Global Gastrointestinal Devices Market Forecast To 2023
The global gastrointestinal devices market is expected to decline from $7.73 billion in 2019 to $7.44 billion in 2020 at a compound annual growth rate (CAGR) of -3.75%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $9.34 billion in 2023 at a CAGR of 7.88%. The increased prevalence of gastrointestinal diseases has increased the demand for gastrointestinal devices to treat patients, thereby driving market growth. However, high healthcare costs for treating gastrointestinal disease restrains the gastrointestinal devices market.
The gastrointestinal devices market consists of sales of gastrointestinal devices and related services by entities that manufacture gastrointestinal devices. These devices are used for the diagnosis and treatment of medical conditions related to the digestive system or the gastrointestinal tract. Some of these products include gastroscope, enteroscope, and ultrasound endoscope. Only goods and services traded between entities or sold to end consumers are included.
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The global gastrointestinal devices market is further segmented based on type and geography.
By Product Type: GI Videoscopes, Biopsy Devices, Endoscopic Retrograde Cholangiopancreatography Devices (ERCP), Capsule Endoscopy, Endoscopic Ultrasound, Endoscopic Mucosal Resection (EMR), Hemostasis Devices, Others
By End Users: Hospitals, Clinics and Dialysis Centers, Ambulatory Surgical Center
By Geography: The global gastrointestinal devices market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American gastrointestinal devices market accounts for the largest share in the global gastrointestinal devices market.
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Trends In The Gastrointestinal Devices Market
Single-use disposable endcaps of duodenoscopes are increasingly being used to prevent contamination during endoscopic retrograde cholangiopancreatography (ERCP) procedures. Single-use disposable caps control the infection and preserve the duodenoscope optics.
Gastrointestinal Devices Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides gastrointestinal devices market overviews, analyzes and forecasts gastrointestinal devices market size and growth for the global gastrointestinal devices market, gastrointestinal devices market share, gastrointestinal devices market players, gastrointestinal devices market size, gastrointestinal devices market segments and geographies, gastrointestinal devices market trends, gastrointestinal devices market drivers and gastrointestinal devices market restraints, gastrointestinal devices market’s leading competitors’ revenues, profiles and market shares. The gastrointestinal devices market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.