Endoscopy Guidewire Market to Garner $1,749.60 million by 2028 CAGR 5.6% – The Insight Partners

Endoscopy Guidewire Market to Garner $1,749.60 million by 2028 CAGR 5.6% - The Insight Partnersthe insight partnersEndoscopy Guidewire market was valued at US$ 1,192.04 million in 2021 and is projected to reach US$ 1,749.60 million by 2028; it is expected to grow at a CAGR of 5.6% during 2021–2028

According to the latest study on “Endoscopy Guidewire Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Core Material and Application,” Endoscopy is a procedure, which helps doctors or physicians to view 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.

Strategic Insights:

Report Coverage             

(Details)

Market Size Value in      

(US$ 1,192.04 Million in 2021)

Market Size Value by    

(US$ 1,749.60 Million by 2028)

Growth Rate     

(CAGR of 5.6% from 2021-2028)

Forecast Period

(2021-2028)

Base Year           

(2021)

No. of Pages     

(152)

No. Tables          

(84)

Segments covered         

(Type; Core Material; Application and Geography)

Regional scope 

(North America; Europe; Asia Pacific; Latin America; MEA)

Country scope  

(US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina)

Report coverage             

(Revenue forecast, company ranking, competitive landscape, growth factors, and trends)

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Market Insights

Government initiatives have been proved to be an essential aspect for the growth of technology and the demand for any product in the market. To make endoscopic procedures accessible and beneficial to the patients, various government bodies have laid various initiatives supporting endoscopy devices. For instance, in July 2019, the Endoscopy Action Plan, implemented by the Queensland Government, was aimed toward improving the health of Queenslanders by means of delivering sustainable access to better quality gastrointestinal endoscopy services. The need for gastrointestinal endoscopy has been increasing rapidly owing to the national bowel screening program and a growing geriatric population. As per the plan, US$ 160 million would be invested over four years to deliver better services and improve access across the Queensland health system. Under the project, the services will be expanded to provide 50,000 more endoscopy procedures. Due to the implementation of this plan, the waiting time for endoscopy procedures has significantly reduced, and better services have been made available across the state.

Moreover, the Gastroenterological Society of Australia (GESA) and the Australian Gastrointestinal Endoscopy Association (AGEA) established the National Endoscopy Training Initiative (NETI). This program was established to improve the quality and safety of colonoscopy and coordinate colonoscopy training in Australia. According to the program, comprehensive series of national, formalized, and standardized colonoscopy workshops are being conducted by experienced and highly qualified supervisors. In addition, standards are being laid down by NETI to be followed by individual endoscopists. Favorable government initiatives coupled with suitable policies are the major factors driving the growth of the market.

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. 

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In terms of type, the global endoscopy guidewire market is segmented into monofilament, coiled, and coated. The coated segment held the largest share of the market in 2021 and is expected to continue its dominance and register the highest CAGR in the market during the forecast period.

Based on application, the global endoscopy guidewire market is segmented into diagnostics and therapeutics. The therapeutics segment held a larger share of the market in 2021, and it is expected to register the highest CAGR during the forecast period.

Endoscopy Guidewire Market: Competitive Landscape and Key Developments

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 companies are adopting partnerships, product launches, collaborations, and other business strategies to sustain their position in the market. For instance, in June 2021, STERIS plc acquired Cantel Medical, a global provider of products and services related to infection prevention, endoscopy, dental, dialysis, and life sciences Customers.

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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 to various environmental factors and change in the individual’s lifestyle in developing economies. or instance, As a part of therapeutic applications includes surgical procedures in the hospitals, clinics ambulatory surgical center (ASC). The endoscopy procedures have various advantages over the traditional surgical procedures as it takes less time for patient recovery, lower risk of infections, and shorter stay at the hospital post procedures.

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, Chemicals and Materials.

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