Gastrointestinal Devices Market Size

Gastrointestinal Devices Market Analysis

The gastrointestinal devices market is expected to register a CAGR of 7.4% over the forecast period.

• The COVID-19 pandemic had an adverse impact on the gastrointestinal devices market initially due to the imposition of lockdown, cancellation, and delay of the treatment of other chronic diseases. This led to a decline in the demand for gastrointestinal devices as the treatment and surgical procedures for other diseases, including gastrointestinal procedures, were postponed or canceled during the pandemic. For instance, a study published in the Clinical Journal of Gastroenterology in April 2021 mentioned that surgeries for many abdominal diseases, such as acute appendicitis and acute calculous cholecystitis, were postponed amid the pandemic. However, in the post-pandemic, the number of COVID-19 patients decreased, which led to the resumption of other chronic diseases, such as gastrointestinal diseases, thereby helping the market to grow at a normal pace. Thus, the COVID-19 pandemic adversely impacted the market in its preliminary phase. However, the market gained the normal pace in the post-pandemic phase with the resumption of gastrointestinal disease treatment globally and is expected to continue the same over the forecast period.
• The major factors fuelling the market's growth are the rise in gastrointestinal diseases and the increasing geriatric population.
• For instance, according to the International Foundation for Gastrointestinal Disorders 2022 update, it was estimated that 5-10% of the population has inflammatory bowel disease worldwide. Gastroenterologist visits in the United States were found to be 2.4 to 3.5 million yearly. Such factors are likely to boost the adoption of gastrointestinal devices, thereby contributing to the studied market growth. The increasing burden of gastrointestinal diseases such as gastrointestinal cancer, colitis, and others is also expected to propel the market growth. For instance, as per the data published by the Spanish Network of Cancer Registries in 2021, over 29,372 cases of Colon cancer, 14,209 cases of recto cancer, and over 7,313 cases of stomach cancer were estimated for 2021 in Spain. Furthermore, as per the data published by Crohn's & Colitis UK in March 2022, one in every 123 individuals in the United Kingdom was reported to have either ulcerative Colitis or Crohn's disease. Thus, with the increasing burden of gastrointestinal diseases, the demand for the diagnosis and treatment of these diseases is expected to increase, which is anticipated to boost the growth of the market in the upcoming years.
• Furthermore, new product launches by prominent market players are anticipated to favor market growth. For instance, in January 2023, Fujifilm announced the expansion of its endoscopy solutions portfolio by launching the ClutchCutter and FushKnife. ClutchCutter is a rotatable forceps that supports clinicians in making incisions, dissections, and coagulation. The solution features jagged, serrated jaws for enhanced clutching ability and an insulated outer edge for maximum durability.
• Similarly, in November 2021, Micro-Tech Endoscopy launched the LesionHunter Cold Snare, a novel cold snare with an ultra-thin Nitinol wire, to the market. The LesionHunter nitinol snare was specifically designed to advance cold snare polypectomy. Thus, owing to the advanced product launches, the studied market is expected to have significant growth over the forecast period.
• Therefore, owing to the increasing burden of gastrointestinal diseases and product launches by the key players, the studied market is anticipated to witness growth over the analysis period.
• However, a lack of skilled technicians & complex sterilization procedures, unfavorable compensation policies, and low government funding may impede the market growth over the forecast period.