The gastroenterology market involves devices and diagnostic procedures to treat gastrointestinal disorders. This includes endoscopy devices like endoscopes, visualization systems, polypectomy and biopsy devices used to diagnose and treat conditions affecting the esophagus, stomach, intestines, liver, gallbladder, and pancreas. The growing geriatric population is more prone to gastrointestinal disorders due to weaker immunity and other age-related health issues, driving significant demand for gastroenterology treatments and devices.

The Global gastroenterology market is estimated to be valued at US$ 35.12 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the gastroenterology market include Allied Digestive Health, Boston Scientific, Capital Digestive Care, CRH Medical, Iterative Scopes, Fujifilm Medical, Gastro Health, GI Alliance, Medtronic, Micro-Tech Endoscopy, Motus GI, Olympus, One GI, PE GI Solutions, Peak Gastroenterology Associates, Pentax Medical, Pinnacle GI Partners, Saneso, Surgical Innovations, Wision A.I. These players are focusing on new product launches and innovations to expand their product portfolio.

The growing prevalence of Gastroenterology Market Size disorders globally presents significant growth opportunities for market players. Favorable reimbursement policies for gastrointestinal treatments and growing investments for healthcare infrastructure development in emerging economies will further support the market expansion.

North America dominates the global gastroenterology market currently due to developed healthcare infrastructure and high adoption of advanced medical devices. However, Asia Pacific is expected to witness fastest growth during the forecast period driven by growing medical tourism, increasing healthcare expenditures, and expanding medical infrastructure in developing countries.

Market drivers

A rapidly growing Gastroenterology Companies population worldwide prone to gastrointestinal disorders is a major market driver. Over 10% of the global population will be aged 65 years and above by 2050. Moreover, growing lifestyle diseases like obesity causing gastrointestinal complications also support market growth. Increasing medical tourism for cost-effective gastrointestinal treatments in developing regions further drives the market.

PEST Analysis

Political: The regulations for medical devices, drugs and biologics that are used to treat gastrointestinal diseases are stringent. Regulations impact the approval and adoption of new products.

Economic: Rising healthcare expenditure globally is driving the demand for advanced gastroenterology products and services. However, economic slowdowns can negatively impact the market.

Social: Growing awareness about gastrointestinal diseases and their treatment options is boosting the market. The social stigma around certain GI conditions is reducing.

Technological: Adoption of advanced endoscopy devices, capsule endoscopy systems, biologics and drugs are driving diagnostics and therapeutics. Artificial intelligence and robotics are poised to transform GI procedures.

The geographical region where the gastroenterology market in terms of value is concentrated is North America. The region accounts for the largest market share currently due to growing disease prevalence, high healthcare spending and rapid adoption of advanced technologies.

The fastest growing region for the gastroenterology market is expected to be Asia Pacific over the forecast period from 2024 to 2031. Factors such as rising economic prosperity, growing awareness, increasing healthcare investments and expansion of private insurance coverage are likely to drive strong market growth in Asia Pacific countries.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)