Covina, July 12, 2023 (GLOBE NEWSWIRE) -- “According to the latest research study, the demand of “Gastrointestinal Devices Market accounted for US$ 228.3 billion in 2022 and is estimated to be US$ 680.6 billion by 2032 and is anticipated to register a CAGR of 11.5%.”
What is Gastrointestinal Devices Market?
Acid reflux, irritable bowel syndrome, colon cancer, indigestion and hemorrhoids are the common gastrointestinal disorders. Gastrointestinal devices are used in examining the root cause of gastrointestinal tract such as abdominal bleeding, vomiting, tumor, pain and inflammation which in turn facilitate the market growth.
Technological advancement in medical devices has become major contribution in market growth. Growing demand for minimally invasive surgeries is likely to propel market growth. High disposable income and growing trend of outing, hoteling and consumption of fast-food by individual is expected to boost the growth of Gastrointestinal Devices market in future.
What are the recent news in the Gastrointestinal Devices Market?
- In March 2023, FUJIFILM India launched new version of ‘CAD EYE’ for upper GI diagnosis at GI update 2023 in Mysuru. The new launched CAD EYE product help in detection of early stage of upper gastrointestinal tract cancer. This launch has made FUJIFILM to expand its endoscopy portfolio and to strengthen the position in market.
Report Scope:
| Attribute | Details |
| Base year for estimation | 2022 |
| Forecast period | 2022 – 2032 |
| Accounted in 2022 | US$ 228.3 Billion |
| Estimated to be in 2032 | US$ 680.6 Billion |
| CAGR | 11.5% |
| Market representation | Revenue in USD Billion & CAGR from 2022 to 2032 |
| Market Segmentation | By Product Type - GI Accessories, GI Instruments, GI Endoscopes By End-Users - Hospitals, Ambulatory Surgical Centers, Others |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
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What is Prophecy’s Analyst View on Gastrointestinal Devices Market?
Growing technological advancement has made easier to order food online at any location which has given rise in high consumption of fast-food and further led to cause of gastrointestinal diseases. Development of improved and advanced medical devices has contributed in market growth. Presence of major players and launch of new innovative medical devices is anticipated to increase the demand for Gastrointestinal Devices market growth.
What are the current trends in the gastrointestinal devices market?
The gastrointestinal devices market is experiencing several notable trends. There is a growing preference for minimally invasive procedures, such as endoscopy and laparoscopy, due to their benefits of reduced discomfort and faster recovery. Technological advancements are also driving the market, with innovations in endoscopic imaging, robotic-assisted surgeries, and smart capsule endoscopy systems. Disposable devices are gaining popularity for their convenience and infection control benefits. The market is influenced by the rising prevalence of gastrointestinal disorders, leading to increased demand for diagnostic and therapeutic devices. Overall, these trends reflect a focus on improving patient outcomes, safety, and efficiency in gastrointestinal healthcare.
What are the key factors driving the growth of the gastrointestinal devices market?
- Increasing prevalence of gastrointestinal disorders: The rising incidence of gastrointestinal disorders, such as colorectal cancer, inflammatory bowel disease (IBD), gastroesophageal reflux disease (GERD), and peptic ulcers, is a significant driver of market growth. Factors such as sedentary lifestyles, unhealthy dietary habits, and increasing obesity rates contribute to the growing burden of these disorders.
- Technological advancements in gastrointestinal devices: Continuous advancements in gastrointestinal devices have significantly improved diagnostic capabilities, treatment outcomes, and patient experiences. For example, advanced endoscopes equipped with high-resolution imaging, magnification capabilities, and therapeutic functionalities enable early detection, precise diagnosis, and minimally invasive treatments.
- Growing aging population: The global population is aging, and the elderly population is more susceptible to gastrointestinal disorders due to age-related changes in digestive function and increased vulnerability to chronic conditions. The aging population requires more frequent diagnostic evaluations, therapeutic interventions, and long-term management, thereby driving the demand for gastrointestinal devices.
- Increasing awareness and screenings: Public awareness campaigns and routine screenings for gastrointestinal disorders, particularly colorectal cancer, have played a crucial role in driving market growth. Increased awareness encourages individuals to undergo diagnostic screenings, resulting in early detection, timely treatment, and improved patient outcomes.
What are the major challenges faced by manufacturers in the gastrointestinal devices market?
Manufacturers in the gastrointestinal devices market face significant challenges. Stringent regulatory requirements, including extensive testing and documentation, pose hurdles to product development and approval. The market is highly competitive, demanding differentiation and constant innovation to maintain market share. Rapid technological advancements necessitate continuous investment in research and development to stay ahead. Pricing pressures from cost-conscious healthcare systems and the need to provide value for money create challenges in maintaining profitability. Additionally, navigating the complex reimbursement landscape and varying coverage criteria across regions adds further complexities for manufacturers in the gastrointestinal devices market.
Who are the key players or vendors in the Gastrointestinal Devices Market?
- Johnson & Johnson Ltd.
- Boston Scientific Corporation
- Medtronic plc.
- FUJIFILM
- Stryker Corporation
- Karl Storz
- Olympus Corporation
- Conmed Corporation
- B. Braun Melsungen
- Covidien Ltd.
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What are the future prospects and opportunities in the gastrointestinal devices market?
The future prospects and opportunities in the gastrointestinal devices market are bright. Advanced diagnostic technologies, such as molecular imaging and confocal laser endomicroscopy, offer improved detection and diagnosis of gastrointestinal disorders. The demand for minimally invasive procedures is increasing, creating opportunities for manufacturers to develop innovative devices. Additionally, the integration of artificial intelligence and robotics in gastrointestinal devices holds potential for enhanced precision and efficiency.
The expanding elderly population and rising prevalence of gastrointestinal disorders further contribute to market growth. Furthermore, collaborations between manufacturers and healthcare providers can drive innovation and market expansion. Overall, the future of the gastrointestinal devices market is characterized by advancements in technology, increased patient-centric approaches, and a focus on improving diagnostic accuracy and treatment outcomes.
Key Reasons to Purchase Report:
- Growing market size
- High demand for minimally invasive procedures
- Technological advancements and innovation
- Rising healthcare expenditure
- Collaborations and partnerships driving innovation
- Favorable reimbursement policies
- Global market expansion opportunities
Key Questions Answered in Report:
- What is the current size and projected growth of the gastrointestinal devices market?
- What are the key factors driving the demand for gastrointestinal devices?
- What are the major product segments in the gastrointestinal devices market?
- Which regions or countries are witnessing significant growth in the gastrointestinal devices market?
- What are the technological advancements and innovations shaping the gastrointestinal devices market?
- How is the adoption of minimally invasive procedures impacting the gastrointestinal devices market?
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