The global gastrointestinal endoscopic devices market is anticipated to witness growth over the forecast period. Changing lifestyle coupled with unhealthy eating habits has given rise to numerous gastrointestinal (GI) disorders which is expected to boost the market. Additionally, growing geriatric population with long term medical conditions such as GI disorders and increasing prevalence of colon & rectum cancer due to sedentary lifestyle, overweight & tobacco consumption are few factors driving the growth of gastrointestinal endoscopic devices market. Furthermore, growing weight consciousness especially among women leads to weight management treatment options such as banding and bypass surgery which utilize gastrointestinal endoscopic devices which is expected to positively influence the market growth.
On the basis of product, gastrointestinal endoscopic devices are segmented into hemostasis devices, capsule endoscopes, GI videoscopes, biopsy devices, endoscopic retrograde cholangiopancreatography devices (ERCP) and others (stents, polypectomy snares, enteral feeding devices, esophageal dilation balloons, and anti-reflux devices). In 2014, GI videoscopes were one of the highest revenue-generating product segments owing to factors such as the rising predominance of gastrointestinal disorders such as ulcer, bowel syndrome, & Crohn's diseases and growing screening initiatives that in turn will increase patient awareness. GI videoscopes are further segmented into video gastroscopes, video enteroscopes, video duodenoscopes, video sigmoidoscopy, and video colonoscopies. Capsule endoscopes are expected to witness lucrative growth over the estimated period of seven years. Key factors attributing to its rapid growth include increasing patient awareness regarding the minimally invasive diagnostic procedures, growing demand for detailed & effective diagnosis, and requisition for minimal recovery time. However, fear among patients regarding capsule retention & capsule aspiration and growing incidences of skin irritation due to capsule endoscopy are some factors hindering the market growth.
Geographically, North America, Europe, Asia Pacific, MEA, and Latin America are key regional markets included in the scope of the study. In 2014, North America was one of the most promising and revenue-generating regional market. Key factors attributing for its largest share include increasing healthcare expenditure, technological advancements such as flexible scopes and wireless capsules, and rising patent awareness levels pertaining to early disease diagnostics & advantages associated with minimally invasive diagnostics procedures. However, poor reimbursement policies for imaging procedures, reduction in government funding in various nations such as Europe and the U.S., and the rising cost of treatment are few factors impeding the market growth. Asia Pacific is anticipated to be the fastest-growing regional market owing to factors such as growing favorable government initiatives like lower direct taxes, income tax exemption & higher depreciation on medical equipment and expansion of medical tourism industries, especially in India, Thailand, and Singapore.
Major market players in the gastrointestinal endoscopic devices industry are Covidien Ltd., Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson Ltd., Fujinon Ltd, and Conmed Corporation.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.