Major players in the gastrointestinal devices market are Boston Scientific, Medtronic, Fujifilm Holdings Corporation, CONMED Corporation, Stryker Corporation, Johnson and Johnson, Olympus, Cook Group, Becton, Dickinson, and Company, and B.
New York, May 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Gastrointestinal Devices Global Market Report 2022" - https://www.reportlinker.com/p06280831/?utm_source=GNW
The global gastrointestinal devices market is expected to grow from $9.35 billion in 2021 to $10.05 billion in 2022 at a compound annual growth rate (CAGR) of 7.5%. The market is expected to grow to $12.72 billion in 2026 at a compound annual growth rate (CAGR) of 6.1%.
The gastrointestinal devices market consists of sales of gastrointestinal devices and related services by entities (organizations, sole traders, and partnerships) 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.
The main product types of gastrointestinal devices are GI videoscopes, biopsy devices, endoscopic retrograde cholangiopancreatography devices (ERCP), capsule endoscopy, endoscopic ultrasound, endoscopic mucosal resection (EMR), hemostasis devices, and others.Endoscopic retrograde cholangiopancreatography or ERCP refers to a process of diagnosing and treating problems in the liver, gallbladder, bile ducts, and pancreas.
The various sales channel are online retailing, medical stores, and brand outlets. These are used in hospitals, clinics and dialysis centers, and ambulatory surgical centers.
North America was the largest region in the gastrointestinal devices market in 2021.Asia Pacific was the second largest region in the gastrointestinal devices market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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 diseases, and 2% to 6% or an estimated 3 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 market growth.
High healthcare costs for treating gastrointestinal disease restrains the gastrointestinal devices market.According to the NEJM Journal Watch, a sister publication of New England Journal of Medicine, the overall healthcare expenditure for gastrointestinal disease is around $136 billion annually which is more than heart disease healthcare expenditure ($113 billion), trauma expenditure ($103 billion), mental health expenditure ($99 billion), indicating the high expenses involved in treating gastrointestinal disease.
Moreover, a database analysis by American Gastroenterological Association states that patients with inflammatory bowel diseases (IBDs), chronic liver diseases (CLDs), functional gastrointestinal disorders (FGIDs), gastrointestinal hemorrhage are hospitalized at least once and are high-need and high-cost patients contributing disproportionately to hospitalization costs.In this context, they are the ones who are accessing inpatient services and need immense care due to functional limitations increasing the expenditure.
The high healthcare expenditure for gastrointestinal disease forces the majority population to refrain from receiving treatment in non-emergency cases, which negatively impacts the growth of the gastrointestinal devices market.
Single-use disposable endcap of duodenoscope is increasingly being used to prevent contamination during endoscopic retrograde cholangiopancreatography (ERCP) procedures.Single-use disposable cap controls the infection and preserves the duodenoscope optics.
The USFDA recommended that hospitals and clinics shift from reusable duodenoscopes to disposable parts duodenoscopes.The USFDA also approved the duodenoscope model featuring the disposable parts such as the PENTAX Medical ED34-i10T duodenoscope in November 2019, FUJIFILM Corporation duodenoscope model ED-580XT in March 2019, Olympus TJF-Q190V Duodenoscope in January 2020.
Olympus TJF-Q190V duodenoscope is used to perform the ERCP procedure with less risk of contamination due to the disposable distal endcap.
For instance, in 2020, Olympus Corporation has announced the acquisition of Arc Medical Design Limited (Arc Medical Design), a subsidiary of Norgine B.V. This acquisition helps Olympus’ commitment to enlarging its offering in gastrointestinal therapeutic devices and the improvement of advanced colonoscopy tools. Norgine is a European-based specialist pharmaceutical company that has been bringing transformative medicines to patients for over a century.
The countries covered in the gastrointestinal devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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