|Market Size in 2020
|Market Forecast in 2028
|CAGR (in %)
|USD 6.4 Billion
|USD 11.4 Billion
Gastrointestinal Endoscopic Devices Market
The global Gastrointestinal Endoscopic Devices market accounted for USD 6.4 Billion in 2020 and is expected to reach USD 11.4 Billion by 2028, growing at a CAGR of around 11% between 2021 and 2028.
Endoscopy is a procedure that diagnoses prevents, and treats complications associated with visceral organs. They are used to examine interior hollow organs or cavities in the body. These devices are either placed in the body through natural openings or cavities, especially in the case of arthroscopy. These devices are equipped with several other parts such as camera or light source which help physicians or medical professionals to analyze internal organs of interest. They are used to investigate symptoms in the digestive system, including nausea, vomiting, abdominal pain, difficulty swallowing, and gastrointestinal bleeding.
The partnerships and mergers and acquisitions of players in the Gastrointestinal Endoscopic Devices market is also set to propel the market growth. For example, in June 2017, US Endoscopy, a dominant player across endoscopy equipment design & manufacturing industry launched a new AquaShield® system CO2 – Fujinon, thereby adding to its existing AquaShield water bottle system portfolio. Sources cite that the innovative product is used along with CO2 to provide sterilized water to endoscope while performing of gastrointestinal procedures. The strategic move is anticipated to encourage other industry players to follow the suit, thereby leading to inflation in the growth of gastrointestinal endoscopic devices market.
The lockdowns imposed by various countries to contain the spread of Covid-19 has impacted the global operations and supply chain which had a negative consequences on Gastrointestinal Endoscopic Devices market as the global sales declined. The major reason for decline in market during pandemic outbreak was decrease in patient volume in hospitals, owing to rescheduling and delaying of procedures for safety reasons. Furthermore, delays happened after careful review of patient history and if feasible, healthcare providers rescheduled endoscopic procedures to minimize risk of getting exposed to COVID-19 during hospital visits. All these factors negatively impacted the endoscopy devices market in 2020.
Shifting lifestyles, lack of physical activities, and growing intake of junk food leading to various gastrointestinal disorders is projected to steer the growth of gastrointestinal endoscopic devices market over the coming years. Apart from this, surge in the number of patients with colon & rectum cancer and increase in the geriatric population base affected as a result of gastrointestinal disorders is anticipated to push the gastrointestinal endoscopic devices market demand.
Fear of hospital acquired infections as a result of endoscopic devices, unfavorable compensation policies, and low government investments in GI devices production, however, is anticipated to hinder the gastrointestinal endoscopic devices market growth in the near future.
The main products available in gastrointestinal endoscopic devices market are hemostatis devices, GI Videoscopes, capsule endoscopes, biopsy devices, and retrograde cholangiopancreatography devices. Among them, the demand for GI Videoscopes is relatively higher and the trend is anticipated to remain so over the next few years.
Regionally, North America has been leading the worldwide gastrointestinal endoscopic devices market and is anticipated to continue on the dominant position in the years to come, states the market study. For the record, North America contributed over 28% towards global gastrointestinal endoscopic devices market share in 2020.
|Gastrointestinal Endoscopic Devices Market Research Survey Report
|Market Size in 2020
|USD 6.4 Billion
|Market Forecast by 2028
|USD 11.4 Billion
|Compound Annual Growth Rate
|CAGR of 11%
|Number of Pages
|Value (USD Billion), and Volume (Units)
|Key Companies Covered
|Covidien Ltd, Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson Ltd, Olympus Corporation, Fujinon Ltd and Conmed Corporation
|By Product, By Application, By Region
|North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA)
|North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|2016 - 2020
|2021 - 2028
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|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
The major players operating Gastrointestinal Endoscopic Devices market are Covidien Ltd., Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson Ltd., Olympus Corporation, Fujinon Ltd and Conmed Corporation
The global Gastrointestinal Endoscopic Devices Market was valued at USD 6.4 Billion in 2020.
The global Gastrointestinal Endoscopic Devices Market is expected to reach USD 11.4 Billion by 2028, growing at a CAGR of 7.3% between 2021 to 2028.
Some of the key factors driving the global Gastrointestinal Endoscopic Devices Market growth Shifting lifestyles, lack of physical activities, and growing intake of junk food leading to various gastrointestinal disorders.
Regionally, North America has been leading the worldwide gastrointestinal endoscopic devices market and is anticipated to continue on the dominant position in the years to come, states the market study. For the record, North America contributed over 30% towards global gastrointestinal endoscopic devices market share in 2020.
Some of the major players of global Gastrointestinal Endoscopic Devices market are Covidien Ltd., Stryker Corporation, Boston Scientific Corporation, Johnson & Johnson Ltd., Olympus Corporation, Fujinon Ltd and Conmed Corporation.
The CAGR value of the Gastrointestinal Endoscopic Devices market will be nearly 11% by Forecast 2021- 2028.
Influencing segment growing in the Gastrointestinal Endoscopic Devices Market are By Product (Hemostatis Devices, Biopsy Devices, Endoscopic Retrograde Cholangiopancreatography Devices, Capsule Endoscopes, GI Videoscopes, And Others)