The Gastroesophageal Reflux Disease Treatment Devices Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Gastroesophageal Reflux Disease
Gastroesophageal reflux disease (GERD) is a digestive disorder that is caused by the frequent reflux of stomach contents into the esophagus. It is estimated that around 20% of adults experience heartburn or acid reflux at least once a month. Heartburn or acid reflux is the classic symptom of GERD. Gastroesophageal reflux disease devices are used to control gastric reflux and keep stomach acid from rising into esophagus. These include radiofrequency devices, endoscopy devices, prostheses, magnetic devices, and medical devices.
The global Gastroesophageal Reflux Disease Treatment Devices Market is estimated to be valued at US$ 1.22 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing prevalence of obesity globally is a major factor driving growth of the market. Obesity is an established risk factor for GERD. According to World Obesity Federation, around 2.8 million people die each year as a result of being overweight or obese. Furthermore, technological advancements in gastroesophageal reflux disease devices is also fueling market growth. Key players are engaged in R&D activities to develop innovative devices for effective treatment of GERD. For instance, in 2018, Medigus Ltd. received FDA approval for MUSETM system, a minimally invasive system used to treat early damages caused by GERD. The device utilizes natural passage of food to deliver and anchor small implants to reinforce valve tightness without abolishing its physiological function.
SWOT Analysis
Strength:
The Gastroesophageal Reflux Disease Treatment Devices Market witnesses high adoption of minimally invasive surgeries over traditional open surgeries. The devices offer lower complications, shorter recovery period, and improved patient comfort. Moreover, technological advancements in devices have enabled precise and effective treatment procedures.
Weakness:
High costs associated with devices limit their access in low and middle-income countries. Availability of alternative drug therapies and lack of awareness about advanced treatment options in developing regions also restrain the market growth.
Opportunity:
Untapped growth opportunities in emerging markets of Asia Pacific and Latin America will drive the future demand. Rising medical tourism in Asian countries promises new business avenues. Furthermore, increasing focus on development of robotic platforms will create new revenue streams.
Threats:
Threat of substitute therapies and strict regulatory approval processes prolong market entry of novel devices. Vulnerability to pricing pressure from public and private payers also challenges sustainable business models.
Key Takeaways
The Global Gastroesophageal Reflux Disease Treatment Devices Market Size is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing prevalence of gastroesophageal reflux diseases globally. The rising geriatric population suffering from comorbid conditions further drives the demand.
Regional analysis The North America dominates the market and is projected to retain its leading position over the forecast period. This is attributed to the availability of advanced healthcare infrastructure and rising adoption of minimally invasive procedures in the region. Asia Pacific exhibits the fastest growth owing to growing medical tourism, rising healthcare spending, and increasing economic growth.
Key players operating in the Gastroesophageal Reflux Disease Treatment Devices Market are Medtronic plc, EndoGastric Solutions, Inc., Johnson & Johnson, and Torax Medical, Inc. Key players are involved in new product launches and strategic acquisitions to strengthen their market position.
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