The Global Gastrointestinal Endoscopy Devices Market size reached USD 3.67 billion in 2023 and is expected to reach USD 5.03 Billion by 2028, thereby exhibiting a growth rate (CAGR) of 6.5% from 2023-2028.
Impact of COVID-19 on the Global Gastrointestinal Endoscopy Devices Market:
The devices used for diagnostic and therapeutic procedures to treat, image, and evaluate gastrointestinal diseases are called Gastrointestinal Endoscopy Devices. Since Gastrointestinal Endoscopy has become a routine part of patient care, it has evolved at an astonishing rate over the past decade. It constitutes the majority of procedures a pediatric gastroenterologist performs, such as the upper gastrointestinal tract endoscopy for the diagnosis of stomach, esophagus, duodenum, and jejunum, and the lower gastrointestinal tract endoscopy which is used for examining the rectum, colon, and ileum. This procedure may require minimal sedation affecting cognitive function and coordination, except for ventilatory and cardiovascular functions. In addition, as per the requirement of technological advancements, new endoscopic techniques have evolved into new devices for treating gastric neoplasms, further increasing the scope of therapeutic endoscopy.
The COVID-19 pandemic had a negative impact on the global Gastrointestinal Endoscopy Devices market. This is due to the decline in a large number of endoscopic procedures, being semi-urgent and elective endoscopic procedures, which were canceled or postponed by healthcare facilities. In addition, there was a supply chain disruption, a change of many regulations, and shortages of healthcare professionals for fear of COVID-19 infection. Thus, the changes brought to reduce the infection by lowering the direct contact with the patient in such procedures had a negative impact on the market.
MARKET DRIVERS:
Gastrointestinal endoscopy devices are being adopted and preferred by most medical practitioners due to their wide range of benefits. It aids in the diagnosis and treatment of tumors, celiac disease, blockages, bleeding, inflammation, ulcers, and ulcerations expeditiously, taking about 20 minutes to complete the procedure. In addition, they provide flexibility by decreasing the number of support staff needed, helping the hospitals to redirect resources to other areas, helping to increase service efficiency, and reducing the waiting hours of high patient load.
The main additional benefits offered to patients are no need for sedation, faster patient throughput, a better patient experience, less preparation time, faster procedure, cost reduction, reduced gag reflex, smaller teams needed, and efficient workspace utilization.
The highly advanced technological endoscopic devices drive the market.
The invention of flexible and transnasal endoscopes has gained massive popularity over the past decade. However, due to the backlog of endoscopic procedures faced by hospitals because of COVID-19, these new techniques are proving to improve the patient experience and hospital and procedural efficiency since trained nurses can efficiently perform these as an effective alternative technique for diagnostic gastroscopy.
Since the requirement of sedation is eliminated, the need for supportive nursing staff to monitor the patient's vital signs is also not required, which minimizes the overall risk of the procedure and saves space for more complex therapeutic and diagnostic work. Moreover, most medical settings are adopting fully equipped endoscopy units for complex therapeutic and diagnostic work to ensure receiving the highest quality care to the patient population through new technologies and techniques.
Further, with the video camera equipped endoscopes, the surgeon can see the upper gastrointestinal tract from the pharynx to the proximal duodenum and the lower gastrointestinal tract from the anus to the cecum, thus, helping the diagnosis and treatment to be combined in a single procedure, This helps in localization and elimination of foreign elements, obtaining tiny tissue samples for biopsy, elimination of bile duct obstructions, placing stents in the esophagus, bile ducts, or colon. Thus, all these factors are responsible for driving market growth.
The growing proliferation of gastrointestinal diseases due to rapidly changing lifestyles catalyzes market growth.
Rising inclination towards junk food, the growing preference of medical professionals to use technologically advanced endoscopy devices, increasing medical conditions due to the increasing geriatric population, and minimizing post-operative complications are the major factors expected to drive the demand for endoscopy devices. Due to the higher demand for endoscopes with high-definition cameras and light sources to analyze internal organs, the key industry players are gaining interest in the latest developments, product portfolios, and partnership agreements. Several manufacturers are continuously researching innovative advanced endoscopic solutions for better treatment and diagnosis of various chronic disorders to benefit patients with shorter hospital stays and to treat various disorders quickly, such as gallstones, intestinal perforation, endometriosis, and liver abscesses to prevent further complications in the patients. This is expected to drive the global gastrointestinal endoscopy devices market over the forecast period.
MARKET RESTRAINTS:
The global gastrointestinal endoscopy devices market is foreseen to be restrained mainly by the shortage of skilled professionals performing a GI endoscopy. This is because there is a requirement for a vast range of orchestra, devices, and skills. Therefore, experts in endoscopy with great skill, practical training dedicated to the procedure, and experience are required to handle better the highest quality endoscopic devices, which have better image quality and improve the safety and results of the procedure.
Also, there are a few side effects with the use of GI endoscopy devices, such as major pulmonary events, myocardial infarction, and stroke. Thus, this factor is also expected to act as an obstacle to the growth of the global gastrointestinal endoscopy devices market.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 to 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 to 2028 |
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Segments Covered |
By Product, Application, End-User, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global gastrointestinal endoscopy devices market has been segmented & sub-segmented based on the product, Application, End-User, and region.
Gastrointestinal endoscopy devices market By Product:
Based on Product, the GI Videoscope systems segment accounts for the largest revenue share owing to its wide adoption during endoscopic procedures for better and clearer visualization. It connects the scope arm to the scope's chest port, following the clutch button for visibility to position in another direction. This helps diagnose complex diseases such as gastrointestinal disorders, cancer, urinary disorders, and lung disorders. Being minimally invasive procedures, these devices are further recommended by surgeons and preferred by patients, leading to their further growth. Also, the next-generation systems help surgeons view the internal organ of their choice, further driving their adoption.
Capsule Endoscopy Device is anticipated to dominate the segment due to the increasing number of endoscopic procedures, its strong preference for use by healthcare professionals, and the high adoption of endoscopes. Capsule endoscopy helps reveal areas of inflammation in the small intestine, show tumors in the parts of the digestive tract, and diagnose celiac disease and cancer. In addition, it helps perform surgeries and biopsies for better diagnosis and treatment in a much safer, more efficient, and improved manner.
Gastrointestinal endoscopy devices market By Application:
The gastrointestinal (GI) endoscopy segment is expected to dominate the global endoscopy devices market under this segment due to the increase in the geriatric population leading to a growing burden of functional GI disease. It is used to identify many conditions such as ulcers, gastroesophageal reflux disease, cancer, Barrett's esophagus, narrowing of the esophagus, inflammation, or swelling.
Furthermore, a high preference for the endoscopic procedure for early detection and diagnosis and the availability of technologically advanced endoscopes are further helping the market grow.
The urological endoscopy segment is expected to experience the fastest growth rate. This is due to the increasing prevalence of chronic urological diseases, leading to increased cystoscopic procedures.
Gastrointestinal endoscopy devices market By End-User:
The hospital segment is expected to dominate the GI endoscopy devices market due to improved treatment using advanced solutions provided by the hospitals, high-profit margins, and purchasing products at lower prIn addition, many. Many surgeries are performed in hospitals, leading to a growing preference for hospitals for diagnosis and the treatment of chronic disorders by the patient population, which is helping the growth of the segment.
The clinic segment is foreseen to witness the highest growth rate due to the reduced number of days spent in the hospital, rising preference for minimally invasive procedures at a lower cost, and faster recovery time.
By Region:
The North American market for GI endoscopy devices is estimated to dominate over the forecast period owing to the increasing prevalence of various chronic diseases like cardiovascular diseases, diabetes, and functional gastrointestinal disorders, requiring endoscopy devices. Also, the massive investment in developing new and technologically advanced endoscopy equipment, growing awareness of the early diagnosis of diseases through minimally invasive procedures, and the spurring of various research and development attempts to improve endoscopy procedures are anticipated to drive the regional market.
The countries such as the United States are expected to help the regional market growth due to the availability of improved healthcare infrastructure, increasing incidence of digestive disorders, an increasing variety and options of treatments, more technological advancements in endoscopy devices, and the development of therapeutic capabilities of endoscopic devices are driving the adoption of endoscopic procedures in this region.
The region of Europe is foreseen to hold a significant share in the global GI endoscopy devices market due to factors such as a growing senior population prone to various chronic disorders, leading to an increased number of annual gastrointestinal procedures to be performed.
Meanwhile, the Asia-Pacific business sphere is expected to show the highest and most commendable growth rate. This is attributed to increasing government initiatives to modernize healthcare facilities, growing awareness among people regarding health, the substantial economic development of the Asia-Pacific region, and the growing demand for advanced medical technologies. Moreover, countries like China have faced a substantial patient population in recrecentlying to increased demand for endoscopy-related technologies and improved health care infrastrucTherefore; This is also expected to show significant growth over the forecast period.
Further, the expanding senior population, steady development of a start-up landscape, improved healthcare infrastructure, and growing demand for minimally invasive endoscopic procedures attract investment from all over the world to the region, accelerating the region's growth in the market.
Key Market Players :
There are several significant players in the global gastrointestinal endoscopy devices market; Telemed Systems Inc., Leufen Medical GmbH, Boston Scientific Corporation, Hobbs Medical, Inc., Conmed Corporation, B. Braun Melsungen AG, Olympus Corporation, Jinshan Science and Technology Co Ltd., Johnson and Johnson Services Inc., Stryker Corporation, Fujifilm Corporation.
Recent Market Developments :
Frequently Asked Questions
As per our research report, the global gastrointestinal endoscopy devices market size is projected to be USD 5.03 billion by 2028.
Geographically, North American gastrointestinal endoscopy devices market accounted for the largest share of the global market in 2022.
The global gastrointestinal endoscopy devices market is estimated to grow at a CAGR of 6.5% from 2023 to 2028.
Telemed Systems Inc., Leufen Medical GmbH, Boston Scientific Corporation, Hobbs Medical, Inc., Conmed Corporation, B. Braun Melsungen AG, Olympus Corporation are some of the significant players operating gastrointestinal endoscopy devices market.
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