What Innovations Are Driving the Endotherapy Devices Market to be Worth $7 Billion by 2030?
The global endotherapy devices market is projected to reach $7 billion by 2030, with a CAGR of 7.4% from 2023 to 2030. Endotherapy devices are vital tools in endoscopic procedures, including needles, dilators, hemostasis systems, hemoclips, stents, and extraction systems. These devices are used in procedures such as colonoscopies, gastroscopies, and bronchoscopies to diagnose and treat various gastrointestinal conditions.
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Technological Advancements Fuel Market Expansion
Technological innovations are a key driver of market growth. Recent product launches, such as Argon Medical Devices' Halo Single-Loop Snare Kits and Cook Medical's transluminal Biliary Biopsy Forceps Set, highlight the industry’s commitment to improving clinical outcomes. The development of advanced hemostasis systems, like Medtronic’s Nexpowder Endoscopic Hemostasis System, underscores the focus on enhancing procedural efficiency and patient safety.
Minimally Invasive Procedures Gain Popularity
Patients and healthcare providers increasingly prefer endoscopic procedures over traditional surgeries due to their minimally invasive nature. These procedures reduce the need for large incisions, leading to shorter recovery times and lower overall costs. The growing adoption of endoscopic techniques, combined with ongoing technological advancements, is driving demand for endotherapy devices.
Market Segmentation and Regional Growth
In 2023, the upper GI endoscopy segment is expected to hold the largest market share, driven by its use in treating a wide range of gastrointestinal conditions. The Asia-Pacific region is anticipated to grow at the highest rate, driven by advancements in healthcare infrastructure, rising disease prevalence, and increased healthcare spending.
Competitive Landscape
The report offers a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presences, and key strategic developments adopted by leading market players in the industry over the years (2020–2023). The key players operating in the global endotherapy devices market are Boston Scientific Corporation (U.S.), Olympus Corporation (Japan), Medtronic plc (U.S.), FUJIFILM Holdings Corporation (Japan), Cook Group Incorporated (U.S.), Conmed Corporation (U.S.), Hoya Corporation (Japan), Stryker Corporation (U.S.), KARL STORZ SE & Co. KG (Germany), Smith & Nephew PLC (U.K.), Micro-Tech (Nanjing) Co., Ltd. (China), Nipro Corporation (Japan), MEDIVATORS B.V. (Germany), The Cooper Companies, Inc. (U.S.), and JOHNSON & JOHNSON (U.S.)
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