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The gastrointestinal endoscopy market is in the developed phase. The increasing demand for single-use endoscopes such as duodenoscopes, gastroscopes, and colonoscopes, increasing demand for capsule endoscopy, and the integration of industry with robotics and AI are some of the major opportunities in the global gastrointestinal endoscopy market. Furthermore, some of the current key trends in the market are the shift from conventional surgeries to robot-assisted surgery, the development of single-use endoscopes, the rising demand for minimally invasive procedures, and the increasing number of product launches among market players. 

The global gastrointestinal endoscopy market was valued at $13.40 billion in 2021 and is anticipated to reach $25.75 billion by 2031, witnessing a CAGR of 6.24% during the forecast period 2022-2031. The market is driven by factors such as the increasing prevalence of gastrointestinal diseases, rising preference for minimally invasive surgeries, growing demand for capsule endoscopy, the shift from reusable endoscopes to disposable endoscopes, and technological advancements in the field of robot-assisted endoscopes and AI-based devices.

Impact of COVID-19

The COVID-19 pandemic has impacted practically all sectors and social functions worldwide, including the gastrointestinal endoscopy market. COVID-19 led to a decline in the global gastrointestinal endoscopy market, as elective and surgical procedures were stopped during the lockdown.

Overall, the supply side was negatively impacted, especially during the peak of the COVID-19 pandemic. The significantly high number of endoscopy procedures resumed after the restrictions were lifted, which offset the negative impact and led to the growth of the market in 2021.

In addition to this, the COVID-19 pandemic also helped in the adoption of single-use endoscopes. Single-use endoscopes eliminate the risk of cross-contamination, which turned out to be a favorable condition for their adoption during the COVID-19 pandemic.

Recent Developments in the Global Gastrointestinal Endoscopy Market

•    In May 2022, Limaca-Medical received breakthrough device recognition by FDA for its Precision-GI endoscopic ultrasound biopsy device.
•    In February 2022, Ambu A/S received FDA approval for its Ambu aScope Gastro and Ambu aBox 2.
•    In November 2021, Medtronic plc received 510 (k) clearance from FDA for its Pillcam Small Bowel 3 system for remote endoscopy procedures.
•    In August 2021, Ambu received CE mark approval for its Ambu aScope Duodeno, a disposable duodenoscope.

Demand – Drivers and Limitations

Following are the drivers for the global gastrointestinal endoscopy market:

•    Increasing Prevalence of Chronic Gastrointestinal Diseases
•    Upsurge in Adoption of Disposable Gastrointestinal Endoscopes
•    Rising Inclination toward Minimally Invasive Procedures
•    Shift toward Wireless Capsule Endoscopy

The market is expected to face some limitations as well due to the following challenges:

•    Dearth of Skilled Healthcare Professionals
•    Lack of Reimbursement Frameworks

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

Some of the prominent established names in this market are:

Established Companies

•    Boston Scientific Corporation
•    Medtronic plc
•    KARL STORZ SE & Co. KG
•    Ambu A/S
•    Teleflex Incorporated
•    HOYA Corporation
•    Olympus Corporation
•    FUJIFILM Holdings Corporation
•    Cook Group Inc
•    SonoScape Medical Corp.

Start-ups

•    EndoMed Systems GmbH
•    CapsoVision, Inc.
•    HuiZhou Xzing Technology Co., Ltd.
•    Endogene Ltd.
•    Envaste Limited

 

How can this report add value to an organization?

Type: The type segment helps the reader understand the different types of gastrointestinal endoscopy products available in the market. Moreover, the study provides the reader with a detailed understanding of products that fall under the two main segments, i.e., gastrointestinal endoscopes and endoscopic systems and gastrointestinal endotherapy.

Growth/Marketing Strategy: The global gastrointestinal endoscopy market has witnessed major development by key players operating in the market, such as product launches, business expansion, partnership, collaboration, and joint ventures. The favored strategy for the companies has been new offerings, partnerships, alliances, and business expansions to strengthen their position in the market. For instance, in May 2022, Limaca-Medical received breakthrough device recognition by FDA for its Precision-GI endoscopic ultrasound biopsy device, and in November 2021, Medtronic plc received FDA approval for its AI-based device GI Genius intelligent endoscopy module.

Competitive Strategy: The key players in the global gastrointestinal endoscopy market analyzed and profiled in the study involve established and emerging players that offer different products for gastrointestinal endoscopy. Moreover, a detailed competitive benchmarking of the players operating in the global gastrointestinal endoscopy market has been done to help the reader understand the ways in which players stack against each other, presenting a clear market landscape. Moreover, comprehensive competitive strategies such as partnerships, agreements, and collaborations will help the reader understand the untapped revenue pockets in the market.

Get Free Sample Report – https://bisresearch.com/requestsample?id=1359&type=download

 

Analyst’s Thoughts

To emphasize the potential of gastrointestinal endoscopy, Abdul Wahid, Principal Consultant – BIS Research, states, “The global gastrointestinal endoscopy market is expected to witness significant growth in emerging economies due to factors such as the increasing prevalence of chronic gastrointestinal diseases, rising technological advancements as well as growing geriatric population across countries such as the U.S., Germany, Canada, and France.”

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