Gastroscopes Market 2022
Rising prevalence of gastrointestinal disease and demand for technologically advanced gastroscopes with high image quality are major drivers for the growth of the market. Additionally, product expansion and strategies such as merger & acquisition fuel the growth of the market. Majority of market players are engaged in the manufacturing gastroscopes with a cutting edge technology creating growth opportunities in the market.
The global Gastroscopes Market is expected to grow at a CAGR of 6.9% during the forecast period. Gastroscopes are used for the examination of various problems of stomach, esophagus and small intestine. Major indications for gastroscopy are abdominal pain, a reduced number of red blood cells (anemia), heartburn or indigestion, and difficulties in swallowing or pain when swallowing (dysphagia). It is useful for the confirmation of diagnosis of various conditions such as stomach ulcers, stomach cancer and esophageal cancer, gastro-esophageal reflux disease (GORD), Barrett's esophagus, and coeliac disease.
The factors hindering the market growth are risk of infection and high cost of gastroscopes.
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Major Key Players:
Some of the key players in the global market are Boston Scientific Corporation (U.S.), Endomed Systems (Germany), FUJIFILM Holdings Corporation (Japan), PENTAX Medical (Japan), KARL STORZ GmbH & Co. KG (Germany), Olympus Corporation (Japan), PerkinElmer Inc. (U.S.), Richard Wolf GmBH (Germany), SonoScape Medical Corp. (China), Stryker (U.S.), and others.
The global Gastroscopes Market is segmented on the basis of type, application, and end user.
On the basis of type, market is segmented into standard gastroscopes, transnasal gastroscopes, therapeutic gastroscopes, and dual channel gastroscopes.
On the basis of application, the market is segmented into contradictions, gastric ulcer, chronic gastritis, normal mucosa and others. Chronic gastritis is further segmented into superficial gastritis and atrophic gastritis.
On the basis of end user, the market is segmented into hospitals, diagnostic labs, clinics, ambulatory surgical centers, and others.
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America is the largest market, which is driven by an increasing prevalence of gastrointestinal diseases such as gastritis and dysphagia. Furthermore, there is a rise in the number of gastroscopies performed in the hospitals and diagnostic centers, thereby increasing the demand for gastroscopes.
Europe is the second largest market driven by the extensive use of diagnostic medical devices including gastroscopes and rising healthcare funding to research and development activities. According to the United European Gastrology report, in 2012, there were 34,534 new cases of esophageal cancer recorded in the European Union (EU).
Asia Pacific is expected to be the largest market owing to an increase in the prevalence of gastric ulcer and other gastric diseases. Availability of high quality and affordable treatment options as well as rising demand for gastroscopies further boost the market growth. China and India are expected to web the fastest growing market in Asia Pacific. Also, rising geriatric population with number of chronic diseases and changing lifestyle of people further improve the market growth.
Middle East & Africa show steady but positive growth owing to rising demand for diagnostic services and increasing emphasis on primary healthcare.
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