Home > Pressrelease > Endotherapy Devices Market size to exceed $7bn by 2028
Endotherapy Devices Market size to exceed $7bn by 2028
- Published Date: February 10, 2022
Endotherapy Devices Market size is set to exceed USD 7 billion by 2028, according to a new research report by Global Market Insights Inc.
Increasing prevalence of gastrointestinal disorders has led to a rise in surgical intervention, thereby propelling the demand for minimally invasive treatment incorporating the use of endotherapy devices. The implementation of these devices for gastrointestinal disease treatment offers better patient compliance as well as aids in delivering optimal outcomes. The pancreatic sphincterotomy, extraction of stones, placement of a stent, and dilatation of strictures among others have emerged as a preferred choice in the treatment of gastrointestinal conditions.
Reduced surgical complications, rapid recovery, shorter stay in the hospitals, and effective management of post-surgical pain are the factors accelerating the demand for minimally invasive treatments and promoting the adoption of endotherapy devices. Thus, the afore-mentioned factors are thereby driving the growth of the endotherapy devices market across the globe.
Technological advancement is set to propel market expansion during the forecast period
Ongoing developments have favored the evolution of gastrointestinal endoscopy procedures that are associated with a less invasive nature in the treatment of related ailments. These advancements in extraction balloons, guide wire, use of nanotechnology for reduced inflammation & infection, and several other breakthroughs have increased the procedure outcome and success rate. Innovation and improvements in the conventional devices to promote their performance is set to drive the market potential.
The use of advanced instruments in these surgical procedures offering minimal scarring and smaller incisions will further stimulate the adoption of these devices. Similarly, another advancement in the form of DirecTip technology is being used by Boston Scientific Corporation for the development of cannulating sphincterotome. This technology allows the guidewire and contrast to be directed into the duct from the center of the tip, assisting the physician inject contrast into the intended duct. Such advancements are expected to drive the overall market demand.
Multiple advantages offered by the use of ERCP devices & accessories are expected to spur the market forecasts
Based on product, the endotherapy devices market is segmented as gastrointestinal devices & accessories, endoscopic retrograde cholangio pancreatography (ERCP) devices & accessories, and others. The endoscopic retrograde cholangio pancreatography (ERCP) devices & accessories segment held a substantial revenue share in 2021 and is estimated to witness over 8.4% CAGR during the forecast timeframe. This substantial market share is due to multiple advantages offered by the use of ERCP devices & accessories such as enhancement of the success rate of ERCP procedures, compatibility with ERCP techniques, etc. These devices are designed to treat the obstruction of the bile duct by strictures, gallstones and compression by tumours. The adoption of these devices is increasing significantly attributed to the upsurge in the incidence of several bile ducts, pancreatic, and liver diseases such as gastroesophageal reflux disorder (GERD), biliary disease, and Crohn’s disease among others.
Browse key industry insights spread across 450 pages with 524 market data tables & 15 figures & charts from the report, “Endotherapy Devices Market Forecasts By Product (Gastrointestinal (GI) Devices & Accessories, Endoscopic Retrograde Cholangio Pancreatography (ERCP) Devices & Accessories), By End-use (Hospitals, Ambulatory Surgical Centres), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Surging patient preference to ASCs for quality care and affordability is expected to drive the overall industry statistics
Based on end-use, the endotherapy devices market is segmented as hospitals, ambulatory surgical centers, and others. The ambulatory surgical centers segment is projected to reach more than USD 2,092 million by 2028. This notable market growth is owing to the surging patient preference to ASCs for quality care and affordability. Further, ASCs offer cost-effective and high-quality services, thereby delivers optimal procedural outcomes along with affordability. Additionally, the availability of a comprehensive range of treatments incorporating advanced technology and equipment caters to the patient population undergoing gastrointestinal endoscopy procedures is expected to drive the adoption of endotherapy devices in ASCs, thereby fueling the market outlook.
Growing incidence of gastrointestinal conditions in Germany is projected to fuel the business landscape
Germany endotherapy devices market is projected to surpass USD 288 million by 2028 growing at a CAGR of around 6.5%. This dominant market share in the country is attributed to the increasing prevalence of gastrointestinal conditions and rapidly aging geriatric population. Moreover, as per the statistics, in 2020, approximately 28 million people aged 60 and above are living in Germany. Estimates further suggest that by 2050, approximately 38% of the population is projected to be aged 60 and above. The geriatric populace is susceptible to chronic disease including gastrointestinal conditions and cancer. The rising prevalence of gastrointestinal disorders, cancer, and rapidly aging population would propel the demand for endotherapy devices in the country.
Players are emphasizing on strategic initiatives and innovative product launch to expand business operations
Some of the major market players operating in the endotherapy devices market are Olympus Corporation, Boston Scientific Corporation, Medtronic, Fujifilm Corporation, Cook Medical, Karl Storz, CONMED Corporation, and Taewoong Medical Co. LTD among others. These players are engaged in strategic collaborations, partnerships, and agreements to gain competitive advantage in the industry.
For instance, in August 2020, Boston Scientific Corporation received the U.S. FDA clearance for its Resolution 360 ULTRA Clip. This device is intended for clip placement within the gastrointestinal tract with the aim of endoscopic marking, hemostasis, etc. This move assisted the company in providing innovative endotherapy devices, further offering a competitive edge in the market.