Rising Prevalence Of GERD To Augment Demand For Gastroesophageal Reflux Disease Treatment Devices
GERD treatment devices help in managing the symptoms and damage caused by GERD. These devices include magnetic sphincters which augment the lower esophageal sphincter to prevent reflux. Antireflux valves and injection devices are also used to prevent regurgitation. With growing burden of GERD globally, demand for these treatment devices is rising in order to reduce dependency on pharmaceuticals and improve patients' quality of life.
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 key trends:
The key trends in the Gastroesophageal Reflux Disease Treatment Devices market include growing preference for minimally invasive surgeries and rising adoption of endoluminal fundoplication procedures. Minimally invasive anti-reflux procedures such as endoscopic transoral fundoplication help in improving esophagitis and have fewer side effects than medications. Similarly, endoscopic suturing devices used in endoluminal fundoplication simplify surgery and enable faster recovery. Development of innovative technologies is also a major trend with deployment of advanced magnetic sphincters, advanced catheters and improved endoscopic tools. This is helping expand treatment options and access to healthcare.
Porter's Analysis
Threat of new entrants: Low capital requirements for equipment manufacturing limits threats from new entrants. However, establishing brand recognition and gaining customers' trust is difficult for new players.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitutes. However, increasing healthcare costs pressure buyers to opt for cost-effective treatment options.
Bargaining power of suppliers: A few large players dominate the supply market. However, suppliers have moderate bargaining power due to the availability of alternative sourcing options.
Threat of new substitutes: Alternative treatment options like medications and lifestyle changes pose threats from substitutes. However, devices offer superiority for severe cases.
Competitive rivalry: The market is moderately competitive with the presence of global and regional players. Players compete based on product innovation and geographic expansion.
Key Takeaways
The Global Gastroesophageal Reflux Disease Treatment Devices Market Size is expected to witness high growth, exhibiting a CAGR of 4.3% over the forecast period, due to increasing prevalence of GERD and growing obesity rates. North America dominates the market due to advanced healthcare infrastructure and high GERD prevalence.Asia Pacific is expected to exhibit the highest growth due to increasing healthcare spending and growing awareness.
The North American region dominates the global Gastroesophageal Reflux Disease Treatment Devices market due to increasing trend of unhealthy lifestyle andbinging culture. Asia Pacific is emerging as a lucrative market owing to rising healthcare expenditure and heavy burden of GERD owing to changing dietary patterns and lifestyles in major countries like India and China.
Key players
Key players operating in the Gastroesophageal Reflux Disease Treatment Devices market are Medtronic plc, EndoGastric Solutions, Inc., Johnson & Johnson, and Torax Medical, Inc. Medtronic plc offers innovating LINX device for the treatment of GERD. EndoGastric Solutions, Inc. provides TransOral Incisionless Fundoplication procedure devices.
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