Gastrointestinal Devices Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|Johnson and Johnson Services Inc., Medtronic PLC, Siemens Healthineers AG, Fujifilm Holdings Corporation

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The Gastrointestinal Devices Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Gastrointestinal Devices Global Market Report 2024, The gastrointestinal devices market size has grown strongly in recent years. It will grow from $10.67 billion in 2023 to $11.41 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to medical education and training, cost-effectiveness and value proposition, disease prevalence and demographic changes, patient-centric approach, regulatory milestones and approvals.

The gastrointestinal devices market size is expected to see strong growth in the next few years. It will grow to $15.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to value-based healthcare initiatives, homecare and patient-centric devices, personalized and precision medicine, global market expansion, regulatory changes and compliance. Major trends in the forecast period include minimally invasive procedures, rising gastrointestinal disorders, shift towards homecare devices, patient-centric approaches, remote monitoring and telemedicine.

The increasing prevalence of gastrointestinal diseases contributed to the growth of the gastrointestinal devices market. Gastrointestinal diseases include irritable bowel syndrome, hemorrhoids, perianal abscesses, colon polyps, and cancer, among others. According to the Endoscopy Centre, every year, 62 million Americans are diagnosed with any of the digestive disease, and 2% to 6% or an estimated three lakhs to 5 lakhs Americans suffer from inflammatory bowel disease (IBD). According to the American College of Gastroenterology estimates, 10-15% of the adult population in the USA suffer from irritable bowel syndrome (IBS) symptoms. The increased prevalence of gastrointestinal diseases increased the demand for gastrointestinal devices to treat patients, thereby driving the gastrointestinal devices market market growth.

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The gastrointestinal devices market covered in this report is segmented –

1) By Product Type: GI Videoscopes, Biopsy Devices, Endoscopic Retrograde Cholangiopancreatography Devices (ERCP), Capsule Endoscopy, Endoscopic Ultrasound, Endoscopic Mucosal Resection (EMR), Hemostasis Devices, Other Product Types
2) By Sales Channel: Online Retailing, Medical Stores & Brand Outlet
3) By End Users: Hospitals, Clinics & Dialysis Centers, Ambulatory Surgical Center

Major companies operating in the gastrointestinal devices market are increasing their focus on the expansion of their endoscopy solutions portfolio to gain a competitive edge in the market. The expansion of the endoscopy solutions portfolio refers to the development and introduction of new products and services in the field of endoscopy. Endoscopy is a medical procedure that uses an endoscope, a flexible or rigid tubular device, to examine the inside of the body. For instance, in January 2023, Fujifilm India Private Limited, an India-based imaging solutions company, launched ClutchCutter and FushKnife, a new suite of endoscopy solutions portfolios for therapeutic gastrointestinal applications. ClutchCutter, a rotatable forceps that performs three functions at once, helps clinicians coagulate, dissect, and make incisions. Built for the most demanding processes, ClutchCutter has an insulated outer edge for optimum durability and jagged, serrated jaws for improved grasping capabilities. Wherever else, the FlushKnife is a diathermic slitter that enables medical professionals to perform a variety of tasks, including marking, flushing, incision, dissection, and coagulation. A ball-tip option with good traction is one of the advantages of the product, allowing for effective dissection of the target tissue and coagulation.

The gastrointestinal devices market report table of contents includes: