Global Gastroscopes Market to Witness Significant Growth During the Forecast Period (2022-2027)
Key Highlights :
The global gastroscopes market is expected to experience significant growth during the forecast period of 2022-2027, according to Technavio Research. This growth is attributed to a number of factors, including an increasing prevalence of gastrointestinal disorders, the presence of well-developed and robust healthcare infrastructures in the US and Europe, and the availability of advanced medical technologies such as gastroscopy.
The market size is estimated to grow at a CAGR of 5.29%, reaching $4,759.86 million by 2027. The market is segmented by end-user (Hospitals, ASCs, and Others), product (Flexible and Rigid), and geography (North America, Europe, Asia Pacific, and Rest of World (ROW)). North America is expected to contribute to the growth of the global market during the forecast period.
Hospitals are the primary end-users of gastroscopes, as they rely on these devices to perform therapeutic procedures like bleeding ulcers, removing polyps, dilating strictures, and managing other gastrointestinal abnormalities. Moreover, the prevalence of gastrointestinal disorders, such as diverticulosis, intestinal diseases, gastrointestinal malignancies, and urinary and fecal problems, is also driving the market growth.
The market is highly competitive, with major vendors such as Conmed Corp, Stryker Corp, Johnson, and Johnson Services Inc., and Laborie Medical Technologies Corp. The company offers gastroscope devices such as Biliary and Endoscopic Ultrasound devices. Other vendors include Advin Health Care, Arthrex Inc., B.Braun SE, Boston Scientific Corp., Carl Zeiss AG, Conmed Corp., Endomed Systems GmbH, FUJIFILM Corp., HOYA Corp., HUGER Medical Instrument Co. Ltd., Johnson and Johnson, and Co. KG, LABORIE MEDICAL TECHNOLOGIES CORP., Medtronic Plc, Mitra Group, Olympus Corp., Richard Wolf GmbH, Smith and Nephew plc, Stryker Corp., dantschke Medizintechnik GmbH and Co. KG.
The market is expected to witness further growth as the demand for advanced medical technologies increases and the prevalence of gastrointestinal disorders continues to rise. The market is also expected to benefit from the presence of well-equipped hospitals, clinics, and gastroenterology centers that perform a large number of endoscopic procedures.
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.
