North America Emerged to Be the Fastest-Growing Market for Industrial Endoscope During the Review Period

Pune, India, Nov 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Industrial Endoscope Market.

Industrial Endoscope Market Highlights

North America is expected to witness the highest demand for Industrial Endoscope during the forecasted period. Rapid innovation, early adoption of advanced technology, and government support are some of the major driving factors for the North American market growth. The industries such as manufacturing, aerospace & defense, energy & power, automotive & transportation, and construction are growing exponentially. Small to large organizations already have adopted advanced instruments to seamless work functioning. Canada is expected to be the fastest-growing country in the North American region as Canada is a technology hub and expanding rapidly. Mexico has the lowest adoption rate as compared to the US and Canada.

The European market is driven by various industries such as aerospace & defense, automotive & transportation, manufacturing, energy & power, and construction. Government spending is also increasing towards infrastructure development which is expected to boost the demand for industrial endoscopes. The aerospace sector is the major growth engine of the European market. Thousands of companies are engaged in the aerospace business, further driving the market growth. Green energy such as wind power and solar energy is expected to open up new revenue streams for the market. In Europe, Germany accounts for the largest share of the industrial endoscopes.

The Asia-Pacific region is the largest populous continent with the presence of several small to large companies. Rapid industrialization, infrastructural development, rapid innovation and adoption, and government support are expected to drive Industrial Endoscope Market growth during the projected period. The continent is the hub for global companies in manufacturing due to the cheap labor force and favorable business conditions.

Manufacturing, energy & power, mining, manufacturing, automotive and transportation, aerospace, and construction are some of the major industries of the region. Medium and small enterprises are driving the demand for the industrial endoscope in the South America region. Brazil holds the largest share within the market, followed by Argentina. Columbia holds the third-largest share within the market.            

The discovery of vast oil deposits revolutionized the Middle East's economy. More than half of the world's known oil reserves are found in the region, although they are not equally distributed. Saudi Arabia has the major deposits and is the world's leading oil producer and exporter. Moreover, some of the countries are concentrated on industrial manufacturing. Mining is also the major sector expected to open major revenue streams in the region. South Africa, Egypt, and Saudi Arabia are the major growth engines of the Middle East & Africa market.

Global Industrial Endoscope Market Share, by Region, 2021 (%)Source: MRFR Analysis

Covid Impact Analysis

A negative impact of the COVID-19 pandemic has been seen on the endoscopy industry. Globally, the Coronavirus outbreak affected a significant population, leading to an increase in infection fatality rates. To stop the virus from spreading, numerous countries throughout the world enacted nationwide lockdowns and emergencies. The data reported in a BMJ report suggests that during the study period there has been a 58% overall decrease in the rate of Endoscopic cancer detection and a close to 72% decrease in colorectal cancer detection. The number of endoscopic operations was also increased, gradually restoring pre-pandemic levels by 2021.

Industrial Endoscope Market Segmentation

The global Industrial Endoscope Market has been segmented on the basis of Industry Vertical, and region.

The global Industrial Endoscope Market, based on Industry Vertical, Industrial Endoscope Market is segmented into Energy & Power, Automotive & Transportation, Manufacturing, Aerospace & Defense, Construction & Infrastructure, and Others.

The global Industrial Endoscope Market, based on region is bifurcated into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

Industrial Endoscope Market- Key Players

Some of the prominent players operating in the global Industrial Endoscope market include OLYMPUS CORPORATION, SKF GROUP, PCE INSTRUMENTS, SHENZHEN YATEKS CO., LTD, TELEDYNE TECHNOLOGIES INC., BAKER HUGHES COMPANY, STS CORPORATION, INNOVIEW GMBH, IT CONCEPTS GMBH, and KARL STORZ NDTEC GMBH