Gastroesophageal reflux disease treatment devices are medical devices used to treat gastroesophageal reflux disease, a condition in which stomach acid or content leaks into the esophagus. These devices include implants and bravo monitoring systems that monitor the reflux levels and help prevent complications associated with GERD such as ulcers or inflammation.
The global Gastroesophageal Reflux Disease Treatment Devices Market is estimated to be valued at Us$ 4 Billion in 2023 and is expected to exhibit a CAGR Of 11% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity to treat highly prevalent disorder is estimated to drive the growth of the Gastroesophageal Reflux Disease Treatment Devices Market. GERD causes considerable morbidity and affects around 20% of the population. Moreover, the prevalence of GERD is increasing worldwide due to growing obesity rates. Technological advancements in the endoscopic treatment devices have resulted in the development of new minimally invasive procedures to treat GERD thereby avoiding lifelong dependency on medication. This is helping in improving the quality of life of people suffering from GERD. Thus, growing prevalence of GERD and availability of advanced treatment procedures provide lucrative growth opportunities for players in the Gastroesophageal Reflux Disease Treatment Devices Market.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires high investments for R&D and getting regulatory approvals. However, the large market size attracts new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established manufacturers offering substitutable products. Buyers can negotiate on price.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many suppliers for raw materials.
Threat of new substitutes: The threat of new substitutes is high as various alternative treatment procedures are available.
Competitive rivalry: The competitive rivalry is high due to many large and small players competing for market share.
SWOT Analysis
Strength: Growing prevalence of GERD, wide product offerings, technological advancements.
Weakness: High costs associated, risks of surgical procedures.
Opportunity: Emerging markets, medical tourism, increasing access to healthcare.
Threats: Alternate treatment procedures, availability of generic products.
Key Takeaways
The Global Gastroesophageal Reflux Disease Treatment Devices Market Demand is expected to witness high growth.
The market is dominated by North America due to presence of advanced healthcare infrastructure and high awareness. Rising cases of obesity and adoption of sedentary lifestyle are driving the market in the region.
Europe is the second largest market due to universal healthcare coverage and availability of reimbursements for treatments. Presence of major players and growing geriatric population supplement the market growth.
Asia Pacific is poised to rise at fastest CAGR during the forecast period. Improving healthcare infrastructure, medical tourism and increasing healthcare spending are substantiating the regional market.
Key players operating in the Gastroesophageal Reflux Disease Treatment Devices market are Medtronic Plc, Johnson & Johnson, Torax Medical, EndoGastric Solutions, and Bard Medical.
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