The global gastrointestinal endoscopy devices market stood at nearly US$ 4.7 Billion in 2021 and is expected to grow at a CAGR of 6.8% during the forecast period 2022-2028. Gastrointestinal endoscopy devices are medical devices that are used to perform diagnostic and therapeutic procedures inside the gastrointestinal (GI) tract. It is a minimally invasive treatment that is used to look for ulcers, digestive system bleeding, aberrant colon growths, and other abdominal and gastrointestinal problems. Numerous GI illnesses have arisen as a result of changing lifestyles combined with improper eating habits and increased junk food consumption, which has increased the need for effective diagnosis through devices such as gastrointestinal endoscopy devices.
Furthermore, a growing aging population with prolonged medical issues such as GI disorders and an increase in the prevalence of colon and rectum cancer due to sedentary lifestyles, obesity, and cigarette use are driving the growth of the gastrointestinal endoscopic devices market. Additionally, growing consciousness of weight, particularly among women, leads to weight-loss treatment choices such as banding and bypass surgery, both of which use gastrointestinal endoscopic devices, which is also likely to boost the market growth. However, the gastrointestinal endoscopy market growth will be hampered by high endoscopy procedure costs, a limited number of trained professionals, and limited reimbursement policies.
Robot- and AI-assisted gastrointestinal endoscopy devices will propel the market growth
Significant GI device companies are focusing on the Blackbox with algorithms such as convolutional neural networks being developed to analyze endoscopic videos and detect/classify abnormal tissue areas, allowing endoscopists to perform better in removing suspicious polyps and preventing colorectal cancer. Computer-aided detection systems (CADe) enhance accuracy in recognizing precancerous spots and places where biopsy is unnecessary by using deep convoluted neural network (DCNN) technology. Current AI systems are mostly focused on enhancing endoscopist accuracy and dependability, however, future technologies will also help to minimize paperwork load and give real-time optical biopsies, which will free up time that can be better spent on the physician-patient engagement. Robots for various gastrointestinal illnesses are being developed such as robotic capsule endoscopes, autonomous locomotive robotic colonoscopes, etc. Endoscopic Submucosal Dissection (ESD) and colonoscopy are the two key areas where robotic endoscopy is being researched as it provides ease of access and flexibility and is less time-consuming.
North America leads the market due to the increase in the consumption of fast food
North America is the leading market for gastrointestinal endoscopy devices market owing to the high demand for effective diagnostic tools to address the rising GI disorders. Digestive illnesses are the leading cause of hospitalization in the US, which is further attributed to the increasing consumption of fast food and the rise in obesity prevalence. Developed healthcare infrastructure coupled with the significant per capita healthcare expenditure and presence of leading industry players are facilitating the regional market growth. Moreover, the increased adoption of advanced technologies and the growing demand for minimally invasive surgeries to lower total healthcare costs are also driving the market growth in North America.
Rising investments in endoscopy facilities have been directly impacting the growth of the gastrointestinal endoscopy market in Latin America and Eastern Europe. The UK has one of the most advanced healthcare technologies across Europe due to continuous innovations in the healthcare sector and the increased adoption of digital health. Therefore, it has growth potential for the gastrointestinal endoscopy devices market. The Asia Pacific region is also witnessing technological advancements in the healthcare sector and government initiatives in countries like India and China are boosting market growth for gastrointestinal endoscopic devices market.
Market Structure and Competitive Landscape
The global gastrointestinal endoscopy devices market is fragmented in nature with various players operating in the market. Some of the prominent players that contribute significantly to the global gastrointestinal endoscopy devices market growth include Olympus Corp., B. Braun Melsungen, Boston Scientific Corp., Fujifilm Corp., Johnson & Johnson Services Inc., Smith & Nephew PLC, Stryker Corp., Conmed Corp., Covidien Ltd., Albyn Medical, Hobbs Medical Inc., Jinshan Science & Technology, Leufen Medical GmbH, Telemed Systems Inc., Steris Corp., and Medtronic Plc among others. These players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global gastrointestinal endoscopy devices market include,
- In November 2021, Medtronic PLC announced that the US Food and Drug Administration (FDA) has given the PillCamTM Small Bowel 3 system for remote endoscopic treatments 510(k) clearance.
- In June 2021, Cantel Medical, a global provider of infection control products and services to endoscopy, dentistry, dialysis, and life sciences customers, has been acquired by STERIS PLC, as previously stated.
- In May 2021, Olympus acquired Medi-Tate, an Israeli medical device company, to expand its global urology business.
Key Market Segmentation
RationalStat has segmented the global gastrointestinal endoscopy devices market on the basis of product, end user, and region.
- By Product
- Biopsy Devices
- Capsule Endoscopy Devices
- ECRP Devices
- GI Videoscopes
- Hemostasis Devices
- Reflux Testing System
- Stent Systems
- Others (Dilators etc.)
- By End User
- Others (ASCs etc.)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecast, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, and company documents
- Industry and market-related documents available in the public domain
- Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for gastrointestinal endoscopy device manufacturers and suppliers, medical device companies, endoscopy device manufacturers, healthcare facilities, government organizations, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption pattern, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global gastrointestinal endoscopy market is expected to grow at a CAGR of approximately 6.8% during the forecast period 2022-2028.
North America holds a prominent share of the global gastrointestinal endoscopy market.
The global market for gastrointestinal endoscopy was US$ 4.7 Billion in 2021.
The increasing geriatric population and rising investments in endoscopy facilities are the major factors driving the growth of the global gastrointestinal endoscopy market.
Major companies operating in the global gastrointestinal endoscopy market are Olympus Corp., B. Braun Melsungen, Boston Scientific Corp., Fujifilm Corp., Johnson & Johnson Services Inc., Smith & Nephew PLC, Stryker Corp., Conmed Corp., Covidien Ltd., Albyn Medical, Hobbs Medical Inc., Jinshan Science & Technology, Leufen Medical GmbH, Telemed Systems Inc., Steris Corp., and Medtronic Plc among others.