LONDON, Jan. 17, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Gastrointestinal Endoscopy Global Market Report 2024, the gastrointestinal endoscopy market has experienced significant growth in recent years, driven by factors such as increasing prevalence of gastrointestinal disorders, rising awareness about early disease detection, a growing aging population, favorable reimbursement policies, and expanding applications in therapeutic procedures. According to recent data, the gastrointestinal endoscopy market size is poised to grow from $14.65 billion in 2023 to $15.72 billion in 2024, with a notable Compound Annual Growth Rate (CAGR) of 7.3%.
Growth Trajectory for 2028
Looking ahead, the gastrointestinal endoscopy market is anticipated to witness robust growth, reaching $20.22 billion in 2028, with a projected CAGR of 6.5%. Key drivers in the forecast period include the rising demand for minimally invasive procedures, increased investment in healthcare infrastructure, growth in the geriatric population, expanding applications in oncology diagnosis, and the rising adoption of capsule endoscopy.
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Emerging Trends in the Forecast Period
Major trends expected in the forecast period include the increasing use of artificial intelligence in endoscopy, development of disposable endoscopes, rising demand for flexible endoscopes, a focus on tele-endoscopy services, and the integration of robotics in gastrointestinal endoscopy.
Aging Population Driving Market Growth
The increasing size of the aging population globally is expected to be a significant driver for the gastrointestinal endoscopy market. With 1 in 6 people expected to be 60 or older by 2030 globally, and a projected rise in the senior population in the UK making up 24% of the total population by 2043, the demand for minimally invasive diagnostic and therapeutic tools is on the rise to ensure the health and well-being of older individuals.
Technological Advancements: AI-Powered Endoscopy
Companies operating in the gastrointestinal endoscopy market are at the forefront of integrating the latest technologies, such as artificial intelligence (AI), into endoscopy for improved disease detection and treatment. For instance, Medtronic plc. launched the AI-powered GI Genius intelligent endoscopy module in India, utilizing deep learning algorithms for enhanced visualization during colonoscopy. This innovation marks a significant leap in the early detection and treatment of colorectal cancer.
Market Landscape and Key Segments
The gastrointestinal endoscopy market is segmented based on products (Endoscopes, Camera Heads, Visualization Systems, Biopsy Devices, Capsule Endoscopes, Transmitters And Receivers, Robot-Assisted Endoscopes), applications (OGIB, Crohn’s Disease, Small Intestine Tumor, Other Applications), and end-users (Hospitals, Ambulatory Surgery Centers Or Clinics, Other End Users).
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Regional Dominance: North America Leading the Way
North America emerged as the largest region in the gastrointestinal endoscopy market in 2023, accounting for 40.4% or $5,914.0 million of the total gastrointestinal endoscopy market. This highlights the region's prominence and significant contributions to the overall market dynamics.
In conclusion, the gastrointestinal endoscopy market presents ample growth opportunities fueled by evolving trends, technological advancements, and the expanding healthcare landscape. Industry players can leverage comprehensive market insights to strategize and position themselves for success in this dynamic sector.
Gastrointestinal Endoscopy Global Market Report 2024 by The Business Research Company provides insights on the gastrointestinal endoscopy market size, gastrointestinal endoscopy market segments, gastrointestinal endoscopy market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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