Gastroscopy Devices Market Is Witnessing Major Growth Due To Rise In Old Age Population Across The Globe

 

Gastroscopy Devices Market

Overview:

The Gastroscopy Device is used to examine the inside of the digestive system, including the stomach, esophagus, and colon. This is done through a tube with a camera, which is inserted into the mouth, throat, and stomach of the patient. Using the device, patients can undergo tests that can detect tumors in the esophagus, stomach, or pancreas. It is also used to look for inflammation and to monitor blood pressure and breathing.

Market Dynamics:

Increasing geriatric populations is anticipated to boost growth of the global gastroscopy devices market during the forecast period. The burden of old age population is increasing around the world, which in turn is increasing number of people requiring endoscopic interventions. Thus, the demand for gastroscopy devices is growing across the globe, which is further driving the market growth. For instance, according to the report from the Administration on Aging (AoA) of the U.S. Department of Health and Human Services, in 2019, nearly 16% of the populations was aged more than 65 years, and this number is likely to grow by 2040 to 21.6% in the U.S.

However, high risk involved with viral infection during the procedures and high cost of gastroscopy devices and procedures are projected to obstruct growth of the global endoscopy devices market over the forecast period.

Impact of COVID-19:

During the COVID-19 pandemic, some of the segments of medical device industry were adversely impacted. Due to the burden of COVID-19 cases, several hospitals and medical facilities stopped non-emergency medical procedures, in order to prevent the virus spread. This in turn impacted the demand for various medical devices including gastroscopy devices during the pandemic. Thus, the global gastroscopy devices market was negatively impacted by the COVID-19 pandemic. However, decreasing burden of COVID-19 will lead to regular operations across industries and hospitals, which is likely to support the market growth in the near future.

Key Takeaways:

·         The global gastroscopy devices market to grow with a CAGR of XY% during the forecast period, owing to increase in prevalence of gastrointestinal diseases needing endoscopic procedures. For instance, according to the National Institute of Diabetes and Digestive and Kidney Diseases of National Institute of Health, the U.S., in 2010, digestive diseases affected 60 to 70 million people and there were 48.3 million ambulatory care visits in the U.S.

·         North America is anticipated to exhibit substantial growth in the global gastroscopy devices market over the forecast period. This is owing to increased adoption of advanced technology, and presence of well-established healthcare infrastructure. Along with this growing old age population and increasing abdominal and gastrointestinal disease prevalence across the region are also driving growth of the market.

·         Major competitors functioning in the global gastroscopy devices market are Smith & Nephew, Olympus, Richard Wolf GmbH, KARL STORZ, Hoya Corporation, Stryker, Medtronic, Boston Scientific, Fujifilm Corporation, and Ethicon.