Market Overview
The Gastrointestinal Endoscopic Devices market is poised for a 6.7% value growth, reaching USD 14.38 Billion by 2028 from 2020. Gastroenterology, a medical discipline focusing on the digestive system, encompasses the gastrointestinal (GI) tract. Encompassing equipment for GI procedures, diagnosis, treatment, and analysis, gastrointestinal devices play a vital role in addressing common diseases such as hepatology, transplantation, gastrointestinal cancer, pancreatic disease, and chronic inflammation.
Factors driving market expansion include the escalating prevalence of gastrointestinal disorders globally, particularly among geriatric and pediatric populations. Improved healthcare infrastructure in developing regions contributes significantly. Increased awareness, evolving disease patterns, government support, and rising demand for gastroenterological healthcare services are additional growth catalysts. Among end-users, hospitals lead, driven by widespread adoption of gastrointestinal devices. While medical stores and brand outlets dominate, online retailing anticipates higher growth.
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Gastrointestinal Devices Market: Drive factors
Factors Driving the Gastrointestinal Endoscopic Devices Growth:
- Rising Incidence of Gastrointestinal Disorders: The market is fueled by a significant increase in the prevalence of gastrointestinal diseases globally, with a particular emphasis on geriatric and pediatric populations.
- Demographic Trends: The surge in geriatric gastroenterological disorders contributes substantially to market growth, as the aging population is more prone to such health issues.
- Healthcare Infrastructure Improvement: Developing regions are experiencing a boost in market penetration due to improved healthcare facilities, facilitating increased adoption of gastrointestinal devices.
- Awareness and Changing Disease Patterns: Growing awareness about healthcare and wellness, coupled with evolving patterns in gastrointestinal diseases, is driving the demand for diagnostic and treatment devices.
- Government Support: Supportive government initiatives are playing a pivotal role in the market expansion, creating an environment conducive to the growth of gastroenterological healthcare services.
- Increased Healthcare Expenditure: The escalating expenditure on healthcare, especially in North America, is a key factor propelling the gastrointestinal devices market, fostering technological advancements and innovation.
- Hospital Adoption: Hospitals, incorporating the highest number of gastrointestinal devices, lead in end-user segments, driving market growth with a focus on efficient diagnostics, treatment, and analysis.
- Online Retailing Growth: While medical stores and brand outlets dominate, online retailing is anticipated to experience a higher growth rate, reflecting changing consumer preferences and convenience.
- Regional Variances: North America, particularly the United States, holds a significant market share, driven by increasing incidents of gastroenterological diseases and substantial healthcare spending. The Asia Pacific region, including China, India, and Japan, is witnessing the fastest CAGR, attributed to a high count of gastrointestinal patients and advancements in healthcare infrastructure.
- Technological Advancements: Continuous innovations in gastrointestinal devices, including endoscopic procedures and diagnostic tools, contribute to the market’s overall growth by enhancing treatment efficacy and patient outcomes.
The report segments the market based on device type, sales channel, end-users, and region. Device types include GI videoscopes, biopsy devices, ERCP devices, capsule endoscopy, endoscopic ultrasound, endoscopic mucosal resection, hemostasis devices, and others. Sales channels comprise online retailing, medical stores and brand outlets. End-users include hospitals, clinics and dialysis centers, ambulatory surgical centers, and others.
Regions covered include North America (U.S.), Europe (U.K., France), Asia Pacific (China, India, Japan), MEA, Latin America (Brazil).
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