by Gastrointestinal diseases are on the rise, driven by factors such as irregular and unhealthy eating habits, sedentary lifestyles, and increasing awareness of colorectal cancer. This surge in digestive problems has fueled the demand for gastrointestinal devices, leading to robust growth in the market. A recent report highlights the key drivers and trends shaping the gastrointestinal devices market, including the increasing prevalence of gastrointestinal diseases and the adoption of advanced technologies.
The Gastrointestinal Diseases Epidemic
Gastrointestinal diseases, ranging from common ailments like constipation and GERD to chronic conditions such as gastrointestinal cancer, are becoming increasingly prevalent in tropical countries. Reasons behind this epidemic include irregular and unhealthy eating habits, poor sanitation, and a lack of physical exercise. These conditions can lead to deteriorating health and, in severe cases, even be fatal.
According to recent reports, in 2021, 20 million Americans suffered from digestive diseases, with 25 percent requiring gastrointestinal surgery. This alarming statistic underscores the growing need for gastrointestinal devices to diagnose and treat these conditions effectively.
Driving Factors
Several factors are driving the growth of the gastrointestinal devices market:
- Technological Advancements: The market has witnessed significant technological advancements in devices such as single-use endoscopes, robotics, and the integration of artificial intelligence in surgeries. These innovations offer higher throughput and accuracy in diagnosis and treatment.
- Geriatric Population: As the global population ages, the prevalence of gastrointestinal illnesses among the elderly has increased. This demographic requires long-term medical solutions, contributing to market growth.
- Rising Colorectal Cancer Cases: The awareness of colorectal cancer is on the rise, with a projected increase from 1.93 million cases in 2020 to 3.2 million by 2040. This surge in cancer cases is expected to drive the demand for gastrointestinal devices.
Endoscopic Retrograde Cholangiopancreatography (ERCP) Devices Show Promise
Endoscopic retrograde cholangiopancreatography (ERCP) devices, used to identify obstructions in liver and pancreatic ducts, are experiencing healthy sales growth. These devices offer therapeutic solutions, including stone removal and stent insertion. The increasing prevalence of digestive problems has led to a higher demand for advanced technologies like ERCP devices, further fueling market expansion.
North America Takes the Lead
North America is at the forefront of the gastrointestinal devices market, driven by increased healthcare expenditure, technological advancements, and rising patient awareness. Gastrointestinal diseases and disorders, including gastroesophageal reflux disease, irritable bowel syndrome, and colorectal cancer, are prevalent in this region. For example, 62 million Americans are diagnosed with digestive ailments each year, with 2-6% suffering from inflammatory bowel disease (IBD). These factors are propelling the growth of the gastrointestinal devices market in North America.
Competitive Landscape
Key players in the gastrointestinal devices market, such as Boston Scientific Corporation, Medtronic Plc., and Johnson & Johnson, are launching new products and forging collaborations to meet the growing demand for innovative solutions. Recent developments include FDA approvals for advanced systems and the introduction of cutting-edge technologies like nitinol snares for polypectomy.
The gastrointestinal devices market is on an upward trajectory, driven by the rising prevalence of gastrointestinal diseases, technological advancements, and an aging population. With a growing focus on early diagnosis and minimally invasive treatments, the future of the gastrointestinal devices market looks promising.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/gastrointestinal-devices-market
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This press release first seen on Brilad
COMTEX_442040567/2840/2023-10-17T19:39:06
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.