With time, endoscopes witnessed many advancements for better diagnostic and therapeutic purposes. Earlier, rigid endoscopes made up of metal tubes were used for gastroscopy, but the light source was inadequate to perform the procedure. Later, with the invention of Edison’s incandescent electric light bulb, the issue of light source got resolved somehow; however, the rigid structure of the gastroscope was still not ideal for the examination of the stomach.
The global gastrointestinal endoscopy market was valued at $13.40 billion in 2021 and is anticipated to reach $25.75 billion by 2031, witnessing a CAGR of 6.24% during the forecast period 2022-2031. The market is driven by factors such as the increasing prevalence of gastrointestinal diseases, rising preference for minimally invasive surgeries, growing demand for capsule endoscopy, the shift from reusable endoscopes to disposable endoscopes, and technological advancements in the field of robot-assisted endoscopes and AI-based devices.
Impact of COVID-19
The COVID-19 pandemic has impacted practically all sectors and social functions worldwide, including the gastrointestinal endoscopy market. COVID-19 led to a decline in the global gastrointestinal endoscopy market, as elective and surgical procedures were stopped during the lockdown.