The gastroenterology devices market is set to reach US$ xx Mn by 2026 from US$ xx Mn in 2017, featuring magnificent growth at a compounded annual growth rate (CAGR) of 7.1% during the forecast period from 2018 to 2026. According to the latest research cited by the World Health Organization (WHO), approximately 3 to 6 million children throughout the globe die annually due to gastrointestinal infections.
The causative agents for gastrointestinal disorders are lack of sanitation, ingestion of infected food and water, sedentary lifestyles, cravings for fast food, etc. In developing countries, the outbreak of gastrointestinal diseases is a serious concern in hospital environments. Gastrointestinal disorders are less tolerant in the Caucasian population, and so the preventive measures taken by healthcare agencies in the western hemisphere are rapid diagnosis, early treatment intervention, and control of the spread of infection.
Technological advancements in the different types of endoscopes and bariatric surgery devices and increasing demand for minimally invasive surgical procedures drive the gastroenterology devices market's growth.
Market Synopsis
Endoscopy devices are being driven by rising demand for minimally invasive surgery and recent technological advancements.
Endoscopy devices are currently leading the product segment in the gastroenterology devices market. The factors responsible for the dominance of endoscopy devices are the increasing demand for minimally invasive surgery such as laparoscopy and recent technological advancements in gastrointestinal videography devices. Endoscopic devices for diagnosing and treating gastrointestinal diseases include capsule endoscopes, hemostatic devices, endoscopic retrograde cholangiopancreatography devices, and biopsy devices, among others.
Videoscopes are currently in high demand due to the growing number of people suffering from IBS, Crohn's disease, and other conditions that necessitate early screening in order to prescribe an appropriate treatment regimen. Capsule endoscopy is gaining popularity on account of its ability to generate internal images of the small intestine and colon regions to aid accurate laparoscopic surgery.
Ostomy products are widely used in rehabilitation centers for senile patients undergoing colostomies. Electronic enteral feeding pumps are available on the market and have features such as automated flushing and delivery of hydration. It has a tremendous demand for infants suffering from malnutrition and dehydration.
Bariatric surgery devices will showcase outstanding growth during the forecast period owing to the rising prevalence of obesity worldwide, binge drinking, a fatty diet, etc. It has proven beneficial in overcoming obesity-related disorders such as diabetes, cardiovascular disease, etc. Changes in gastrointestinal anatomy result in increased hormone production, which suppresses appetite and stimulates the satiety center.
The rising prevalence of gastrointestinal disorders and obesity will drive the gastroenterology devices market in North America.
In the current scenario, North America is leading the regional segment for gastroenterology devices. The key parameters that contribute to the magnificent market growth in North America are the rising prevalence of gastrointestinal disorders and obesity. As per the statistics provided by the Centers for Disease Control and Prevention (CDC) in 2016, approximately 14.7 million people were diagnosed with ulcers in the gastrointestinal tract, which is equivalent to 6% of the diagnosed ulcers in the adult population.
Increasing obesity in the younger population, sedentary lifestyles, and cravings for fast food results in positive traction for the gastroenterology devices market in North America. In Europe, the market's growth is due to the presence of established healthcare infrastructure and stringent guidelines stipulated by the European Medical Agency to prevent gastrointestinal illness.
The presence of medical device manufacturers such as Olympus Corporation, Braun Melsungen AG, and Karl Storz GmbH & Co. KG in the European region provides gastroenterology devices. Asia Pacific serves as a potential market for gastroenterology devices on account of the rising prevalence of gastrointestinal complications and civic amenities. The presence of local players and increasing medical tourism give an impetus to the gastroenterology devices market in the Asia Pacific region.
Periods of History and Forecast
This research report presents the analysis of each segment from 2016 to 2026, considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
The scope of the report included an evaluation of inorganic and organic market growth strategies to determine market size and forecast for the period 2016-2026.
The segmentation is as follows:
Medical device manufacturers providing gastrointestinal devices are B. Braun Melsungen AG, Boston Scientific Corporation, Cardinal Health, Covidien Ltd., Conmed Corporation, Fujinon Ltd., Johnson & Johnson, Karl Storz GmbH & Co. KG, Olympus Corporation, and Stryker Corporation.
Key questions are answered in this report.
Who are the medical device manufacturers participating in the gastroenterology device market?
What will be the compounded annual growth rate and market estimation for the forecast period from 2018 to 2026?
What are the different complications related to the gastrointestinal tract?
How is the competition among key players in the gastroenterology devices market assessed?
Which is the largest and fastest-growing product segment in the gastroenterology devices market?
Which is the largest and fastest-growing geographical segment for the gastroenterology devices market?
Frequently Asked Question:
The market for Gastroenterology Devices Market is expected to reach USD$ 14.7 million in 2026.
The Gastroenterology Devices Market is expected to see significant CAGR growth over the coming years, at 7.1%.
The report is forecasted from 2018 -2026.
The base year of this report is 2017.
Boston Scientific Corporation, Cardinal Health, Covidien Ltd., Conmed Corporation, Fujinon Ltd., Johnson & Johnson, Karl Storz GmbH & Co. are some of the major players in the global market.
