Gastrointestinal Device Market Revenue and Share by Manufacturers 2022

The global gastrointestinal (GI) devices market is expected to reach over USD 30 billion by 2022. Increase in number of patients suffering from GI related diseases is anticipated to steer the market growth over the forecast period. Gastrointestinal devices help in treating multiple disorders including stomach cancer, esophageal cancer, Crohn’s disease and colon cancer Similar to the factors that are propelling the device market overall, use of gastrointestinal devices is increasing because of rapid advancements in technology, an aging global population and a desire for minimally invasive procedures.

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Aging population is attributed to be one of the major factors in driving the market growth. In countries such as japan, 50% of population is expected to be above 50 years in the foreseeable future leading to increase in disease prevalence and higher demand for healthcare facilities. Gastrointestinal diseases are commonly found in older people and are caused due to improper diet, food intolerance and digestion among others.

Leading industry participants are expected to raise awareness and educate patients regarding GI disorders thereby accounting for an increase in market growth. Minimal invasive surgery is another factor that is expected to increase the demand for these devices. The surgical procedures involves removal of masses or cancer growths through minimal scarring, shorter surgical time, and low risks. It also minimizes patient recovery time resulting in reduced cost of hospital stay. For example, adhesiolysis, gallbladder removal, gastric bypass appendectomy, hernia repair, and colon resection are surgical procedures that can be performed using a minimally invasive approach. This trend is expected to increase the market for GI devices used in such procedures.

Improved technology in medical devices market is expected to be another driver for the market growth. Capital investment in Innovations and R&D are expected to introduce new devices into the market. Use of Robotic cameras inside the body can simplify the surgical procedures and reduce the risk of human errors. Suspension of medical device tax in countries such as U.S. anticipated to attract more investors in the market and thereby increasing the market share.

Escalating levels of worldwide obesity due to changing lifestyle and food habits, work pressure, stress, with no time for physical exercises leads to more number of people suffering from obesity. Obesity is one of the major factor for gastrointestinal disorders. This factor results in high demand in screening for the diseases driving the procedure volumes.

Major challenge that the market is expected to face is availability of alternative procedures such as radiation and chemotherapy which can be used for treating esophageal cancer and are known to have high survival rates than traditional surgery.

Based on the product type, global gastrointestinal market can be segmented into Bariatric surgery devices, gastrointestinal endoscopy devices, Enteral feeding pumps and Ostomy devices. Gastrointestinal endoscopy devices is anticipated to be the largest segment in the market. Growing prevalence of ailments which require endoscopy procedures are estimated to be the major factors driving this segment that are further segmented into capsule, flexible, and rigid endoscopes. Bariatric surgery is the fastest growing segment owing to increase in number of cases in bariatric surgery by adolescents.

North America is expected to be largest market of the endoscopy equipment market, owing to Market expansion over the next seven years is and continuous growth in demand for GI screening and intervention procedures.Asia-Pacific market is slated to grow at a higher rate during the forecast period on account of increasing geriatric population and new technical innovations and product development.

The key players in the market include, Olympus Corporation, Ethicon, Inc,, Boston Scientific Corporation, Fujifilm Holding Corporation and covedian accounted for majority of global Gastrointestinal devices market revenue share. Other industry participants having significant stake in the industry include Stryker Corporation, Smith & Nephew plc, KARL STORZ GmBH, Richard Wolf GmBH and Medtronic plc. Covedian launched wireless capsule endoscope that can capture color images of internal organs using a camera. It acquired BARRX medical Inc. to expand its company profile and introduce new innovative devices in the market.

Rising investments, funds, and grants by government bodies worldwide, rising number of hospitals and growing hospital investments in the expansion of endoscopy instruments, growing patient preference for minimally invasive surgeries, technological advancements, favorable reimbursement coverage in selected countries slated to propel the capsule endoscopy market, rising geriatric population, and rising prevalence of diseases that require endoscopy procedures are major factors driving the endoscopy equipment market.

Rising Investment, grants, and funds by government agencies globally are expected to rise more number of hospitals in the expansion of medical devices. Favorable reimbursement and health insurance provided by governments in various countries including U.S., Germany, India, and Australia is expected to propel the gastrointestinal devices market. Increase in patient preference for minimally invasive surgeries

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