Global Gastrointestinal Devices MedTech market valued at $13-14 billion, is growing at a CAGR of 5% - Adoption of Single-Use Endoscopes, Robotics & Usage of AI in Medical Surgeries

Rising aging population, growing number of GI procedures, an increasing cases of colorectal cancer and screening mandates in many healthcare systems is driving the growth of the Gastrointestinal Devices MedTech market. Growing application of robotics and an increasing focus of AI in GI MedTech are offering a significant impetus for the market growth.

Medi-Tech Insight's latest report on Gastrointestinal MedTech market analyses the global market with respect to product, end-user and geography.

On the basis on product, the Gastrointestinal Devices MedTech market comprises of 4 major segments - GI endoscopes, endotherapy devices, laparoscopes and laparoscopic devices. Based on our research & interviews with leading experts, it is evident that GI endoscopes is the largest product segment. Within endoscope market, reusable endoscopes form a major share of the whole market, owing to the fact that they are high-cost capital equipment with relatively greater adoption.

However, single-use endoscope market is expected to grow at a rapid pace. Shift driven by lower acquisition cost, lower level of training & skills, no reprocessing costs and no risk of cross-contamination.

"Currently, penetration of single-use endoscopes in GI is less than 5%. It is expected to increase to 10-15% in the upcoming 5 years."-CEO, Leading GI MedTech Company, USA

Geographic Analysis: Gastrointestinal Devices MedTech Market

Comprehensive regional and country-level analysis of the global Gastrointestinal Devices MedTech market covering USA, Europe, Asia-Pacific and Rest of the World suggests that United States is likely to dominate the global market in the next 5 years while China will grow rapidly as compared to other geographic regions.

GI MedTech market benefits from the presence of leading market players such as Olympus and Boston Scientific (BSX) but number of start-up companies have emerged in AI, single-use instruments

GI endoscopes, endotherapy devices, laparoscopes, and laparoscopic devices are four major market segments. Olympus, Fujifilm, and Hoya are the top 3 players operating in the endoscope market with Olympus alone accounting for major chunk. Endotherapy devices is the fastest growing market segment and is dominated by BSX with more than 50% market share. Laparoscope's market is dominated by Stryker, Karl Storz, and Olympus. On the other hand, top 5 players accounted for more than 70% share of laparoscopic devices market.

Artificial Intelligence and Single-Use Endoscopy have attracted the Private Equity (PE) Investments

Traditional endoscopy has a decent track record in healthcare, but the images produced by the procedure are subject to the assessment of clinicians, potentially leading to many variations in interpretations. However, AI-assisted endoscopy is perceived to have a potential to provide consistent results and improve patient care owing to which PEs are investing in AI providers.

For instance, in August 2021, Iterative Scopes raised $30 million Series A Financing to Advance AI-Driven Precision Medicine for Gastroenterology. Similarly, single-use endoscopy is likely to be the major focus segment in the upcoming years with leading players already have started to add these to their portfolio. Also, emerging players are receiving fundings from private equity firms.

For instance, in October 2021, IQ endoscope received £4 million (~$5 mi) for supporting regulatory approval process for its single use flexible gastroscope, as well as accelerating the development of its single use flexible colonoscope.

Get Detailed Insights on Gastrointestinal Devices MedTech Market with Sample Deliverables @ https://meditechinsights.com/gastrointestinal-devices-medtech-market/

Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy.

This release was published on openPR.