PUBLISHER: The Business Research Company | PRODUCT CODE: 1435391
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435391
Gastrointestinal devices encompass tools utilized for diagnosing and treating medical issues concerning the digestive system or the gastrointestinal tract.
Primary gastrointestinal device types include GI videoscopes, biopsy devices, endoscopic retrograde cholangiopancreatography devices (ERCP), capsule endoscopy, endoscopic ultrasound, endoscopic mucosal resection (EMR), hemostasis devices, and others. ERCP involves diagnosing and treating liver, gallbladder, bile duct, and pancreas issues. These devices are distributed through online retailing, medical stores, and brand outlets, catering to hospitals, clinics, dialysis centers, and ambulatory surgical centers.
The gastrointestinal devices market research report is one of a series of new reports from The Business Research Company that provides gastrointestinal devices market statistics, including gastrointestinal devices industry global market size, regional shares, competitors with a gastrointestinal devices market share, detailed gastrointestinal devices market segments, market trends and opportunities, and any further data you may need to thrive in the gastrointestinal devices industry. The gastrointestinal devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The gastrointestinal devices market size has grown strongly in recent years. It will grow from $10.67 billion in 2023 to $11.41 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth observed in the historical period in gastrointestinal devices can be credited to factors such as advancements in medical education and training, emphasis on cost-effectiveness and value, changes in disease prevalence and demographics, a patient-centric approach, and achieving regulatory milestones and approvals.
The gastrointestinal devices market size is expected to see strong growth in the next few years. It will grow to $15.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The forecasted growth in gastrointestinal devices is driven by value-based healthcare, patient-centric homecare devices, personalized medicine, global market expansion, and regulatory changes. Emerging trends include minimally invasive procedures, rising gastrointestinal disorders, homecare focus, patient-centered approaches, and remote monitoring.
The growth of the gastrointestinal devices market is being fueled by the increasing prevalence of gastrointestinal diseases. Gastrointestinal diseases, such as irritable bowel syndrome, hemorrhoids, perianal abscesses, colon polyps, and cancer, among others, are on the rise. The Endoscopy Centre reports that annually, 62 million Americans are diagnosed with some form of digestive disease, with an estimated three to five lakhs Americans suffering from inflammatory bowel disease (IBD), accounting for 2% to 6% of the population. Additionally, the American College of Gastroenterology estimates that 10-15% of the adult population in the USA experiences symptoms of irritable bowel syndrome (IBS). This surge in gastrointestinal diseases has led to an increased demand for gastrointestinal devices, driving the growth of the gastrointestinal devices market.
The growth of the gastrointestinal devices market is further propelled by the increasing aging population. As demographics shift, with declining fertility rates and rising life expectancy, the proportion of older individuals in the population is rising. The aging population is particularly vulnerable to gastrointestinal disorders, resulting in an elevated demand for devices used in diagnosis and treatment. Conditions such as colorectal cancer and gastroesophageal reflux disease (GERD) are more prevalent among older individuals. The World Health Organization reported in October 2021 that the number of people aged 60 or older is expected to reach 1.4 billion, up from 1 billion in 2020. By 2050, this age group is projected to double to 2.1 billion, with a tripling in the number of individuals aged 80 or older to reach 426 million between 2020 and 2050. Consequently, the increasing aging population is a significant driver for the growth of the gastrointestinal devices market.
The gastrointestinal devices market faces a constraint in the form of high healthcare costs associated with treating gastrointestinal diseases. Annual healthcare expenditures for gastrointestinal diseases amount to approximately $136 billion, surpassing expenditures for heart disease ($113 billion), trauma ($103 billion), and mental health ($99 billion), as reported by NEJM Journal Watch. This highlights the substantial financial burden linked to treating gastrointestinal diseases. Furthermore, an analysis by the American Gastroenterological Association indicates that patients suffering from conditions such as inflammatory bowel diseases (IBDs), chronic liver diseases (CLDs), functional gastrointestinal disorders (FGIDs), and gastrointestinal hemorrhage incur significant hospitalization costs, contributing to the overall healthcare expenditure. These high costs make healthcare services less accessible for a significant portion of the population in non-emergency cases, impeding the growth of the gastrointestinal devices market.
Major companies operating in the gastrointestinal devices sector are strategically expanding their endoscopy solutions portfolio. This expansion involves the development and introduction of new products and services related to endoscopy, a medical procedure that utilizes an endoscope for internal examinations. For example, in January 2023, Fujifilm India Private Limited launched ClutchCutter and FlushKnife, part of a new suite of endoscopy solutions designed for therapeutic gastrointestinal applications. ClutchCutter, a rotatable forceps, combines coagulation, dissection, and incision functions, providing clinicians with versatile capabilities. It features an insulated outer edge for durability and serrated jaws for enhanced grasping capabilities. On the other hand, FlushKnife is a diathermic slitter enabling medical professionals to perform various tasks, including marking, flushing, incision, dissection, and coagulation. The product's ball-tip option enhances traction for effective tissue dissection and coagulation. This strategic focus on expanding endoscopy solutions demonstrates companies' commitment to innovation and competitiveness in the gastrointestinal devices market.
In February 2023, Olympus Corporation, a Japan-based manufacturer of optics and reprography products, completed the acquisition of Taewoong Medical for $370 million. Following the acquisition, Taewoong's portfolio will be integrated into Olympus' therapeutic solutions division. Olympus emphasized the inclusion of Taewoong's extensive line of metallic gastrointestinal (GI) stents, utilized in minimally invasive procedures to address blockages or restrictions in the biliary tract, esophagus, colon, or duodenum caused by conditions such as cancer or digestive system issues. Taewoong Medical, based in South Korea, is a manufacturer of medical devices, including gastrointestinal metallic stents.
Major companies operating in the gastrointestinal devices market report are Johnson and Johnson Services Inc., Medtronic PLC, Siemens Healthineers AG, Fujifilm Holdings Corporation, Becton, Dickinson and Company, Stryker Corporation, Boston Scientific Corporation, B. Braun Melsungen AG, Olympus Corporation, Interscope Inc., Hologic Inc., Steris PLC, Cook Group Incorporated, MICRO-TECH Co. Ltd., Cantel Medical Corp., CONMED Corporation, PENTAX Medical Company, Karl Storz SE & Co. KG, US Endoscopy Inc., Richard Wolf GmbH, Motus GI Holdings Inc., Congentix Medical Inc., ERBE Elektromedizin GmbH, Creo Medical Group PLC, GI Dynamics Inc., Millennium Surgical Corp., Mauna Kea Technologies SA, EndoMaster Pte Ltd., EndoChoice Holdings Inc., Zhanjiang Bokang Biotechnology Co. Ltd., Jinshan Science & Technology Co., Safe Medical Design Inc.
North America was the largest region in the gastrointestinal devices market in 2023. Asia-Pacific was the second largest region in the gastrointestinal devices market report. The regions covered in the gastrointestinal devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the gastrointestinal devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The gastrointestinal devices market consists of sales of instruments such as gastroscope, an enteroscope, and an ultrasound endoscope. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Gastrointestinal Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on gastrointestinal devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for gastrointestinal devices ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The gastrointestinal devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.