Gastrointestinal (GI) diseases are disorders of the digestive system that involve a range of vital digestive organs such as mouth, esophagus, stomach, small and large bowels, rectum, anus, and GI connected organs.
Medical devices such as endoscopes, laparoscopes/surgical endoscopes, endotherapy devices, and laparoscopic devices play a vital role in the early & accurate diagnosis and treatment of potentially life-threatening GI diseases, which in turn opens up growth avenues for GI MedTech device manufacturers.
Resurgence of Gastrointestinal Endoscopic Devices Market Post Covid-19 Pandemic
Covid-19 has adversely impacted all the health services internationally and the GI MedTech industry was no different.
Specialties such as gastroenterology were directly affected by Covid-19. The pandemic adversely impacted the workflow and safety of endoscopists, ancillary staff, and patients. Shortages of personal protective equipment (PPE), curtailed patient volume, dearth of testing kits, workforce furloughs, and lockdowns forced units to drastically reduce the volume of the procedures, postpone and even cancel GI procedures in medium- to low-risk cases. The dip in the number of GI procedures resulted in the decline of Gastrointestinal Endoscopic Devices market revenues.
However, since 2021, the Gastrointestinal Endoscopic Devices is on the recovery path. The market has been driven by the strong performance of GI MedTech companies in Japan, Europe, and North America, increased sales of gastroscopes and colonoscopes, the launch of innovative products, strong performance of the GI MedTech device manufacturers in North America, improving Covid-19 coverage globally and rising number of GI procedures.
Geographic Overview: Gastrointestinal Endoscopic Devices Market
The United States currently holds the larger share in the gastrointestinal endoscopic devices market. It is expected to continue to hold a larger share in the coming years due to the increasing number of endoscopic examinations, rising aging population, favourable reimbursement climate for endoscopy procedures, growth in minimally invasive endoscopic therapy procedures, growing concerns over cleaning, disinfection & sterilization, and higher quality expectations.
Growth Strategies Adopted by Leading Market Players to Establish Their Foothold in Gastrointestinal Endoscopic Devices Market
The global gastrointestinal endoscopic devices market is marked by the presence of both established and emerging players. Players operating in the gastrointestinal endoscopic devices market adopt both organic and inorganic growth strategies such as new product launches, and partnerships to garner higher market share.
The gastrointestinal endoscopic devices market is projected to grow in the upcoming years due to rising cases of Gastrointestinal disorders & requirements for endoscopes, laparoscopes/surgical endoscopes, endotherapy devices, and laparoscopic devices to diagnose and treat GI disorders.
Competitive Landscape Analysis: Gastrointestinal Endoscopic Devices Market
The gastrointestinal endoscopic devices market is marked by the presence of top industry players such as Olympus, Boston Scientific, Pentax (Hoya), Fujifilm, Cook Medical, Karl Storz, Ethicon, Medtronic, Stryker, Medi-Globe, Ambu, Arthrex, Richard Wolf, ERBE, Micro-Tech, among others.
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