Zion Market Research has published a new report titled “Gastrointestinal Endoscopic Devices Market (Hemostatis Devices, Biopsy Devices, Endoscopic Retrograde Cholangiopancreatography Devices (ERCP), Capsule Endoscopes, GI Videoscopes, and Others): Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021”. 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.
Gastrointestinal endoscopy is used to treat conditions of the gastrointestinal tract. Gastrointestinal (GI) tract includes small intestine, large intestine, stomach, rectum duodenum, cecum, and colon. 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.
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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.
GI videoscopes dominated the gastrointestinal endoscopic devices market in 2015. Moreover, capsule endoscopes are also expected to witness modest growth in the coming years.
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North America dominated the gastrointestinal endoscopic devices market in 2015 in terms of demand. North America accounted for more than 30% share of the global gastrointestinal endoscopic devices market. Europe followed North America in terms of demand for the gastrointestinal endoscopic devices market in 2015. However, 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.
Key players operating in the gastrointestinal endoscopic devices market include Covidien Ltd., Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson Ltd., Fujinon Ltd and Conmed Corporation among others.
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