The gastrointestinal devices market is set for significant growth, expanding from $10.67 billion in 2023 to $11.41 billion in 2024, reflecting a CAGR of 6.9%. The historical growth is due to advances in medical education, cost-effective devices, and increased disease prevalence. By 2028, the market is projected to reach $15.2 billion, growing at a CAGR of 7.4%. Future growth drivers include value-based healthcare, personalized medicine, and the rise of homecare devices. Key trends will be minimally invasive procedures, remote monitoring, and telemedicine integration.
Major Driver In The Gastrointestinal Devices Market
The gastrointestinal devices market is experiencing growth, attributed to the increasing prevalence of gastrointestinal diseases. Gastrointestinal diseases, encompassing various conditions such as irritable bowel syndrome and colon polyps, affect a significant number of Americans annually. The Endoscopy Centre estimates that 62 million Americans are diagnosed with digestive diseases each year, and 2% to 6% suffer from inflammatory bowel disease. According to the American College of Gastroenterology, 10-15% of the adult population in the USA experiences irritable bowel syndrome symptoms. The heightened prevalence of gastrointestinal diseases is driving the demand for gastrointestinal devices to treat patients, contributing to the growth of the gastrointestinal devices market, with a projected market size of [2028: Value].
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Gastrointestinal Devices Market Competitive Landscape
Johnson and Johnson Services Inc., Medtronic plc, Siemens Healthineers AG, Fujifilm Holdings Corporation, Becton, Dickinson and Company, Stryker Corporation, Boston Scientific Corporation, B. Braun Melsungen AG, Olympus Corporation, Interscope Inc., Hologic Inc., Steris plc, Cook Group Incorporated, MICRO-TECH Co. Ltd., Cantel Medical Corp., CONMED Corporation, PENTAX Medical Company, Karl Storz SE & Co. KG, US Endoscopy Inc., Richard Wolf GmbH, Motus GI Holdings Inc., Congentix Medical Inc., ERBE Elektromedizin GmbH, Creo Medical Group plc, GI Dynamics Inc., Millennium Surgical Corp., Mauna Kea Technologies SA, EndoMaster Pte Ltd., EndoChoice Holdings Inc., Zhanjiang Bokang Biotechnology Co. Ltd., Jinshan Science & Technology Co., Safe Medical Design Inc.
Key Gastrointestinal Devices Market Trend
Companies in the gastrointestinal devices market are focusing on expanding their endoscopy solutions portfolios to gain a competitive advantage. This expansion involves developing new endoscopy products and services. For instance, in January 2023, Fujifilm India Private Limited launched ClutchCutter and FushKnife—a suite of endoscopy solutions for therapeutic gastrointestinal applications. ClutchCutter, a versatile rotatable forceps, assists in coagulation, dissection, and incision with enhanced durability and grasping capabilities. The FlushKnife, a diathermic slitter, allows for various tasks including marking, flushing, and coagulation, featuring a ball-tip option for effective dissection and coagulation.
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Gastrointestinal Devices Market Segmentation
The gastrointestinal devices market covered in this report is segmented –
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
By Geography:The regions covered in the gastrointestinal devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the gastrointestinal devices market in 2023.
The Gastrointestinal Devices Global Market Report 2024 furnishes information about the global gastrointestinal devices market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
