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Global Gastrointestinal Devices Market Estimated to See Widespread Growth With 5% CAGR 2030

 

The global Gastrointestinal Devices market is expected to witness a CAGR of ~5% during the forecast period, is driven by aging populations, rising GI procedures, and colorectal cancer cases. GI endoscopes lead, with single-use endoscopes seeing rapid growth due to lower risks. 

Ageing population, rising number of GI procedures, growing cases of colorectal cancer and screening mandates in many healthcare systems is driving the Gastrointestinal Devices MedTech market growth. Rising usage of robotics and focus on AI are offering further impetus for the market growth.

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Medi-Tech Insights’ latest research insight on Gastrointestinal Devices MedTech market analyses the global market with respect to product and geography.

Based on product, Gastrointestinal Devices MedTech market comprises of 4 segments, viz., GI endoscopes, endotherapy devices, laparoscopes, and laparoscopic devices. Based on our research & interviews with industry experts, it is evident that GI endoscopes is the largest product segment. Within endoscope market, reusable endoscopes form major chunk of the market, owing to the fact that they are high-cost capital equipment with relatively greater adoption. However, single-use endoscope market is slated to grow faster. Shift driven by relatively lower acquisition cost, lower level of training & skills, no reprocessing cost and no risk of cross-contamination. Major players offering single-use endoscopes are Boston Scientific and Ambu.

“Currently, penetration of single-use endoscopes in GI is <5%. It is expected to increase to 10-15% in the next 5 years.” - CEO, Leading Gastrointestinal MedTech Company 

Geographic Snapshot: Gastrointestinal Devices MedTech Market

Comprehensive regional assessment of the global Gastrointestinal Devices MedTech market covering U.S., Europe (Germany, Italy, France, Spain, UK, and Rest of Europe), Asia-Pacific (India, China, Japan, Australia, New Zealand, Singapore and Rest of Asia-Pacific) and Rest of the World (Latin America, Middle-East & Africa) suggests that U.S. is likely to continue its dominance in the next 10 years. Increasing number of endoscopic examinations due to aging population, favourable reimbursement climate for endoscopy procedures, growth in minimally invasive endoscopic therapy procedures, rising concerns over cleaning, disinfection and sterilization and higher quality expectations are some of the key factors driving the U.S market.

Gastrointestinal Devices MedTech market benefits from presence of large players like Olympus and Boston Scientific (BSX) but number of start-up companies have emerged especially in AI, single-use instruments

GI endoscopes, endotherapy devices, laparoscopes, and laparoscopic devices are four major market segments. Olympus, Fujifilm, and Hoya are top 3 players in endoscope market with Olympus alone accounting for major chunk. Endotherapy devices is the fastest growing market segment and is dominated by BSX with more than 50% market share. Laparoscope’s market is dominated by Stryker, Karl Storz, and Olympus. On the other hand, top 5 players accounted for more than 70% share of laparoscopic devices market.

AI in GI Endoscopy and Robot-assisted GI Surgeries are key trends

Introduction of AI is a step towards the future of endoscopic diagnosis and therapy. It compensates for human errors, brings more accuracy, consistency, higher speed which in turn makes endoscopic procedures more efficient and of higher quality. Key players are increasingly arming their product portfolio with AI technology. For instance, in October 2020, Olympus launched ENDO-AID, an AI-powered endoscopy platform. It automatically spots suspicious lesions and polyps during colonoscopy in real time.

Robotics is gradually converting laparoscopic surgeries into robotic assisted surgeries. Advantages offered by robotic assisted surgeries include less pain, less blood loss/risk of infection/scarring, shorter hospital stay, and quicker recovery time. Some of the GI surgeries performed using surgical robots are GI cancer surgeries, bariatric surgeries, gallbladder surgeries, spleen surgeries, pancreatic surgeries, hepatectomy, colectomy, hernia repair, gastrectomy, among others.

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Artificial intelligence and single-use endoscopy have attracted PE investment recently

Traditional endoscopy has a long track record in healthcare, but the images produced by the procedure are subject to the assessment of clinicians, potentially leading to wide variations in interpretations. However, AI-assisted endoscopy is perceived to have potential to provide consistent results and improve patient care owing to which PEs are investing in AI providers. For instance, in August 2021, Iterative Scopes raised $30 mi Series A Financing to Advance AI-Driven Precision Medicine for Gastroenterology. Similarly, single-use endoscopy is likely to be focus area in coming years with key players already started to add these to portfolio. Also, smaller/niche players are receiving funding. For instance, in October 2021, IQ endoscope received £4 mi (~$5 mi) for supporting regulatory approval process for its single use flexible gastroscope, as well as accelerating the development of its single use flexible colonoscope.

About Medi-Tech Insights

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply side decision-makers.

Contact:

Ruta Halde
 Associate, Medi-Tech Insights
 +32 498 86 80 79
 info@meditechinsights.com 

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