The gastrointestinal devices market is one of the largest segments of the medical device industry and a new report predicts that globally that segment will grow to $33.3 billion in 2033.
Gastrointestinal devices treat a multutide 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 U.S. is the largest market for these devices accounting for 39 percent of the global sales in 2011. In 2013, that figure will grow to $21.8 billion, according to Visiongain, a U.K.-based business intelligence firm which issued the report.
Gastrointestinal endoscopy devices will continue to be the largest segment of the gastrointestinal devices market overall and that sub-segment will grow to $6.6 billionn in 2017 and $11 billionn in 2023.
Key players in the space are Ethicon-Endo Surgery (part of Johnson & Johnson), Olympus, Boston Scientific, Coloplast, Given Imaging, CONMED and Covidien.
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 U.S. to treat Type II Diabetes and related obesity.
By Arundhati Parmar, Senior Editor, MD+DI