Gastrointestinal Devices Market Analysis
Gastrointestinal Devices Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
Gastrointestinal means pertaining to the intestines and stomach. A tract is a group of anatomic structures or a sequence of associated body organs. Gastrointestinal disease refers to diseases that involve gastrointestinal tract such as the stomach, esophagus, small intestine, rectum, and the large intestine. It can also be related to other organs of digestion such as the liver, pancreas, and the gallbladder. The GI or gastrointestinal tract (also known as GI tract, alimentary canal, digestive tract, GIT, or gut) is the organ system within the human body as well as other animals which can take in food, digest it and absorb essential nutrients and energy, and excretes the waste as urine and feces. All bilaterians (animals having a bilateral symmetry) have a GI tract. Primarily, it is a tube that can transfer food to various organs of digestion. In case of large bilaterians, the alimentary canal generally has an exit, by which the animal is able to dispose of feces. However, some bilaterians that are small in size have no exit or opening and they dispose of solid wastes by mouth or other means.
Gastrointestinal devices used to examine the internal lining of the GI tract are termed as gastrointestinal devices. An infection or abnormality in the basic functioning of this gastrointestinal tract is identified by gastrointestinal devices. The device is useful for detecting the root cause of many ailments concerning the gastrointestinal tract, such as vomiting, abdominal bleeding, persistent pain, tumor, and inflammation that affects the esophagus, stomach, and duodenum. In addition to detection, gastrointestinal devices also help in treating these diseases. Gastroesophageal reflux disease, colon cancer, ulcer, hemorrhoids, diverticulitis, Crohn’s disease, and bowel syndrome are some of the examples GI disease. Higher prevalence of these diseases due to high consumption of fast food and sedentary lifestyle are projected to drive growth of the overall gastrointestinal devices market.
Gastrointestinal Devices Market Taxonomy
On the basis of product type, the global market is classified into:
On the basis of end user, the global market is classified into:
Increasing recognition of minimally-invasive procedures is projected to drive growth of the global gastrointestinal devices market during the forecast period. Conventional open surgeries can lead to a number of complications, which have forced the health centers to go for gastrointestinal devices throughout the globe. For instance, conventional open surgeries may cause a variety of post-operation complications such as blood clots, fatigue, pain, infections, and muscle atrophy. Some of the other factors driving the rising acceptance of minimally invasive surgeries are lower risks (post operation), lower cost and hospital stay, faster recovery period, and rapid results. These factors are projected to fuel the overall growth of the gastrointestinal devices industry.
Increasing prevalence of gastroesophageal reflux disease and increase in colorectal cancer to drive growth of the overall gastrointestinal devices market
According to a report published by Healthline in 2012, pregnant women and persons above the age of 40 years are at a higher risk of gastroesophageal disease. The report further states that 25% of pregnant women experience symptoms of the disease, and it increases with time. Around 65% of patients who suffer from acid refluxes are 40 years of age or older. The occurrence of gastroesophageal reflux disease, especially in North America is growing at an alarming rate. This is mainly attributed to the sedentary lifestyle and high consumption of fast food in the region. According to the American Cancer Society, in 2017, colorectal cancer is expected to lead to 50,260 deaths in the U.S. Therefore, the gastrointestinal devices market in this region is expected to grow at a significant rate over the forecast period.
Some of the companies operating in the gastrointestinal devices market in the current scenario are Boston Scientific Corporation, Johnson & Johnson Ltd., Covidien Ltd., Fujinon Ltd., Stryker Corporation, Conmed Corporation, Medtronic, Karl Storz, and Olympus Corporation.
Key players in the market are focused on adopting acquisition strategies to expand their product portfolio. For instance, in March 2018, Boston Scientific announced the acquisition of EMcision, Limited, a privately held company based in the U.K. The acquisition is expected to expand the Boston Scientific’s endoscopy portfolio to include the HabibTM EndoHPB probe, a novel endoscopic bipolar radiofrequency device, which coagulates tissue in the gastrointestinal (GI) tract.
In April 2019, The KARL STORZ HyDome Endoscopy system received Red Dot Award in the category ‘Product Design 2019’ due to its outstanding quality of design and functionality.
Key players are focused on launching new products to expand their product portfolio. For instance, in February 2019, Olympus Corporation launched EndoBRAIN, an open platform for AI-assisted diagnosis in endoscopic examinations.