Global Gastrointestinal Endoscopy Market Size to witness a CAGR of 6.8% during 2022-2028

By Sachin Pashte  | Date: January 11, 2023

Global Gastrointestinal Endoscopy Market Size to witness a CAGR of 6.8% during 2022-2028

Market Study Report adds new research on Gastrointestinal Endoscopy market, which is a detailed analysis of this business space inclusive of the trends, competitive landscape, and the market size. Encompassing one or more parameters among product analysis, application potential, and the regional growth landscape, Gastrointestinal Endoscopy market also includes an in-depth study of the industrys competitive scenario

Global Gastrointestinal Endoscopy Devices Market Analysis and Forecast, 2019-2028. Market Introduction The global gastrointestinal endoscopy devices market stood at nearly US$ 4.7 Billion in 2021 and is expected to grow at a CAGR of 6.8% during the forecast period 2022-2028.

Gastrointestinal endoscopy devices are medical devices that are used to perform diagnostic and therapeutic procedures inside the gastrointestinal (GI) tract. It is a minimally invasive treatment that is used to look for ulcers, digestive system bleeding, aberrant colon growths, and other abdominal and gastrointestinal problems.

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Numerous GI illnesses have arisen as a result of changing lifestyles combined with improper eating habits and increased junk food consumption, which has increased the need for effective diagnosis through devices such as gastrointestinal endoscopy devices. Furthermore, a growing aging population with prolonged medical issues such as GI disorders and an increase in the prevalence of colon and rectum cancer due to sedentary lifestyles, obesity, and cigarette use are driving the growth of the gastrointestinal endoscopic devices market.

Additionally, growing consciousness of weight, particularly among women, leads to weight-loss treatment choices such as banding and bypass surgery, both of which use gastrointestinal endoscopic devices, which is also likely to boost the market growth. However, the gastrointestinal endoscopy market growth will be hampered by high endoscopy procedure costs, a limited number of trained professionals, and limited reimbursement policies.

Market Segmentation

The global gastrointestinal endoscopy device market has been segmented on the basis of product, end user, and region. Based on product the market is categorized into Biopsy Devices, Capsule Endoscopy Devices, ECRP Devices, GI Videoscopes, Hemostasis Devices, Reflux Testing systems, Stent Systems, and Others (Dilators etc.).

On the basis of end user, the market is segmented into Hospitals, Clinics, and Others (ASCs etc.). On the basis of region, the market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and Middle East & Africa. North America is expected to dominate the global gastrointestinal endoscopy device market during the forecast period.

Market Structure and Competitive Landscape

The global gastrointestinal endoscopy devices market is fragmented in nature with various players operating in the market. Some of the prominent players that contribute significantly to the global gastrointestinal endoscopy devices market growth include Olympus Corp., B. Braun Melsungen, Boston Scientific Corp., Fujifilm Corp., Johnson & Johnson Services Inc., Smith & Nephew PLC, Stryker Corp., Conmed Corp., Covidien Ltd., Albyn Medical, Hobbs Medical Inc., Jinshan Science & Technology, Leufen Medical GmbH, Telemed Systems Inc., Steris Corp., and Medtronic Plc among others.

These players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Partnerships and collaborations, and product launches are some of the strategies followed by industry players.

Some of the key developments in the global gastrointestinal endoscopy devices market include, 

•In November 2021, Medtronic PLC announced that the US Food and Drug Administration (FDA) has given the PillCamTM Small Bowel 3 system for remote endoscopic treatments 510(k) clearance.

•In June 2021, Cantel Medical, a global provider of infection control products and services to endoscopy, dentistry, dialysis, and life sciences customers, has been acquired by STERIS PLC, as previously stated.

•In May 2021, Olympus acquired Medi-Tate, an Israeli medical device company, to expand its global urology business.

Questions And Answers: Global Gastrointestinal Endoscopy Market

Q1. What is the CAGR that the Gastrointestinal Endoscopy Market is expected to register through the projected duration?

Answer: The Gastrointestinal Endoscopy Market is likely to register a CAGR of 6.8% over the forecast period.

Q2. How much is the Gastrointestinal Endoscopy Market expected to be worth by the end of the year 2021?

Answer: Gastrointestinal Endoscopy Market is likely to surpass a mammoth of USD 4.7 million by the end of 2021.

Q3. Which Are the Key Players in Global Gastrointestinal Endoscopy Market?

Answer: Olympus Corp., B. Braun Melsungen, Boston Scientific Corp., Fujifilm Corp., Johnson & Johnson Services Inc., Smith & Nephew PLC, Stryker Corp., Conmed Corp among others are the leading players in worldwide Gastrointestinal Endoscopy Market

For more details on this report: https://www.marketstudyreport.com/reports/global-gastrointestinal-endoscopy-market-analysis-and-forecast-2019-2028  

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About Author

Sachin Pashte     ibmag.com

Sachin Pashte

Sachin is into market research and web marketing since the last 2 years and has worked on multiple projects across various industries. He has expertise in writing promotional content for market research reports while his personal interests include the games of footbal...

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