BRUSSELS, Belgium, March 02, 2022 (GLOBE NEWSWIRE) --
Summary:
Medi-Tech Insights: The Gastrointestinal Devices MedTech market growth is driven by rising adoption of single use endoscopes, robotics, and growing focus on AI in surgeries.
Description:
Aging population, rising number of GI procedures, growing cases of colorectal cancer and screening mandates in many healthcare systems is driving the market growth. Rising usage of robotics and focus on AI are offering further impetus on the market growth.
Medi-Tech Insights’ report on Gastrointestinal Devices MedTech market analyses the market by product and geography.
Based on product, Gastrointestinal Devices MedTech market, GI endoscopes is the largest product segment. Within endoscope market, reusable endoscopes form major chunk of the market as these are high-cost capital equipment with relatively greater adoption. Single-use endoscope market is slated to grow faster. Shift driven by relatively lower acquisition cost, lower level of training & skills, no reprocessing cost and no risk of cross-contamination. Major players offering single-use endoscopes are Boston Scientific and Ambu.
Geographic Snapshot
Comprehensive regional and country-level assessment suggests that U.S. is likely to dominate the market in next 5 years while China will grow faster.
Gastrointestinal Devices MedTech market benefits from presence of players like Olympus and Boston Scientific (BSX) but number of start-up companies have emerged especially in AI, single-use instruments.
GI endoscopes, endotherapy devices, laparoscopes, and laparoscopic devices are four major segments. Olympus accounts for major chunk of endoscopes market. Endotherapy devices is the fastest growing market segment, dominated by BSX with more than 50% share. Stryker, Karl Storz, and Olympus dominates the Laparoscope market, while top 5 players accounts for more than 70% share of laparoscopic devices market.
Artificial intelligence (AI) and single-use endoscopy attracting PE investments
Traditional endoscopy has a long track record in healthcare, but the images produced by the procedure are subject to the assessment of clinicians, potentially leading to wide variations in interpretations. However, AI-assisted endoscopy is perceived to have potential to provide consistent results and improve patient care owing to which PEs are investing in AI providers. For instance, in August 2021, Iterative Scopes raised $30 million Series A Financing to Advance AI-Driven Precision Medicine for Gastroenterology. Similarly, single-use endoscopy is likely to be a focus area in coming years with key players already started to add these to portfolio. Also, smaller/niche players are receiving funding. For instance, in October 2021, IQ endoscope received $5 million for supporting regulatory approval process for its single use flexible gastroscope, as well as accelerating the development of its single use flexible colonoscope.
Explore Detailed Insights on GI MedTech Market @ https://meditechinsights.com/gastrointestinal-devices-medtech-market/
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