Global Gastrointestinal MedTech market valued at $13-14 billion in 2021, is growing at a rate of 5%

BRUSSELS - March 16, 2022 - PRLog -- Aging population, rising number of GI procedures, growing cases of colorectal cancer and screening mandates in many healthcare systems is driving the Gastrointestinal MedTech market growth. Rising usage of robotics and focus on AI are offering further impetus for the market growth.

Medi-Tech Insights' latest report on Gastrointestinal MedTech market analyses the worldwide market with respect to product and geography.

Based on product, the Gastrointestinal MedTech market comprises of 4 segments, viz., GI endoscopes, endotherapy devices, laparoscopes, and laparoscopic devices. Based on our research & interviews with industry experts, it is evident that GI endoscopes is the largest product segment. Within endoscope market, reusable endoscopes form major chunk of the market, owing to the fact that they are high-cost capital equipment with relatively greater adoption. However, single-use endoscope market is slated to grow faster. Shift driven by relatively lower acquisition cost, lower level of training & skills, no reprocessing cost and no risk of cross-contamination. Major players offering single-use endoscopes are Boston Scientific and Ambu.

Geographic Snapshot: Gastrointestinal MedTech Market

Comprehensive regional and country-level assessment of the global Gastrointestinal Devices MedTech market covering U.S., Europe, Asia-Pacific and Rest of the World suggests that U.S. is likely to dominate the market next 5 years while China will grow faster compared to other geographies.

Gastrointestinal MedTech market benefits from presence of large players like Olympus and Boston Scientific (BSX) but number of start-up companies have emerged especially in AI, single-use instruments

GI endoscopes, endotherapy devices, laparoscopes, and laparoscopic devices are four major market segments. Olympus, Fujifilm, and Hoya are top 3 players in endoscope market with Olympus alone accounting for major chunk. Endotherapy devices is the fastest growing market segment and is dominated by BSX with more than 50% market share. Laparoscope's market is dominated by Stryker, Karl Storz, and Olympus. On the other hand, top 5 players accounted for more than 70% share of laparoscopic devices market.

Artificial intelligence (AI) and single-use endoscopy have attracted PE investments

Traditional endoscopy has a long track record in healthcare, but the images produced by the procedure are subject to the assessment of clinicians, potentially leading to wide variations in interpretations. However, AI-assisted endoscopy is perceived to have potential to provide consistent results and improve patient care owing to which PEs are investing in AI providers.

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