Market Insights Health Medical Technology Medical Devices

Endoscopic Devices - North America

North America

Revenue in the Endoscopic Devices market market in North America is anticipated to achieve US$11.46bn in 2024.
The revenue is expected 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 is projected to be generated the United States, with an estimated revenue of US$10,390.00m in 2024.
The North American market for endoscopic devices is increasingly driven by technological advancements and a growing emphasis on minimally invasive surgical procedures.

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

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Analyst Opinion

The Endoscopic Devices Market in North America is witnessing moderate growth, influenced by factors such as technological advancements, increasing prevalence of chronic diseases, and a growing preference for minimally invasive procedures among healthcare providers and patients.

Customer preferences: Consumers are increasingly favoring minimally invasive procedures, reflecting a cultural shift towards prioritizing quicker recovery times and reduced hospital stays. This trend is particularly evident among the aging population, who seek less traumatic treatment options for chronic ailments. Additionally, younger demographics are becoming more proactive about their health, prompting healthcare providers to adopt advanced endoscopic technologies that align with patients' preferences for safety and efficiency. This evolving landscape is driving innovation and adoption in the Endoscopic Devices Market.

Trends in the market: In North America, the Endoscopic Devices Market is experiencing a surge in demand for advanced imaging technologies, such as high-definition endoscopes and augmented reality integration, which enhance visualization during procedures. There is also an increasing emphasis on robotic-assisted endoscopy, allowing for greater precision and control in minimally invasive surgeries. Additionally, the aging population is driving the need for specialized endoscopic solutions tailored to geriatric care, while younger patients are advocating for outpatient procedures that minimize recovery time. This convergence of trends is prompting manufacturers to innovate and adapt their product offerings, thereby significantly impacting market dynamics and competitive strategies.

Local special circumstances: In Canada, the Endoscopic Devices Market is influenced by a robust healthcare system that emphasizes patient-centered care and high standards for medical technology. The country's diverse population necessitates culturally sensitive healthcare solutions, driving demand for endoscopic devices that cater to various demographic needs. Additionally, stringent regulatory requirements from Health Canada ensure that only the safest and most effective devices are approved, impacting market entry strategies. Provincial health initiatives focused on reducing surgical wait times are also spurring innovation in minimally invasive procedures, further shaping market dynamics.

Underlying macroeconomic factors: The Endoscopic Devices Market in North America is significantly influenced by macroeconomic factors, including advancements in healthcare technology, national healthcare expenditures, and demographic trends. A strong economic environment fosters investments in innovative medical devices, while a rising prevalence of chronic conditions amplifies the demand for minimally invasive procedures. Additionally, supportive fiscal policies and government initiatives aimed at enhancing healthcare access and reducing costs are pivotal in driving market growth. The competitive landscape is further shaped by collaborations between medical device manufacturers and healthcare providers, aiming to improve patient outcomes and streamline operational efficiencies.

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.