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Gastrointestinal Devices Market Growth & Insights 2024-2033
Gastrointestinal Devices Market Growth
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According to The Business Research Company's, The gastrointestinal devices market size has grown strongly in recent years. It will grow from $10.67 billion in 2023 to $11.41 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to medical education and training, cost-effectiveness and value proposition, disease prevalence and demographic changes, patient-centric approach, regulatory milestones and approvals.
The gastrointestinal devices market size is expected to see strong growth in the next few years. It will grow to $15.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to value-based healthcare initiatives, homecare and patient-centric devices, personalized and precision medicine, global market expansion, regulatory changes and compliance. Major trends in the forecast period include minimally invasive procedures, rising gastrointestinal disorders, shift towards homecare devices, patient-centric approaches, remote monitoring and telemedicine.
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Market Drivers and Trends:
The increasing prevalence of gastrointestinal diseases contributed to the growth of the gastrointestinal devices market. Gastrointestinal diseases include irritable bowel syndrome, hemorrhoids, perianal abscesses, colon polyps, and cancer, among others. According to the Endoscopy Centre, every year, 62 million Americans are diagnosed with any of the digestive disease, and 2% to 6% or an estimated three lakhs to 5 lakhs Americans suffer from inflammatory bowel disease (IBD). According to the American College of Gastroenterology estimates, 10-15% of the adult population in the USA suffer from irritable bowel syndrome (IBS) symptoms. The increased prevalence of gastrointestinal diseases increased the demand for gastrointestinal devices to treat patients, thereby driving the gastrointestinal devices market market growth.
Major companies operating in the gastrointestinal devices market are increasing their focus on the expansion of their endoscopy solutions portfolio to gain a competitive edge in the market. The expansion of the endoscopy solutions portfolio refers to the development and introduction of new products and services in the field of endoscopy. Endoscopy is a medical procedure that uses an endoscope, a flexible or rigid tubular device, to examine the inside of the body. For instance, in January 2023, Fujifilm India Private Limited, an India-based imaging solutions company, launched ClutchCutter and FushKnife, a new suite of endoscopy solutions portfolios for therapeutic gastrointestinal applications. ClutchCutter, a rotatable forceps that performs three functions at once, helps clinicians coagulate, dissect, and make incisions. Built for the most demanding processes, ClutchCutter has an insulated outer edge for optimum durability and jagged, serrated jaws for improved grasping capabilities. Wherever else, the FlushKnife is a diathermic slitter that enables medical professionals to perform a variety of tasks, including marking, flushing, incision, dissection, and coagulation. A ball-tip option with good traction is one of the advantages of the product, allowing for effective dissection of the target tissue and coagulation.
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Major Key Players of the Market:
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.
Gastrointestinal Devices Market 2024 Key Insights:
• The gastrointestinal devices market size is expected to see strong growth in the next few years. It will grow to $15.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• The Rising Prevalence Of Gastrointestinal Diseases And Its Impact On The Gastrointestinal Devices Market
• Expanding Endoscopy Solutions Portfolio Transforming The Gastrointestinal Devices Market
• North America was the largest region in the gastrointestinal devices market in 2023
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