Gastrointestinal Devices MedTech market valued at $13-14 bn in 2021, is growing at a healthy CAGR of 5% - Driven by adoption of single use endoscopes, robotics and AI in surgeries

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

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

Based on product, the Gastrointestinal Devices 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.

“Currently, penetration of single-use endoscopes in GI is <5%. It is expected to increase to 10-15% in the next 5 years.” - CEO, Leading Gastrointestinal MedTech Company 

Geographic Snapshot: Gastrointestinal Devices 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 Devices 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 investment recently

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. For instance, in August 2021, Iterative Scopes raised $30 mi Series A Financing to Advance AI-Driven Precision Medicine for Gastroenterology. Similarly, single-use endoscopy is likely to be focus area in coming years with key players already started to add these to portfolio. Also, smaller/niche players are receiving funding. For instance, in October 2021, IQ endoscope received £4 mi (~$5 mi) for supporting regulatory approval process for its single use flexible gastroscope, as well as accelerating the development of its single use flexible colonoscope.

Get Customized Report on GI MedTech market @ https://meditechinsights.com/gastrointestinal-devices-medtech-market/

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