Solid Growth Ahead for Gastrointestinal Endoscopic Devices Market

The gastrointestinal endoscopic devices market is recovering from COVID-19 (along with the rest of the world).

Medi-Tech Insights data estimates the sector was worth $13.7 billion last year and predicts it will grow 5% annually through 2027. 

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 (liver, gallbladder, and pancreas). Medical devices such as endoscopes, laparoscopes/surgical endoscopes, endotherapy devices, and laparoscopic devices play a vital role in the early and accurate diagnosis and treatment of potentially life-threatening GI diseases, which in turn opens up growth avenues for GI MedTech device manufacturers.
 
COVID-19 adversely impacted the GI endoscopic market. 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 sector 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 North American GI device manufacturers, improving COVID-19 coverage globally, and rising number of GI procedures.
 
“A price erosion in gastrointestinal endoscopic devices is expected due to consolidation of group purchasing organizations (GPOs) in different markets and demand of discounts by cash-strapped hospitals in high volume purchases, especially due to the COVID-19 pandemic,” a senior director of a leading U.S. endoscope manufacturer stated.
 
The Gastrointestinal Endoscopic Devices market is a technology-driven market and is marked by constant product enhancements/innovations. In May, Fujifilm showcased its new endoscopy innovations for the detection, diagnosis, and treatment of diseases at Digestive Disease Week. The firm showcased its entire portfolio of endoscopic imaging solutions for core gastrointestinal (GI), therapeutic, interventional, and third space endoscopy including ELUXEO VISION, G-EYE 700 Series Colonoscopes, El-740D/S Dual-Channel Endoscope, and TRACMOTION.
 
“Single-use gastroscopes counter concerns related to the long waiting lists and staff shortages. Ease of setup and elimination of reprocessing are other advantages offered by the system which is expected to drive its adoption,” a professor at a major U.S. hospital noted. 
 
The United States currently holds a major share in the global gastrointestinal endoscopic devices market. It is expected to continue to hold a major 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, rising concerns over cleaning, disinfection and sterilization, and higher quality expectations.
 
The global gastrointestinal endoscopic devices market is marked by the presence of both established and new players. Players operating in this market adopt both organic and inorganic growth strategies such as new product launches, and partnerships to garner market share. For instance, in February, Motus GI received U.S. Food and Drug Administration clearance to market the Pure-Vu EVS System, a product designed to improve the speed of set-up, enhance navigation capabilities in tortuous anatomy, build upon the cleansing capabilities of the Pure-Vu system, and enable physicians to rapidly overcome the challenges of poorly prepared colons during a colonoscopy
 
The gastrointestinal endoscopic devices market is expected to continue to grow in the coming years due to growing cases of GI disorders and requirements for endoscopes, laparoscopes/surgical endoscopes, endotherapy devices, and laparoscopic devices to diagnose and treat GI disorders.
 
Major market players include Olympus, Boston Scientific, Pentax (Hoya), Fujifilm, Cook Medical, Karl Storz, Ethicon, Medtronic, Stryker, Medi-Globe, Ambu, Arthrex, Richard Wolf, ERBE, and Micro-Tech, among others.