Gastroenterology Devices Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Endoscopy Devices, Ostomy Products, Enteral Feeding Pumps, Bariatric Surgery Devices, and Others), By End-User (Hospitals, Clinic, and Others), and Region Forecast 2019-2030

Gastroenterology Devices Market size was valued at US$ 9,7438.2 million in 2023 and is poised to grow at a significant CAGR of 8.3% from 2024-2030. The market for gastroenterology devices grew due to the rising prevalence of gastrointestinal illnesses. The market is also driven by rising demand for minimally invasive surgery and new technological advancements. Gastrointestinal diseases have increased due to changing lifestyles combined with improper eating habits, which is projected to enhance the market.

Furthermore, a growing geriatric population with long-term medical issues such as Gastrointestinal illnesses and an increase in the prevalence of colon and rectum cancer due to sedentary lifestyles, obesity, and cigarette use are driving the expansion of the market. The funds will be used to continue research and development activities for new products and indications, gather evidence on device capabilities, establish a network of centers of excellence, and grow and strengthen the gastrointestinal devices industry.

The product segment for gastrointestinal devices is now led by endoscopy devices. Increased demand for minimally invasive surgery, such as laparoscopy, and recent technology advancements in gastrointestinal videography technologies are driving endoscopic device supremacy. Endoscopic equipment for diagnosing and treating gastrointestinal diseases includes capsule endoscopes, hemostatic devices, endoscopic retrograde cholangiopancreatography devices, and biopsy devices, among others.

Key Developments

• In April 2022, Olympus, a global technology leader in designing and delivering innovative solutions for medical and surgical procedures, announced a strategic distribution agreement with EndoClot® Plus, Inc. (EPI). EPI technologies complement Olympus' leading portfolios in GI endoscopy and the company's overall medtech strategy. EPI technologies provide new options in the fast-growing hemostasis space as well as providing an important addition to the Olympus portfolio supporting EMR and ESD, procedures
• In March 2021, Cardinal Health announced that it has signed a definitive agreement to sell its Cordis business to Hellman & Friedman (H&F) for approximately $1 billion, which includes buyer's assumption of certain liabilities and seller's retention of certain working capital accounts.