SEATTLE, April 14, 2021, (MEDGADGET) — Gastroscopy is a type of endoscopy device used to diagnosis disease associated with the esophagus, stomach, and upper part of the small intestine. It is also called upper gastrointestinal endoscopy and it can also be performed to detect cancers. The device consists of a light and a camera at the end of the probe that is used to see the esophagus, upper intestine, and stomach. It is also used to detect problems associated with swallowing, ulcers, and blockage in the esophagus. Gastroscopy is broadly classified into two type’s namely diagnostic gastroscopy used to diagnose or confirm diagnosis and treatment gastroscopy for therapeutic purposes. Esophagus cancer is the eighth-most common cancer in the world. As per the report of the World Cancer Research Fund International, there were around 456,000 new esophagus cancer cases diagnosed in 2012. Gastroscopy is considered as the most preferred option for the screening of esophagus cancer and polyps by most gastroenterologists and thus, the gastrointestinal endoscopy devices market is projected to witness significant traction in the foreseeable future.
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High Incidence of Esophageal Cancer Propelling Gastroscopy Devices Market Growth
Esophageal cancer is of two types namely, adenocarcinoma and squamous cell carcinoma. This cancer can occur due to various reasons such as gene type that includes gene mutations or damage involved in cell divisions. As per the results of an independent study, overweight and obesity increase the risk of esophageal cancer by 48% per 5 BMI units.
Drivers and Restraints
Advancements in endoscopy technology, increasing cases of esophageal cancer and polyps, growing aging population, family history of cancer, and changing lifestyle are some of the prime factors fueling market growth. Moreover, increasing government initiatives to diagnose and treat early-stage cancers is also expected to fuel the gastrointestinal endoscopy devices market. For instance, in 2014, The European Society of Gastrointestinal Endoscopy (ESGE) and United European Gastroenterology (UEG) created a community of endoscopy services across Europe, collaborating with each other to provide high quality, safe, accurate, patient-centered and accessible endoscopic care. On the downside, lack of awareness, the dearth of experienced professionals, lack of reimbursement policies, and increasing cases associated with bio-dirt are expected to curb market growth.
Market Taxonomy
The gastroscopy devices market is classified based on product type and end-user.
Based on product type
- Flexible Video Gastroscope
- Flexible Non-video Gastroscope
Based on end-user
- Hospitals
- Ambulatory Surgical Centers
- Clinics
Market: Overview
Technological advancements in gastroscopy techniques are expected to drive the growth of the market for gastroscopy devices, as these significantly improve detection rate as compared to other conventional procedures. Practitioners prefer using flexible gastroscope over non-flexible gastroscopes as it is high quality, fewer breakage problems, and high illumination for better imaging provided by the former. Increasing awareness among practitioners regarding the benefits of advanced gastroscopy over white light traditional gastroscopy is showing a significant growth towards flexible video gastroscopy. The hospital end-user segment is expected to remain dominant in the market over the foreseeable future.
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Key players operating the gastroscopy devices market include Olympus, Karl Storz, Sono Scape, Endomed, Medigus, Fujifilm Holdings Corporation, and Huger.
Key Developments
- Major companies in the market are involved in different business strategies such as business expansion, to gain a competitive edge in the market. For instance, in November 2018, SonoScope Medical Corporation, a China-based endoscopy equipment manufacturer, launched its corporate brand at ISGCON 2018, the 59th Annual Conference of the Indian Society of Gastronomy held at Kerala, India. This expansion will help the company to grow its business in India.
- Major companies in the market are involved in different business strategies such as collaboration, agreement, and partnership, to enhance their market presence. For instance, in August 2018, Medigus, Ltd., an Israel-based medical device company, entered into an exclusive distribution agreement with Micro-Tech Endoscopy for Medigus’ ‘Medigus Ultrasonic Surgical Endoplaster (MUSE)’ system, which is used for the treatment of heartburn.
- Key players in the market are involved in different business strategies such as mergers and acquisitions, to enhance their market presence. For instance, in May 2019, Fujifilm Corporation acquired medwork GmBH, a Germany-based manufacturer of instruments for a therapeutic and diagnostic endoscopy.
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