Global Gastroenterology Disposables Market to Grow at a Significant CAGR During 2022-2031; Prevalence of Colorectal Cancer, and Rising Foreign Direct Investment (FDI) in the Pharma Sector to Drive the Market Growth

New York, July 29, 2022 (GLOBE NEWSWIRE) — An analysis of data from over 73,000 individuals across 33 nations demonstrated that there are four functional gastrointestinal diseases of varied degrees of severity for every ten people worldwide. Moreover, the number of inflammatory bowel disease cases worldwide in 2017 was 6.8 million.

Research Nester has published a detailed market report on the ‘Global Gastroenterology Disposables Market’ for the forecast period, i.e., 2022-2031 which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with a worldwide analysis of five major regions, namely, North America, Latin America, Europe, Asia Pacific and the Middle East & Africa has been provided in the report. 

According to the World Health Organization (WHO), with over 10 million deaths due to cancer in 2020, it is the top cause of death globally. In terms of new cancer cases, colon and rectum were among the most prevalent in 2020 with a record of 1.93 million new cases. The global gastroenterology disposables market is estimated to grow at a significant CAGR over the forecast period on the back of the prevalence of digestive conditions, such as, gastroesophageal reflux disease (GERD), Crohn’s disease, celiac disease, ulcerative colitis, colorectal and rectum cancer, irritable bowel syndrome (IBS), and others globally. For instance, the most prevalent functional gastrointestinal disorder, irritable bowel syndrome (IBS), is estimated to be affecting around 11% of people worldwide. The gastroenterology disposable products efficiently treat such conditions, so the demand for these products is rapidly increasing worldwide along with the rising stomach-related disorders. The major causes of digestive disorders are low fiber diets, sedentary lifestyles, excessive intake of dairy products, and others. Therefore, the increasing prevalence of sedentary lifestyles is projected to drive the market growth in the forecast period.  Additionally, the fourth most significant risk factor for death is insufficient physical activity. Amounting to 3.2 million deaths annually, poor exercise is a contributing factor.

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Moreover, the other key factors associated with digestive disorders include stress, hemorrhoids, and the intake of certain medicines such as antidepressants, iron pills, and strong pain medicines. The growing incidence of depression and mental illnesses is also anticipated to boost the global market growth in the upcoming years. For instance, depression is one of the most common mental illness. According to estimates, 5 percent of adults worldwide experience depression. In addition, it is anticipated that the growing elderly population will fuel market expansion globally throughout the forecast period. According to the World Health Organization (WHO), by 2030, one in six persons will be 60 or older in the world.

Regionally, the global gastroenterology disposables market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the North America region is estimated to witness the largest market share in the global market over the forecast period on the back of growing occurrences of gastric cancer across the region. For instance, 11,000 people have died from stomach or gastric cancer and there were approximately 26,300 new cases in 2020. Moreover, the increasing healthcare expenditure in the North American region is anticipated to boost the market growth in the upcoming future. According to the Centers for Medicare & Medicaid Services (CMS), U.S. health spending climbed by 9.7%, reaching USD 4.1 trillion in 2020.

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Moreover, the market in the Asia-Pacific region is expected to gain noteworthy growth on account of the growing elderly population in the region. For instance, by 2050, one-fourth of the population in the Asia Pacific region will be older than 60. Furthermore, the interest of prominent market players in the developing countries in investments in the pharmaceutical industry is predicted to fuel gastroenterology disposables market across the region in the forecast period. For instance, between 2020 and 2021, foreign direct investment (FDI) increased by 200 percent in India’s pharmaceutical industry.

The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa). 

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The global gastroenterology disposables market is segmented on the basis of affected organ into stomach, esophagus, small intestine, pancreas, gallbladder, liver, colon, and bile ducts, out of which the colon segment is anticipated to witness the most significant growth among all other sub segments in the global market over the forecast period on the back of the rising incidence of colorectal and intestinal cancer owing to the growing prevalence of obesity, poor lifestyle, and unhealthy dietary intake around the world. One of the major risk factors for early death is obesity. In 2017, it was associated with 4.7 million fatalities worldwide. Apart from this, the prevalence of digestive diseases among the elderly population is increasing, owing to the rise in the factors associated with older age, such as medication use, sedentary lifestyle, changes in the digestive system and others. For instance, a digestive issue related to ageing affects 40% of older persons on a yearly basis.

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Moreover, on the basis of end user, the market is segmented into hospitals, clinics, and diagnostic centres, out of which the hospital segment is predicted to gain the largest market share among all other sub-segments in the global market during the forecast period. This can be attributed to the increased health spending and consistent improvement in the healthcare sector owing to the increasing medical requirements worldwide.  According to a WHO report, the amount spent on health worldwide climbed gradually between 2000 and 2018, reaching USD 8.3 trillion, approximately 10% of the world’s GDP. Moreover, the rising number of hospital developments all over the world owing to the increasing number of patients in hospitals worldwide is expected to boost the global gastroenterology disposables market growth in the coming years. For instance, in the United States, there were more than 15,000 healthcare construction projects ongoing in 2017.

Some of the prominent players and their company profiling mentioned in the report include, are Corinth MedTech, Inc., Boston Scientific Corporation, Hill-Rom Holdings, Inc., HOYA Corporation, KARL STORZ SE & Co. KG, OBP Medical Corporation, Coloplast A/S, 3NT Medical Ltd., OTU Medical Inc., and Prosurg Inc. The profiling enfolds growth opportunities, challenges, market trends, competitive analysis and positioning, along with the strategies used by them to stay ahead of their competitors.

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