Gastroenterology Market to Reach US$ 53.10 Billion by 2031, says Coherent Market Insights

/EIN News/ -- Burlingame, Nov. 27, 2024 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global gastroenterology market size is estimated to be valued at USD 35.12 billion in 2024 and is expected to surpass USD 53.10 billion by 2031, growing at a CAGR of 6.1% from 2024 to 2031.

Rising incidences of gastrointestinal disorders and growing demand for minimally invasive procedures are the major factors driving the market growth. Gastrointestinal disorders such as gastrointestinal ulcer, colon cancer, inflammatory bowel disease, and gastric cancer are becoming highly prevalent across the globe.

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According to the World Health Organization, around 350 million people globally suffer from gastrointestinal problems annually. The increasing cases are augmenting the demand for advanced gastroenterology procedures and therapeutics, thereby fueling the market growth. Moreover, minimally invasive procedures like endoscopy enable reduced hospital stay and quicker recovery time, hence witnessing increasing adoption rate.

Market Trends:

With advancement in technology, manufacturers are focusing on developing advanced video endoscopy systems with High Definition (HD) images and slimmer endoscopes to perform superficially examination and procedures. For instance, in 2021, Olympus Corporation launched EVIS X1 platform with upgraded imaging technology that provides improved visualization during endoscopic procedures.
Integration of AI capabilities in endoscopy is the key trend gaining traction in the market. AI enables real-time optical diagnosis during endoscopy to detect gastrointestinal anomalies. For example, Anthropic developed Peek Gastro tool integrated with AI that allows clinicians to perform virtual colonoscopy using smartphone. Such innovations are supporting early disease detection contributing to market growth.

Gastroenterology Market Report Coverage

Report Coverage	Details
Market Revenue in 2024	$35.12 billion
Estimated Value by 2031	$53.10 billion
Growth Rate	Poised to grow at a CAGR of 6.1%
Historical Data	2019–2023
Forecast Period	2024–2031
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Drug Type, By Dosage Form, By Disease Type, By Distribution Channel:
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Growth Drivers	• Increasing Incidences of Digestive Disorders • Rising Geriatric Population
Restraints & Challenges	• High Cost of Endoscopy Devices • Shortage of Skilled Professionals

Market Opportunities

By drug type, the biologics/biosimilars segment is expected to hold the largest share of the gastroenterology market during the forecast period. Biologics/biosimilars are widely used for treating inflammatory bowel diseases like Crohn's disease and ulcerative colitis. The increasing prevalence of these diseases and lack of effective therapeutic alternatives are boosting the demand for biologics and biosimilars in gastroenterology.

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The oral segment accounts for the largest share of the gastroenterology market by dosage form. Oral dosage forms offer advantages like self-administration, convenience of use, and cost-effectiveness over other dosage forms. The easy availability of generic drugs in oral solid dosage forms further supports the growth of this segment.

Key Market Takeaways:

The global gastroenterology market is anticipated to witness a CAGR of 6.1% during the forecast period 2024-2031, owing to the rising prevalence of gastrointestinal disorders and increasing research & development activities in gastroenterology therapeutics.

By drug type, the biologics/biosimilars segment is expected to hold a dominant position in 2024. This is owing to the increasing demand for effective biologic therapies for inflammatory bowel diseases.

By dosage form, the oral segment is expected to hold a dominant position over the forecast period. This is due to advantages like convenience of use and cost-effectiveness over other forms.

North America will hold a dominant position over the forecast period. This is due to the rising prevalence of gastrointestinal diseases and growing healthcare expenditures.

Competitor Insights
- Allied Digestive health
- Boston Scientific
- Capital Digestive Care
- CRH Medical,
- Iterative Scopes
- Fujifilm Medical
- Gstro Health
- GI Alliance
- Medtronic
- Micro-Tech Endoscopy
- Motus GI
- Olympus
- One GI
- PE GI Solutions
- Peak Gastroenterology Associates
- Pentax Medical
- Pinnacle GI Partners
- Saneso
- Surgical Innovations
- Wision A.I.

Recent Developments:

In August 2024, Indian gastroenterologists introduce a Gastro AI Academy that offers free AI education to GI physicians and surgeons. It aims at enhancing patient care through advanced technology.

In April 2024, OMNY Health announced a partnership with community based gastroenterology practices and integrated delivery network to launch real-world data solution for the purpose of research.

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Detailed Segmentation-
By Drug Type:

• Biologics/Biosimilars
• Antacids
• Laxatives
• Antidiarrheal Agents
• Antiemetics
• Antiulcer Agents
• Others
  

By Dosage Form:

• Oral
• Parenteral
• Others
  

By Disease Type:

• Inflammatory Bowel Diseases (IBD)
• Crohn's Disease
• Ulcerative Colitis
• Irritable Bowel Syndrome (IBS)
• Gastroesophageal Reflux Disease (GERD)
• Liver Diseases
• Colorectal Cancer
• Others (Peptic Ulcers, etc.)

By Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
  

By Regional Insights:

• North America
  • U.S.
  • Canada
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of Latin America
• Europe
  • Germany
  • U.K.
  • Spain
  • France
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • ASEAN
  • Rest of Asia Pacific
• Middle East
  • GCC Countries
  • Israel
  • Rest of Middle East
• Africa
  • South Africa
  • North Africa
  • Central Africa

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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