Gastrointestinal Endoscopic Devices Market | 2032

Report Description

Gastrointestinal Endoscopic Devices Market Outlook 2032

The global gastrointestinal endoscopic devices market size was USD XX Billion in 2023 and is projected to reach USD XX Billion by 2032, expanding at a CAGR of XX% during 2024–2032. The market growth is attributed to the ­ expanding area of applications of gastrointestinal endoscopic devices.

Increasing demand for minimally invasive diagnostic and therapeutic procedures fuels the gastrointestinal endoscopic devices market. These devices are registering a rapid surge in terms of adoption, as they are versatile and effective for diagnosing and treating gastrointestinal disorders. For instance, according to a report published by the National Library of Medicine in January 2023, more than 10% of surgeries performed on inpatients and nearly 20% of surgeries performed on outpatients in 2017 and 2018 were minimally invasive. The report also revealed that almost 3% of surgeries were conducted with the help of robots.

Clinicians highly rely on endoscopic devices for accurate visualization, biopsy collection, and treatment delivery in gastrointestinal cancers. Moreover, the growing number of healthcare facilities, ambulatory surgical centers, and specialty clinics boost the usability and acceptance of gastrointestinal endoscopic devices.

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Impact of Artificial Intelligence (AI) on the Gastrointestinal Endoscopic Devices Market

The use of artificial intelligence is anticipated to boost the gastrointestinal endoscopic devices market in the coming years. AI algorithms are integrated into endoscopic devices to analyze real-time images and provide decision support to healthcare providers during procedures. Moreover, AI-enabled endoscopic devices offer advanced image enhancement techniques, such as virtual chromoendoscopy and optical magnification.

Gastrointestinal Endoscopic Devices Market Dynamics

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Major Drivers

Growing geriatric population is expected to drive the market during the forecast period. The elderly population is susceptible to gastrointestinal diseases and disorders, such as colon polyps, diverticulosis, and esophageal cancer, due to age-related changes in the digestive system. Moreover, the rising prevalence of gastrointestinal disorders across the globe is fueling the demand for endoscopic devices.

• According to the report published by the American Gastroenterological Association on September 14, 2022, about 60-70 million people in America have gastrointestinal (GI) diseases.

Existing Restraints

High cost associated with gastrointestinal endoscopic procedures is expected to hamper the market during the projection period. The initial investment required for purchasing endoscopic devices and maintaining them adds to the financial burden on healthcare facilities and patients. Furthermore, the stringent regulatory requirements and the lack of standardized reimbursement policies related to gastrointestinal endoscopy technology hinder the market.

Emerging Opportunities

­Ongoing technological advancements in gastrointestinal endoscopy devices are expected to create immense opportunities for the players competing in the market. Manufacturers of endoscopy devices are entering into strategic partnerships and mergers to leverage complementary capabilities to expand their product portfolio and consumer base. Additionally, advancements in medical digital imaging systems and robotic-assisted endoscopy are revolutionizing the field of gastrointestinal endoscopy, which further propels the market.

Scope of the Gastrointestinal Endoscopic Devices Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.

Gastrointestinal Endoscopic Devices Market Segment Insights

Product Segment Analysis

Based on product, the gastrointestinal endoscopic devices market is divided into hemostasis devices, endoscopic retrograde cholangiopancreatography devices, capsule endoscopy, biopsy devices, GI videoscopes, and others. The GI videoscopes segment held a major share of the market in 2023 due to superior imaging capabilities offered by GI videoscopes, such as high-definition imaging and narrow-band imaging (NBI) technology.

GI videoscopes enable clear visualization of the gastrointestinal tract for accurate diagnosis and treatment of various gastrointestinal conditions. Moreover, the increasing awareness regarding the importance of early detection and treatment of gastrointestinal disorders boosts the demand for advanced videoscopes, thereby driving the segment.

The capsule endoscopy segment is expected to expand at a significant growth rate in the coming years, as capsule endoscopy offers several advantages over traditional endoscopic procedures. A capsule endoscopy system is suitable for non-invasive procedures, offering high patient comfort and comprehensive visualization of the entire gastrointestinal tract. Moreover, the growing focus on preventive healthcare and early detection of digestive diseases fuels the segment.

• As per the report published by the National Library of Medicine in March 2023, the incidence of digestive diseases increased from 254.25 million in 1990 to 443.53 million in 2019.
  

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End-user Segment Analysis

On the basis of end-user, the global market is segregated into ambulatory surgical centers, hospitals, and others. The ambulatory surgical centers (ASCs) segment is anticipated to expand at a substantial CAGR during the forecast period owing to the increasing preference for outpatient procedures among patients.

ASCs offer several advantages for gastrointestinal endoscopic procedures, including reduced wait times, reduced procedural costs, and enhanced patient convenience. Moreover, the growing shift toward ambulatory settings for gastrointestinal endoscopic procedures is expected to boost the adoption of endoscopic devices in ASCs, thereby propelling the segment.

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Regional Outlook

In terms of region, the global gastrointestinal endoscopic devices market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a major market share in 2023 due to the heightened awareness about the importance of early detection and treatment of gastrointestinal diseases among patients and healthcare providers. Moreover, the high prevalence of gastrointestinal disorders, such as colorectal cancer, inflammatory bowel disease (IBD), and gastroesophageal reflux disease (GERD), contribute to the market growth in this region.

The market in Asia Pacific is projected to grow at a significant pace in the coming years owing to the rapid expansion of healthcare infrastructure and growing awareness about preventive healthcare measures. Countries such as China, India, Japan, and South Korea are investing in healthcare infrastructure to advance medical technologies, including gastrointestinal endoscopic devices. Moreover, the rising prevalence of gastrointestinal diseases in this region boosts the market. 

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