Gastroenterology Market Key Takeaways
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Driving Growth with Rising Demand for Non-Invasive Gastrointestinal Testing Procedures
A new report published by Coherent Market Insights provides an overview on the various trends in the gastroenterology market. Growing demand for non-invasive procedures will fuel industry demand. Technological innovations made in the endoscopy industry such as narrow band imaging, high-definition imaging boost demand in the market. Moreover, rising rate of gastrointestinal disease owing to changing eating habits and lifestyles.
High Cost of Endoscopy Devices
The high cost of endoscopy devices is likely to hinder the global gastroenterology market. Endoscopy testing needs some specialized equipment such as biopsy valves, polypectomy snares and clips, and balloon dilation systems. These devices are more costly than increasing the overall cost of the endoscopy procedure. This high cost makes financial burden on the patients and makes them hesitant to go through these procedures. Additionally, stringent government laws globally will increase the compliance cost for device manufacturers.
Opportunities for Growth
Increasing adoption of robot-assisted surgical system will provide an opportunity for growth in the global gastroenterology market in upcoming years. The integration of robotics will provide several advantages as compared to conventional laparoscopic surgeries including 3D visualization, high dexterity, motion scaling, and tremor filtering. These innovative features will help improve surgical precision, control, and flexibility. Moreover, robotic system has the potential to make the non-invasive surgeries that can be done without trained laparoscopic surgery. Ongoing advancement in robotics will lead to high acceptance in the field of laparoscopic surgeons. In the report published by HIMSS Media on June 2024, Amrita Hospital established in Kochi, Kerala announced the launch of G-Gaiter, a robotic gait trainer that is developed by local startup Gen Robotics. This innovative system offers an immersive experience through virtual reality.
Emerging Market Trends
Analyst’s View
The global gastroenterology market is projected to be fueled by the rising prevalence of gastrointestinal diseases and rising adoption of endoscopic procedures. Another factor that is driving demand is the growing geriatric population susceptible to chronic diseases. The growth is attributed to rapid urbanization and lifestyle changes due to increasing obesity and gastrointestinal allments. Moreover, technological advancement, growing healthcare expenditure, and favorable reimbursement policies drive growth,” said senior analyst Vipul Patil.
Competitor Insights
Key companies in this market include:
– Allied Digestive Health
– Boston Scientific
– Capital Digestive Care
– CRH Medical
– Iterative Scopes
– Fujifilm Medical
– Gastro Health
– GI Alliance
– Medtronic
– Mirco-Tech Endoscopy
– Motus GI
– Olympus
– One GI
– PE GI Solutions
– Peak Gastroenterology Associates
– Pentax Medical
– Pinnacle GI Partners
– Saneso
– Surgical Innovations
– Wision A.I.
Key Development
– In August 2024, Indian gastroenterologists announced the introduction of the Gastro AI Academy to provide free AI education to GI physicians and surgeons. This new initiative aims to enhance patient care through advanced technology.
– In April 2024, OMNY Health announced the strategic partnership with leading community-based gastroenterology practices. This partnership integrates delivery networks to launch innovative real-world data solutions for the purpose of research. This expansion combines more than 5,000 GI providers and more than 10 million patients to OMNY’s network. This will include the data from 3, 80,000 providers and 75 million patients across U.S.
– In February 2024, Salve Health secured around US$ 5 million in a Seed Prime funding round that is led by Human Ventures and City Light Capitals.
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