DUBLIN--(BUSINESS WIRE)--The "Gastrointestinal Endoscopy Market - A Global and Regional Analysis: Focus on Type, End User, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The global gastrointestinal endoscopy market was valued at $13.40 billion in 2021 and is anticipated to reach $25.75 billion by 2031, witnessing a CAGR of 6.24% during the forecast period 2022-2031.
The market is driven by factors such as the increasing prevalence of gastrointestinal diseases, rising preference for minimally invasive surgeries, growing demand for capsule endoscopy, the shift from reusable endoscopes to disposable endoscopes, and technological advancements in the field of robot-assisted endoscopes and AI-based devices.
The gastrointestinal endoscopy market is in the developed phase. The increasing demand for single-use endoscopes such as duodenoscopes, gastroscopes, and colonoscopes, increasing demand for capsule endoscopy, and the integration of industry with robotics and AI are some of the major opportunities in the global gastrointestinal endoscopy market.
Furthermore, some of the current key trends in the market are the shift from conventional surgeries to robot-assisted surgery, the development of single-use endoscopes, the rising demand for minimally invasive procedures, and the increasing number of product launches among market players.
Impact of COVID-19
The COVID-19 pandemic has impacted practically all sectors and social functions worldwide, including the gastrointestinal endoscopy market. COVID-19 led to a decline in the global gastrointestinal endoscopy market, as elective and surgical procedures were stopped during the lockdown.
Overall, the supply side was negatively impacted, especially during the peak of the COVID-19 pandemic. The significantly high number of endoscopy procedures resumed after the restrictions were lifted, which offset the negative impact and led to the growth of the market in 2021.
In addition to this, the COVID-19 pandemic also helped in the adoption of single-use endoscopes. Single-use endoscopes eliminate the risk of cross-contamination, which turned out to be a favorable condition for their adoption during the COVID-19 pandemic.
Recent Developments in the Global Gastrointestinal Endoscopy Market
- In May 2022, Limaca-Medical received breakthrough device recognition by FDA for its Precision-GI endoscopic ultrasound biopsy device.
- In February 2022, Ambu A/S received FDA approval for its Ambu aScope Gastro and Ambu aBox 2.
- In November 2021, Medtronic plc received 510 (k) clearance from FDA for its Pillcam Small Bowel 3 system for remote endoscopy procedures.
- In August 2021, Ambu received CE mark approval for its Ambu aScope Duodeno, a disposable duodenoscope.
Market Dynamics
Drivers
- Increasing Prevalence of Chronic Gastrointestinal Diseases
- Upsurge in Adoption of Disposable Gastrointestinal Endoscopes
- Rising Inclination toward Minimally Invasive Procedures
- Shift toward Wireless Capsule Endoscopy
Challenges
- Dearth of Skilled Healthcare Professionals
- Lack of Reimbursement Frameworks
Opportunities
- Leveraging Synergies to Diversify Business Portfolio
- Technological Advancements in Gastrointestinal Endoscopy Devices
Companies Mentioned
- Boston Scientific Corporation
- Medtronic plc
- KARL STORZ SE & Co. KG
- Ambu A/S
- Teleflex Incorporated
- HOYA Corporation
- Olympus Corporation
- FUJIFILM Holdings Corporation
- Cook Group Inc
- SonoScape Medical Corp.
- EndoMed Systems GmbH
- CapsoVision, Inc.
- HuiZhou Xzing Technology Co., Ltd.
- Endogene Ltd.
- Envaste Limited
Market Segmentation
by Type
- Gastrointestinal Endoscopes and Endoscopic Systems (Capsule Endoscopes, Gastrointestinal Videoscopes, Visualization Systems)
- Gastrointestinal Endotherapy (Ultrasound Endoscopes, Balloon Dilators, Gastrointestinal Stents, Biopsy Devices, Retrieval Devices, ERCP Devices, Hemostasis Devices, Others)
by End User
- Hospitals
- Ambulatory Surgery Centers
- Others
by Region
- North America - U.S. and Canada
- Europe - Germany, France, U.K., Italy, Spain, and Rest-of-Europe
- Asia-Pacific - Japan, China, India, Australia and New Zealand, South Korea, and Rest-of-Asia-Pacific
- Latin America - Argentina, Brazil, Mexico, and Rest-of-Latin America
- Middle East and Africa - K.S.A., U.A.E., and Rest-of-Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/jplc6n
