The endoscopy guidewire market size is projected to reach US$ 2.13 billion by 2031 from US$ 1.32 billion in 2023. The market is expected to register a CAGR of 7.1% during 2023–2031. The development of endoscopic robotic systems will likely remain a key trend in the market.
Key factors that are driving the growth of this market are the rise in the number of diseases requiring endoscopy, favorable government initiatives, and technological advancements that are expected to fuel market growth during the forecast period. Furthermore, benefits and the accuracy offered by minimally invasive procedures are a key opportunities for the endoscopy guidewire market players.
Endoscopy is a procedure that 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 the 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. With an increase in these medical conditions, the demand for endoscopy procedures is expected to increase the adoption of endoscopy guidewire devices in the coming years.
Government initiatives have been proven to be an essential aspect of the growth of technology and the demand for any product in the market. To make endoscopic procedures accessible and beneficial to patients, various government bodies have implemented various initiatives to support endoscopy devices. For instance, in July 2019, the Endoscopy Action Plan, implemented by the Queensland Government, was aimed at 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.
Minimally invasive procedures have been performed widely in recent years. As a result, there has been a rise in number of people opting for minimally invasive surgeries. Unlike traditional clinical procedures such as open surgeries, minimally invasive procedures require only a small incision to be made at the site of the procedure. The small incision size facilitates speedy recovery compared to open procedures and reduces discomfort and the risk of infection among patients. Moreover, the minimally invasive procedures include a few minor cuts, less trauma to the muscles, nerves, and tissues, less bleeding & scarring, minor trauma to organs, less pain, reduced use of narcotics, less hospital time; and negligible effect on the immune system.
In laparoscopy, the surgical scars are minor, hospital stays are shorter, and the incisions created are much smaller, enabling faster healing and recovery. Moreover, in recent days, laparoscopy has been used widely for bariatric surgery and is economical compared to the traditional surgery method. Thus, the benefits and the accuracy offered by minimally invasive procedures are expected to provide broad growth opportunities to the players operating in the market.
Key segments that contributed to the derivation of the endoscopy guidewire market analysis are offerings, usage, and end user.
The geographic scope of the endoscopy guidewire market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
In North America, the US is the largest market; the US endoscopy guidewire market holds the largest share in the North American region. As per the data provided by, the American Society of Clinical Oncology (ASCO) in 2021, an estimated 60,430 adults in the US will be diagnosed with pancreatic cancer. The disease accounts for approximately 3% of all cancers. Pancreatic cancer is the 8th most common cancer in women and the 10th most common cancer in men. Incidence rates of pancreatic cancer have gone up by around 1% each year since 2000. It is estimated that 48,220 deaths (25,270 men and 22,950 women) from this disease will occur this year. It is the fourth leading cause of cancer death in both men and women. It accounts for 7% of all cancer deaths. The death rate has very slowly increased each year since 2000.
The regional trends and factors influencing the Endoscopy Guidewire Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Endoscopy Guidewire Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.32 Billion |
| Market Size by 2031 | US$ 2.13 Billion |
| Global CAGR (2023 - 2031) | 7.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Endoscopy Guidewire Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Endoscopy Guidewire Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Endoscopy Guidewire Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the endoscopy guidewire market are listed below:
The “Endoscopy Guidewire Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America dominated the endoscopy guidewire market in 2023
Key factors that are driving the growth of this market are rise in the number of diseases requiring endoscopy, favorable government initiatives as well as technological advancements are expected to fuel the market growth during the forecast period.
Development of endoscopic robotic systems will likely remain a key trend in the market.
Olympus Corporation, STERIS plc., Boston Scientific Corporation, CONMED Corporation, Merit Medical Systems Inc., Medorah Meditek Pvt. Ltd., Medtronic, Cook Medical LLC, HOBBS MEDICAL INC.
The market is expected to register a CAGR of 7.1% during 2023–2031.