US$ 4.5 Billion Global Addressable Market For Gastrointestinal Endoscopy Devices In 2022
The rising cases of bleeding from the digestive system, abnormal colon growths, as well as other gastrointestinal and abdominal issues are expected to aid the global gastrointestinal endoscopy devices market to expand significantly in the coming years according to a report published by RationalStat.
The report titled “Global gastrointestinal endoscopy devices Market” examines the market for global gastrointestinal endoscopy devices based on product type, end-user, and region. A thorough report offers the most complete historical and prospective market size, along with trend analysis. RationalStat offers market share analysis and production capabilities of the most prominent companies, Covid-19’s impact analysis, an overview of competition as well as market strategies and potential growth areas for companies that are targeted.
Analysis of Gastrointestinal Endoscopy Devices Market Dynamics and Overview:
Growth in the number of geriatric patients suffering from chronic medical conditions is anticipated to boost the growth of the global gastrointestinal endoscopy device market over the next few years.
Globally, the gastrointestinal endoscopy market is predicted to expand at a rate of 6.8% over the forecast period of 2022-2028. The rise of sedentary lifestyles as well as the increasing use of tobacco and alcohol are likely to lead to an increase in instances of rectum and colon cancers among the population which will increase growth in demand for gastro-endoscopy equipment in the coming years.
- Robots to treat various gastrointestinal diseases including robotic capsule endoscopes, as well as robotic colonoscopes that are autonomous are currently being developed. Endoscopic Submucosal Dissection (ESD) and colonoscopy are two areas of research in which robotic endoscopy is being studied since it provides more access and flexibility, and is less time-consuming.
- Furthermore, the rise in disposable incomes of people across the globe is anticipated to lead people towards less invasive treatments. This will boost the development of digestive endoscopy instruments in the coming years.
In addition, increasing weight-consciousness people especially among women population results in weight loss treatment options like banding and bypass surgery that both utilize gastrointestinal endoscopic devices which are expected to propel growth in the market
- Based on end-user, Hospitals hold a dominant share of the market, whereas, clinics and others are expected to gain traction in the upcoming years.
- Based on region, North America holds a prominent share of the global gastrointestinal endoscopy devices market owing to the high demand for effective diagnostic tools to address the rising GI disorders.
Robot and AI-assisted gastrointestinal endoscopy devices will propel market growth in the upcoming years.
Due to the presence of many well-established companies in the global gastrointestinal endoscopy devices market, there is intense competition in the global gastrointestinal endoscopy devices market. The use of computer-aided detection systems (CADe) is expected to boost the demand for gastrointestinal endoscopy devices in the forthcoming years owing to the enhanced accuracy in recognizing precancerous spots.
Acquisitions, product launches, and partnerships are the identified industry trend in the global gastrointestinal endoscopy devices market. Key market players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market.
- 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.
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
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About RationalStat LLC
RationalStat is an end-to-end US-based market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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