The latest market report published by Credence Research, Inc. “Global Gastroenterology Devices Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global gastroenterology devices market was valued at US$ xx Mn in 2017, and is expected to reach US$ xx Mn by 2026, expanding at a CAGR of 7.1% from 2018 to 2026.
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Over the last decade the gastroenterology devices market has undergone technological revolution which has increased the popularity for laparoscopic surgery. Global healthcare authorities has adopted 3 pronged strategy to treat gastrointestinal disorder which are rapid diagnosis, early medical intervention and limit the spread of infection. Demographic shift, consumption of tobacco, alcohol, fast food and sedentary lifestyle have a positive impact on the gastroenterology devices market. The limitation associated with the market are lack of trained professionals and cross contamination associated with frequent use of endoscopic devices.
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Endoscopy devices are dominating the product segment for gastroenterology devices market. The major factors responsible for the positive traction of endoscopic devices are increasing demand for laparoscopic surgeries and rising public health awareness in public regarding gastrointestinal disorders. Technological advancement in videoscopes and capsule endoscopes have gained immense popularity on account of its ability to provide precise images of GI tract and is also very helpful while conducting minimally invasive surgical procedures.
Gastric enteral feeding devices are available with automated features determining the quantity of nutrition and hydration requirement in patients belonging to different age group. Ostomy products are used for colostomy in geriatric patients to facilitating the passing of stool through GI tract. Bariatric surgery devices will garner growth during the forecast period 2018 to 2026 due to rising prevalence of obesity and metabolic benefits obtained post-surgical procedures such as loos of appetite and stimulation of satiety center.
North America is currently dominating the geographical segment for gastroenterology devices market. The factors promoting the positive growth for gastroenterology devices in North America are rising prevalence of gastrointestinal illness and stringent guidelines stipulated by USFDA advocating early disease diagnosis and medical intervention. Presence of medical device manufacturers such as Boston Scientific Corporation, Stryker Corporation and Johnson & Johnson etc. serve the requirements of gastroenterology devices in North America region. European Medical Agency (EMA) provides supportive regulatory environment for the use of gastrointestinal devices for diagnostic purposes. Huge investment by life science industry in developing innovative diagnostic devices such as endoscopes, videoscopes etc., provide impetus to the market growth. The market growth in Asia Pacific is due to increasing number of people suffering with gastrointestinal disorders, poor civic amenities and rising medical tourism. Middle East & Africa and Latin America serve as a lucrative market opportunity for key players to establish retail outlets and subsidiaries.
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Medical device manufacturers providing gastrointestinal devices are B.Braun Melsungen AG, Boston Scientific Corporation, Cardinal Health, Covidien Ltd., Conmed Corporation, Fujinon Ltd., Johnson & Johnson, Karl Storz GmbH & Co. KG., Olympus Corporation and Stryker Corporation.
Key Market Movements:
- Rising prevalence of gastrointestinal disorder and obesity worldwide
- Technological advancement in the different types of endoscopes, videoscopes, enteral feeding pumps available in the market
- Effective guidelines postulated by healthcare agencies resulting in early diagnosis and early medical intervention to treat GI disorders
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