A gastroscope is defined as an optical instrument that is used for inspecting the interior of the stomach. A new report on the global gastroscopes market, published by Market Research Future (MRFR), states that this market can visualize progress at 6.9% CAGR between 2018 and 2023. In terms of money value, the market can be worth USD 2,070.71 Mn by the end of the forecast period.
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The most remarkable market driver for the global gastroscopes market growth is increasing the prevalence of gastric ailments. The gastroscope is always necessary for performing a medical procedure called Gastroscopy that is useful for observing the internal structure or parts of the esophagus, stomach, and small intestine. Other market drivers that fuel the global gastroscopes market growth include rising prevalence of the gastrointestinal disease, demand for technologically advanced gastroscopes providing high-quality images, product expansion, and lastly, strategies such as merger & acquisition. However, some factors that can hamper the global gastroscopes market growth include high cost of gastroscopes and risk of infection.
Market Segmentation
The global gastroscopes market segmentation encompasses application, end-user, and type. MRFR’s take on the market marks various facets of the market in-depth.
The application-based segmentation of this market covers contraindications, chronic gastritis, gastric ulcer, normal mucosa, and others. The chronic gastritis segment can be sub-segmented into atrophic gastritis and superficial gastritis.
Based on end-user, the market has been segmented into ambulatory surgical centers, diagnostic labs, hospitals & clinics, and others. By type, the market has been segmented into dual-channel gastroscopes, standard gastroscopes, therapeutic gastroscopes, and transnasal gastroscopes.
Regional Segmentation
A geographical outlining of the global gastroscopes market covers the Americas (North America & Latin America), Asia Pacific, Europe, and the Middle East & Africa (MEA).
The Americas is the biggest regional market as North America alone has the potential of becoming a powerful regional market. Due to the advanced medical facilities being available in the USA and the presence of key market players, North America is a larger regional market segment compared to Latin America. The market has been seen growing in North America due to the increasing adoption of new technologies for the detection of gastric cancer, stomach ulcer, and other gastrointestinal diseases. Due to the rising number of gastroscopies performed in the hospitals and diagnostic centers, the demand, as well as the market for gastroscopes, is going up. The rising prevalence of digestive conditions such as dyspepsia and dysphagia is also boosting the market in this region. USA and Canada are generating the maximum revenue in this region.
During the forecast period, Europe can be the second largest regional market due to increasing geriatric population and the prevalence of gastrointestinal disorders like Barrett's esophagus, esophageal cancer, and inflammatory bowel disease. Due to the reasons the same as in The Americas, Western Europe is a bigger market compared to Eastern Europe. The outstanding country-specific markets in this region are France, Germany, Italy, Spain, and the UK.
During the forecast period, the Asia Pacific region can be the fastest growing regional market due to the increasing prevalence of gastrointestinal diseases like colorectal cancer, Crohn’s disease (CD), gastroesophageal reflux disease, and inflammatory bowel disease (IBD). The rising demand for gastroscopies, rising geriatric population, and availability of high quality as well as affordable treatment options are also boosting the market growth. India and China are the biggest country-specific markets in this region due to the improving healthcare sector. Other country-specific markets of note in this region are Australia, Japan, and South Korea.
During the forecast period, the MEA region can witness steady growth due to rising demand for diagnostic devices and improving the infrastructure of the healthcare system.
Key Players
Big players in the global gastroscopes market are Boston Scientific Corporation (USA), Cogentix Medical (USA), Endomed Systems GmbH (Germany), Fujifilm Holdings Corporation (Japan), KARL STORZ GmbH & Co. KG. (Germany), Olympus Corporation (Japan), PENTAX Medical Company (Japan), Perkin Elmer (USA), SofMedica (Romania), and SonoScape Medical Corp. (China).
Latest Industry News
American company K.P.I. Health Care has given medical equipment worth D26 Mn to Edward Francis Small Teaching Hospital (EFSTH) of Gambia. The equipment included Philips HD-15 with 55-2 PureWave Cardinal sector, Samsung HM-70A Portable 4D Diagnostic Ultrasound; and Upper GI Endoscope (Gastroscope). 20 AUG 2019
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