According to the report, the global gastrointestinal endoscopic devices market accounted for approximately USD 5.6 Billion in 2015 and is expected to reach approximately USD 8.5 Billion by 2021, growing at a CAGR of around 7.0% between 2016 and 2021.
Sarasota, FL -- (SBWIRE) -- 10/25/2017 -- According to the report, the global gastrointestinal endoscopic devices market accounted for approximately USD 5.6 Billion in 2015 and is expected to reach approximately USD 8.5 Billion by 2021, growing at a CAGR of around 7.0% between 2016 and 2021.
Endoscopy devices are one of the crucial devices that provide clinical solutions to the demands of the fast-paced world by allowing close examination of internal organs and body structures. As a result of changing lifestyle and increasing consumption of junk food, the gastro intestinal health issues have increased rapidly in last few years. This has led to increasing in the usage of gastrointestinal endoscopy. Gastrointestinal endoscopy devices help the doctor, to have a clear view of inside lining of the patient esophagus and the first part of the patient small intestine.
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Upper endoscopy is used to treat conditions of the upper gastrointestinal tract. The scope helps the doctor to have a look if the patient has any ulcer, inflammation, tumors, infection, or bleeding. It helps to collect tissue samples (biopsy), remove polyps, and treat bleeding through the scope. It also helps to find out problems that do not show up on X-ray tests. It is more accurate than X-ray films for detecting inflammation, ulcers, and tumors of the esophagus, stomach, and duodenum.
Global Gastrointestinal Endoscopic Devices Market As a result of changing lifestyle, lack of proper exercise and continuous shift of youngsters towards junk food has given rise to numerous gastrointestinal (GI) disorders which in turn is expected to drive the demand for the gastrointestinal endoscopic devices market during the forecast period. Moreover, increase in a number of patients with colon & rectum cancer, the growing geriatric population with long-term medical conditions such as GI disorders overweight & tobacco consumption are some others factors driving the growth of gastrointestinal endoscopic devices market. However, the fear of infections caused by endoscopes and chances of complications during endoscopy may curb the gastrointestinal endoscopy devices market in the near future. Moreover, lack of government funding and lack of reimbursement policies are some more factors expected to hamper the growth of the global gastrointestinal endoscopic devices market in the near future. Nonetheless, advancements in the gastrointestinal endoscopic devices are expected to open new avenues for the market over the years.
The gastrointestinal endoscopic devices market can be segmented into product segments viz. hemostasis devices, biopsy devices, endoscopic retrograde cholangiopancreatography devices (ERCP), capsule endoscopes, GI videoscopes, and others (esophageal dilation balloons, stents, polypectomy snares, and anti-reflux devices). GI video scores dominated the gastrointestinal endoscopic devices market in 2015 as the result of rising predominance of gastrointestinal disorders such as Crohn's diseases, ulcer, & bowel syndrome. Moreover, capsule endoscopes are also expected to witness modest growth in the coming years.
North America was the largest regional market for the gastrointestinal endoscopic U.S was the leading market for gastrointestinal endoscopic devices in North America in 2015. North America accounted for more than 30% share of the global gastrointestinal endoscopic devices market. Europe followed North America in terms of demand for gastrointestinal endoscopic devices. However, poor reimbursement policies for imaging procedures and drop in government funding in various nations such as Europe and the U.S. are few factors impeding market growth. Asia Pacific is expected to be the fastest regional market for gastrointestinal endoscopic devices on account of the rising and aging population in China, India, and Australia. In addition, the expansion of health insurance coverage in Asia Pacific is expected to increase access to healthcare, government initiative to lower direct taxes, higher depreciation on medical equipment, income tax exemption coupled with increasing medical tourism in India, Singapore and Thailand which in turn is expected to augment the demand for gastrointestinal endoscopic devices in the near future.
Major market players in this industry are Covidien Ltd., Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson Ltd., Fujinon Ltd and Conmed Corporation among others. The growing geriatric population is yet another reason that will impel growth in the global gastrointestinal endoscopic devices market, making it imperative for players to launch high-end endoscopic devices. Many players in the pharmaceutical sector are aiming at research & development activities in order to introduce potential breakthroughs for the development of improved and more effective gastrointestinal endoscopic devices.