatric people (people in the age bracket-60 years or above) is surging rapidly.