Gastrointestinal Devices Market is Expected To Reach USD 14.38 Billion By 2028 at a CAGR of 6.7%
Increasing demand for gastrointestinal devices in the online retainling business coupled with high investments in R&D of gastrointestinal devices are fueling the market growth.
The global gastrointestinal devices market is forecast to reach USD 14.38 Billion by 2028, according to a new report by Reports and Data. The gastroenterology is the branch of medical science pertaining to the health of the digestive system, or the gastrointestinal (GI) tract. The gastrointestinal devices include all the equipment involved in the gastrointestinal procedures, diagnosis, treatment, analysis, testing, and others. Rising incidences of geriatric and pediatric gastroenterological disorders are some of the key reasons the market penetration for the gastrointestinal devices for the gastrointestinal procurement procedures and treatments are increasing year on year. Improving healthcare facilities in the developing regions are effectively helping in the market growth. Medical stores & brand outlet is dominating the market but a higher growth rate has been forecasted for the online retailing sub-segment.
The North American market is forecasted to generate the highest revenue of USD 2.58 Billion in the year 2028, owing to its extensive demand for gastrointestinal devices in the hospitals and ambulatory surgery centers. Asia Pacific, with its elevated growth in the healthcare industry and escalating volumes of gastroenterological patients in China, India, and Japan, is likely to achieve a significant market share. China and India are some of the fastest-growing markets, while the United States and Germany hold some of the most prominent players in the market.
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Further key findings from the report suggest
- Online retailing supply of the medical instrument and devices has been trendy in the emerging nations like China and India mainly. Online retailers can offer reduced prices compared to the medical stores and offline vendors due to the non-involvement of the distributor chains in the process. This sub-segment is expected to grow at a CAGR of 8.3% during the forecast period.
- GI Videoscopes or gastrointestinal videoscopes had the market share of 27.5% in 2018, and the CAGR is forecasted to be 7.2% during the period 2019 – 2028. Video gastroscopes, video duodenoscopes, video enteroscopes, Video colonoscopies, Video sigmoidoscope are some of the highly used devices under this sub-segment.
- Ambulatory surgery centers are modern kind of healthcare facility centers, which are focused on providing immediate urological surgical care and releasing the patients right after the surgery. The ambulatory surgery centers have a more convenient alternative to the hospitals based outpatient procedures, maintaining a strong track record of quality care with positive patient outcomes. Ambulatory surgery centers had a market valuation of USD 1.11 Billion in 2018 and is expected to grow fastest at a rate of 10.1% throughout the forecast period. North America, with its vast demand for gastrointestinal devices in both hospitals & ambulatory surgical centers sub-segment and escalating volume of geriatric gastroenterological disorders, is accounted to retain its superior position in the global market with a market share of about 35.3% by 2028.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
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The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Covidien Ltd, Boston Scientific Corporation, Johnson & Johnson, CONMED Corporation, Stryker Corporation, Fujifilm Holdings Corporation, Becton, Dickinson and Company, B. Braun Melsungen AG, Medtronic PLC, and Cook Group Incorporated.
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Gastrointestinal Devices Market Segmentation:
Devices Type Outlook (Revenue, USD Billion; 2018-2028)
- GI Videoscopes
- Biopsy Devices
- Endoscopic Retrograde Cholangiopancreatography Devices (ERCP)
- Capsule Endoscopy
- Endoscopic Ultrasound
- Endoscopic Mucosal Resection (EMR)
- Hemostasis Devices
Sales Channel Outlook (Revenue, USD Billion; 2018-2028)
- Online Retailing
- Medical Stores & Brand Outlet
End-Users Outlook (Revenue, USD Billion; 2018-2028)
- Clinics & Dialysis Centers
- Ambulatory Surgical Center
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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