Esophagoscopes and Gastroscopes Market Expected to Reach $2,880.36 million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Esophagoscopes and Gastroscopes Market," The Esophagoscopes and Gastroscopes Market Size was valued at 1,643.79 million in 2021, and is projected to reach $2,880.36 million by 2031, growing at a CAGR of 5.7% from 2022 to 2031.

Esophagoscopes and gastroscopes are the types of endoscopes used for visualization and biopsy of the esophagus and gastrointestinal tract. There are different  esophagoscopes used in conventional endoscopy such as transnasal, rigid, and flexible. These endoscopes are widely used for detecting stomach cancer, esophageal cancer, gastrointestinal diseases, and biopsy procedures.

Esophagoscopes and Gastroscopes Market Trends are an increase in the prevalence rate of stomach cancer, and celiac diseases, and a rise in demand for endoscopic examination. For instance, according to the American Society of Clinical Oncology Journal, the majority of patients diagnosed with stomach cancer in 2020 across the world. In addition, according to the American Cancer Society, about 26,380 new cases of stomach cancer will be reported in U.S. in 2022, out of which 15,900 are men and 10,480 are women. Moreover, the increase in R&D activities in the healthcare sector and the rise in demand for technologically advanced endoscopes drive the Esophagoscopes and Gastroscopes Market Growth.

Furthermore, growing cases of celiac disease also contribute towards market growth. For instance, according to an article published by the National Institute of Diabetes and Digestive and Kidney Diseases, in October 2020, It was estimated that about 2 million people in U.S. have celiac disease and about 1% of people across the globe have celiac disease. Thus, rise in the prevalence rate of celiac disease requires diagnosis, which, in turn, increases the demand for gastroscopes.

Moreover, chronic gastric diseases require testing and biopsies. In such diagnoses, gastroscopes are used for internal examination of the gastrointestinal tract. Therefore, an increase in cases of gastric disease fuels market growth.

However, the risk of infections caused to use of esophagoscopes and gastroscopes is anticipated to act as a major restraint of the global market. However, an increase in the number of specialized hospitals & clinics in countries such as Singapore, Japan, China, and India provides good treatment at an affordable price, which encourages patients to travel across the world.

The market is segmented into flexible, transnasal, rigid, and others. Depending on the application, the market is fragmented into gastroesophageal reflux disease, ulcers, Barrett's esophagus, celiac disease, and others. As per end user, the market is differentiated into hospitals & clinics, diagnostic laboratories, and ambulatory surgical centers.

On the basis of type, the Esophagoscopes Industry is classified into flexible, transnasal, rigid, and others. The rigid segment was the highest Esophagoscopes and Gastroscopes Market Share in 2021, and is expected to grow at the fastest rate during the forecast period, owing to rise in demand for conventional rigid esophagoscopes and gastroscopes as compared to others.

On the basis of application, the Gastroscopes Industry is classified into gastroesophageal reflux disease, ulcers, Barrett’s esophagus, celiac disease, and others. The gastroesophageal reflux disease segment dominated the market in 2021, and is the fastest-growing segment during the forecast period, owing to rise in the prevalence of gastroesophageal reflux disease due to lifestyle changes and obesity.

On the basis of end user, the market is classified into hospitals & clinics, diagnostic laboratories, and ambulatory surgical centers. The hospitals & clinics segment dominated the market in 2021, and is expected to grow at the fastest rate during the forecast period, owing to an increase in the number of hospitals and clinics and an increase in the number of patients seeking treatments from hospitals.

Region-wise, North America has the highest market share in 2021, and is expected to maintain its lead during the forecast period, owing to higher adoption of advanced esophagoscopes and gastroscopes, rise in geriatric population, availability of endoscopic devices, availability of well-developed healthcare infrastructure, and increase in the prevalence of gastritis in the region. However, Asia-Pacific is expected to exhibit the fastest growth during the forecast period, owing to improvement in health awareness, development in healthcare facilities, rise in the prevalence of gastritis and peptic ulcers, and surge in healthcare expenditure.

Key findings of the study

• By type, the rigid segment dominated the market in 2021.
• On the basis of application, the gastroesophageal reflux disease segment dominated the market in 2021.
• By end user, the hospitals and clinics segment dominated the market in 2021.
• By region, North America dominated the market in 2021 and is expected to grow at a CAGR of 5.0% during the forecast period. However, Asia-Pacific is expected to grow at the fastest rate during the forecast period with a CAGR of 6.2%.