Market Insights Health Medical Technology Medical Devices

Endoscopic Devices - GCC

Revenue in the Endoscopic Devices market market in the Gulf Cooperation Council (in Gulf Cooperation Council (GCC)) is anticipated to attain US$0.61bn in 2024.
This revenue is forecasted to exhibit an annual growth rate (CAGR 2024-2029) of 7.60%, culminating in a market volume of US$0.88bn by 2029.
In a global context, the majority of revenue will be produced the United States, which is projected to generate US$10,390.00m in 2024.
In the GCC, the growing demand for minimally invasive procedures is significantly driving innovation and investment in endoscopic devices within the medical technology sector.

Key regions: Italy, United Kingdom, Netherlands, Germany, Japan

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Analyst Opinion

The Endoscopic Devices Market within the Medical Devices sector in GCC is witnessing moderate growth, influenced by factors such as technological advancements, increasing demand for minimally invasive procedures, and a growing focus on enhancing patient outcomes and safety.

Customer preferences: Consumers in the GCC are increasingly prioritizing health and wellness, driving demand for advanced endoscopic devices that facilitate minimally invasive procedures. This shift is influenced by a growing awareness of the benefits of reduced recovery times and improved safety profiles associated with these technologies. Additionally, demographic changes, such as an aging population and rising chronic disease prevalence, are prompting patients to seek out innovative solutions that enhance their quality of life and treatment efficacy.

Trends in the market: In the GCC, the Endoscopic Devices Market is experiencing a surge in demand for advanced minimally invasive technologies, driven by an increasing emphasis on patient-centric care. Healthcare providers are increasingly adopting sophisticated endoscopic solutions to enhance surgical precision and reduce complications. Furthermore, technological innovations such as robotics and artificial intelligence are being integrated into endoscopic procedures, improving outcomes and operational efficiency. This trend not only reflects a shift towards modernized healthcare practices but also presents significant opportunities for manufacturers and stakeholders to invest in R&D, ultimately shaping the future landscape of medical technology in the region.

Local special circumstances: In the GCC, the Endoscopic Devices Market is influenced by a combination of rapid urbanization, a growing population, and increased healthcare spending. The region's diverse demographics demand tailored medical solutions, encouraging the adoption of advanced endoscopic technologies. Additionally, regulatory frameworks are evolving to facilitate faster approvals for innovative devices, promoting competition among local and international manufacturers. Cultural factors also play a role, as there is a rising awareness of minimally invasive procedures among patients, driving demand for effective and efficient treatment options.

Underlying macroeconomic factors: The Endoscopic Devices Market in the GCC is significantly shaped by macroeconomic factors such as rising healthcare expenditures, advancements in medical technology, and demographic shifts. As nations within the region prioritize health sector investments to improve patient outcomes, there is a notable increase in the adoption of innovative endoscopic solutions. National economic health, characterized by stable GDP growth and fiscal policies favoring healthcare development, further supports market expansion. Additionally, the global trend towards minimally invasive procedures is enhancing demand, as patients seek efficient treatment options that align with evolving healthcare standards.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.