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Gastrointestinal Devices Market: What is the Projected CAGR for 2024-2033?
The market size of gastrointestinal devices has significantly expanded over the recent past. The market, which is set to rise from $10.67 billion in 2023 to $11.41 billion in 2024, will grow at a Compound Annual Growth Rate (CAGR) of 6.9%. This growth during the historical period is attributable to factors such as medical education and training, cost-effectiveness and value proposition, changes in disease prevalence and demographics, a patient-centered approach, and regulatory milestones and approvals.
In the coming years, the market size for gastrointestinal devices is anticipated to experience significant growth. By 2028, it’s estimated to reach a size of $15.2 billion, growing at a compound annual growth rate (CAGR) of 7.4%. Factors contributing to this growth in the forecast period include initiatives in value-based healthcare, the rise of homecare and patient-focused devices, personalised and precision medicine, global market expansion, and regulatory adjustments and compliance. Key trends to lookout for in the forecasted period involve minimal invasive procedures, an increase in gastrointestinal disorders, a shift towards homecare devices, patient-focused strategies, remote monitoring and telemedicine.
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What Are the Primary Drivers Supporting the Growth of the gastrointestinal devices Market?
Rising incidences of gastrointestinal diseases have fueled the expansion of the gastrointestinal devices market. These diseases encompass conditions like irritable bowel syndrome, hemorrhoids, perianal abscesses, colon polyps, and even cancer. Per the Endoscopy Centre’s study, each year sees 62 million Americans being diagnosed with a digestive disease, with an estimated three lakhs to five lakhs Americans being afflicted by inflammatory bowel disease (IBD), representing 2% to 6% of the overall populace. As per the American College of Gastroenterology’s assessment, about 10-15% of the USA’s adult population suffer from symptoms of irritable bowel syndrome (IBS). This escalating prevalence of gastrointestinal diseases has consequently resulted in a heightened demand for corresponding therapeutic devices, thereby stimulating growth in the gastrointestinal devices market.
What Are the Core Segments of the Gastrointestinal Devices Market?
1) By Product Type: GI Videoscopes, Biopsy Devices, Endoscopic Retrograde Cholangiopancreatography Devices (ERCP), Capsule Endoscopy, Endoscopic Ultrasound, Endoscopic Mucosal Resection (EMR), Hemostasis Devices, Other Product Types
2) By Sales Channel: Online Retailing, Medical Stores & Brand Outlet
3) By End Users: Hospitals, Clinics & Dialysis Centers, Ambulatory Surgical Center
What Trends Are Paving the Way for Change in the Gastrointestinal Devices Market?
Leading corporations in the gastrointestinal devices market are intensifying their emphasis on proliferating their endoscopy solutions offerings to bolster their competitive positioning in the industry. The evolution of endoscopy solutions entails the creation and integration of novel products and services in the endoscopy realm. Endoscopy is a clinical procedure utilizing an endoscope, a pliable or stiff tubular tool, to inspect the body’s internal systems. For instance, in January 2023, Fujifilm India Private Limited, a firm specializing in imaging solutions in India, unveiled ClutchCutter and FushKnife, new enhancements to their endoscopy solutions catalogue tailored for therapeutic gastrointestinal needs. ClutchCutter, a revolving forceps performing triple functions concurrently, assists practitioners in coagulation, dissection, and incision. Designed for complex procedures, ClutchCutter boasts an insulated exterior for optimal resilience and notched, serrated jaws for superior gripping abilities. On the other hand, the FlushKnife is a diathermic cutter that equips healthcare specialists to conduct various operations, such as marking, flushing, incising, dissecting, and coagulating. The product’s unique selling point is a ball-tip function with decent traction, facilitating effective dissection and coagulation of the targeted tissue.
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Which Regions Are Leading the Charge in Gastrointestinal Devices Market Development?
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 Gastrointestinal Devices Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the gastrointestinal devices market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Gastrointestinal Devices Market Include
1. Gastrointestinal Devices Market Executive Summary
2. Gastrointestinal Devices Market Segments
3. Gastrointestinal Devices Market Size And Template Market Growth Rate
4. Key Gastrointestinal Devices Market Trends
5. Major Gastrointestinal Devices Market Drivers
……
25. Key Mergers And Acquisitions In The Gastrointestinal Devices Market
26. Top Gastrointestinal Devices Companies
27. Gastrointestinal Devices Market Opportunities And Strategies
28. Gastrointestinal Devices Market, Conclusions And Recommendations
29. Appendix
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