The gastrointestinal devices market has been forecast to increase at a compound annual growth rate (CAGR) of 4.76% through to 2016, driven by the increasing prevalence of GI disorders, and the increase in demand for minimally invasive procedures.
The gastrointestinal devices market is one of the largest segments of the medical device industry and has been forecast to reach a value of $33.3 billion by 2033.
Gastrointestinal devices treat a multitude of disorders including oesophageal cancer, stomach cancer, colon cancer and Crohn's disease.
Similar to the factors that are propelling the device market overall, use of gastrointestinal devices is increasing because of rapid advancements in technology, an aging global population and a desire for minimally invasive procedures.
The demand among patients for minimally invasive surgery is increasing because this type of surgery can remove masses or growths with minimal scarring and also results in improved surgical outcomes, lower surgical risks, and shorter surgical procedure time.
Moreover, it minimizes recovery time and thereby reduces the length of hospital stay. For example, gallbladder removal (cholecystectomy), adhesiolysis (removal of abdominal scar tissue), appendectomy, gastric bypass, colon resection, and hernia repair are surgical procedures that can be performed using a minimally invasive approach.
The US is the largest market for gastrointestinal devices accounting for 39% of global sales in 2011. By 2013, the figure has been forecast to grow to a value of $21.8 billion.
According to a recent report, 'Global Gastrointestinal Devices Market 2012-2016,' key players currently dominating the gastrointestinal devices market include Boston Scientific Corp., Covidien Plc., Ethicon Endo- Surgery Inc., and Olympus Corp.
But there are startups and smaller companies in the space as well. There is ReShape Medical, which has developed an intra-gastric balloon for weight loss - the company is currently conducting a clinical trial to gain FDA approval for its ReShape Duo.
Then there is GI Dynamics, which has listed on the Australian Stock Exchange, which also is testing an endoscopic device in the US to treat Type II Diabetes and related obesity.
For more information on the gastrointestinal devices market, see the latest research: Medical Device Market Research
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