Gastrointestinal Endoscopic Devices Market
Number of pages: 100 | Report Format: PDF | Published date: January 24, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 9.50 billion |
|
Revenue Forecast in 2030 |
US$ 15.38 billion |
|
CAGR |
5.5% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Years |
2020 |
|
Segments Covered |
Product Type, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global gastrointestinal endoscopic devices market was valued at US$ 9.50 billion in 2021 and is expected to register a revenue CAGR of 5.50% to reach US$ 15.38 billion by 2030.
Gastrointestinal Endoscopic Devices Market Fundamentals
Gastrointestinal (GI) diseases are digestive system disorders that affect essential digestive organs such as the mouth, esophagus, stomach, small and large bowels, rectum, anus, and GI-linked organs (liver, gallbladder, and pancreas). Endoscopes, laparoscopes/surgical endoscopes, endotherapy devices, and laparoscopic devices play an important role in the early and correct diagnosis and treatment of potentially life-threatening GI disorders, opening up new growth opportunities for GI MedTech equipment producers.
Endoscopy is a type of imaging technology used to study the internal organs or veins of the body. This technology is used not just to detect damage but also in surgical and therapeutic procedures. Many tools and equipment are used during endoscopy to ensure a safe and successful procedure. Some of the key tools and equipment include procedure-specific scopes, video monitors, imaging devices, anesthetic equipment, monitoring equipment, light sources, video processors, insufflators, endoscope cabinets, and endoscopy carts or trolleys.
Endoscopy equipment are used by gastroenterologists, gynecologists, nephrologists, neurologists, cardiologists, hepatologists, and liver transplant surgeons. Endoscopy systems are often employed in minimally invasive operations to determine the cause of specific disorders and symptoms, according to the study “Anatomic Study of Endoscopic Transnasal Approach to Petrous Apex,” published in January 2020.
Endoscopic-aided technology has been traditionally used to expose much of the space that is difficult to examine with a microscope. It can offer the surgeon an unobstructed viewing field and an operating channel without retraction, improving surgical quality. As a result, the adoption of flexible endoscopic devices has increased among surgeons.
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Gastrointestinal Endoscopic Devices Market Dynamics
Increase in the need for endoscopy, advancements in technologies, growth in investments and funding for R&D activities, and a rise in the number of gastrectomies are expected to drive revenue growth in the gastrointestinal endoscopic devices market during the forecast period.
The revenue growth of the global gastrointestinal endoscopic devices market is also supported by increasing prevalence of intestinal ailments and rising inclination toward minimally invasive procedures across developed and developing countries. Furthermore, increase in the number of new device approvals is expected to be critical in the advancement of gastrointestinal endoscopy. Additionally, the rapid growth of the healthcare industry in emerging countries and advancements in gastrointestinal endoscopic devices are projected to generate revenue growth opportunities in the gastrointestinal endoscopic devices market during the forecast period.
However, the high cost of endoscopic procedures and insufficient reimbursement policies are likely to restrain the revenue growth of the gastrointestinal endoscopic devices market.
Gastrointestinal Endoscopic Devices Market Ecosystem
The global gastrointestinal endoscopic devices market is analyzed from three perspectives: product type, end-user, and region
Gastrointestinal Endoscopic Devices Market by Product Type
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Based on the product type, the global gastrointestinal endoscopic devices market is segmented into GI videoscopes, biopsy devices, endoscopic retrograde cholangiopancreatography devices (ERCP), capsule endoscopy, endoscopic ultrasound, endoscopic mucosal resection (EMR), hemostasis devices, and others.
The GI videoscopes segment dominates the market owing to high adoption of these devices during endoscopic procedures for better and clearer visualization. A GI videoscope connects the scope arm to another direction. This helps diagnose complex diseases, such as gastrointestinal disorder, cancer, urinary disorder, and lung disorder.
Gastrointestinal Endoscopic Devices Market by End User
Based on the end-user, the global gastrointestinal endoscopic devices market is segmented into hospitals, clinics & dialysis centers, and ambulatory surgical centers.
The hospitals segment dominates the market with the largest revenue share as hospitals are widely regarded as the primary health care systems and increase in the patient population’s preference for hospitals for the diagnosis and treatment of chronic illnesses. Furthermore, a significant number of hospital surgeries, such as endoscopic procedures, boost the demand for endoscopy equipment, consequently promoting revenue growth in the segment.
Gastrointestinal Endoscopic Devices Market by Region
Based on the region, the global gastrointestinal endoscopic devices market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America dominates the global market due to the increase in the number of endoscopic examinations, rise in the aging population, favorable reimbursement policies for endoscopy procedures, growth in the adoption of minimally invasive endoscopic therapy procedures, and rise in concerns about cleaning, disinfection, and sterilization in the region.
The market in Asia Pacific is expected to register rapid revenue growth during the forecast period. This can be attributed to unmet medical needs of the region for the diagnosis of life-threatening illnesses, such as cancer, and the drive for enhanced quality of life in developing countries.
Gastrointestinal Endoscopic Devices Market Competitive Landscape
The prominent players operating in the global gastrointestinal endoscopic devices market are:
Gastrointestinal Endoscopic Devices Market Strategic Developments
Asia Pacific is the key revenue growth region for the global gastrointestinal endoscopic devices market.
Increasing prevalence of chronic diseases and rising geriatric population are the major factors driving revenue growth of the gastrointestinal endoscopic devices market.
The GI videoscopes product type segment leads the global gastrointestinal endoscopic devices market.
The global gastrointestinal endoscopic market is expected to register a revenue CAGR of 5.5% during the forecast period.
Olympus, Boston Scientific, Pentax (Hoya), Fujifilm, Cardinal Health Inc., and Abbott Nutrition are among the prominent players in the gastrointestinal endoscopic devices market.
*Insights on financial performance is subject to availability of information in public domain