Market Insights Health Medical Technology Medical Devices

Endoscopic Devices - NAFTA

NAFTA

Revenue in the Endoscopic Devices market market in the North American Free Trade Agreement (in North American Free Trade Agreement (NAFTA)) is projected to reach US$11.46bn in 2024.
Revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 6.69%, leading to a market volume of US$15.84bn by 2029.
In a global context, the majority of revenue will be generated the United States, which is expected to amount to US$10,390.00m in 2024.
The United States is witnessing a surge in the adoption of advanced endoscopic devices, driven by increasing demand for minimally invasive surgical procedures.

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

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Analyst Opinion

The Endoscopic Devices Market within the Medical Devices sector in NAFTA is witnessing moderate growth, influenced by factors such as technological advancements, increased prevalence of chronic diseases, and greater focus on minimally invasive procedures among healthcare professionals.

Customer preferences: Consumers are increasingly prioritizing personalized healthcare solutions, which is reshaping the Endoscopic Devices Market in NAFTA. There is a growing demand for advanced imaging technologies and precision instruments that cater to individual patient needs. Additionally, an aging population is driving the need for minimally invasive procedures, as patients seek quicker recovery times and reduced hospital stays. This shift is further fueled by rising health awareness and a preference for outpatient services, reflecting a broader trend towards proactive health management and convenience in medical care.

Trends in the market: In the NAFTA region, the Endoscopic Devices Market is experiencing a significant shift toward enhanced patient-centric solutions, driven by advancements in technology and a focus on personalized healthcare. The demand for innovative imaging technologies and precision instruments is on the rise, reflecting a need for tailored treatments that accommodate individual patient profiles. Additionally, the aging population is propelling the preference for minimally invasive procedures, as patients increasingly seek solutions that offer quicker recovery and reduced hospital stays. This trend underscores the growing emphasis on health awareness and outpatient services, compelling industry stakeholders to adapt their offerings to meet evolving consumer expectations and enhance competitive positioning.

Local special circumstances: In Canada, the Endoscopic Devices Market is shaped by a robust healthcare system that prioritizes innovation and patient access. The country’s diverse population drives a demand for culturally competent care, influencing the development of endoscopic technologies that cater to various demographics. In Mexico, regulatory frameworks are evolving to support medical device innovation while ensuring patient safety, leading to increased investments in local manufacturing. These unique factors are fostering an environment that encourages the adoption of advanced endoscopic solutions tailored to the specific needs of each region.

Underlying macroeconomic factors: The Endoscopic Devices Market within the Medical Devices sector is significantly influenced by macroeconomic factors such as healthcare expenditure, demographic shifts, and regulatory developments. In Canada, robust national economic health and investment in healthcare infrastructure foster innovation in endoscopic technologies, which are essential for minimally invasive procedures. Conversely, Mexico's evolving regulatory landscape, aimed at enhancing patient safety, encourages local manufacturing and attracts foreign investment. Global economic trends, such as supply chain dynamics and technological advancements, further impact market performance, driving the demand for advanced endoscopic solutions tailored to diverse patient needs.

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.