Gastric Electric Stimulators Market to Grow at 6.6% in 2019
The worldwide uptake of gastric electric stimulators is anticipated to witness hefty demand in 2019, representing a rigorous 6.6% y-o-y growth, while reaching a valuation of approx. US$ 188.4 Mn in 2026. As per Future Market Insights (FMI) report on gastric electric stimulators market for the forecast period 2018–2026, gastric electric stimulators’ demand is anticipated to be accelerated by a host of pacesetters.
The FMI report on gastric electric stimulators market opines that sales of gastric electric stimulators are likely to witness sheer proliferation in coming time, on the back of burgeoning minimally invasive procedures, surging reported cases of gastroparesis, and encouraging reimbursement schemes. Growing pervasiveness of gastroparesis has been identified as the primary demand generating factor making gastric electric stimulators highly preferred treatment substitute for such arduous diseases.
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“Enterra system, a critical medical device which is highly used to treat Gastroparesis has received FDA approval as a humanitarian use device, on the back of its potential to treat or diagnose a disease or condition affecting approx. 4000 individuals annually in the United States. Though conditionally, the American College of Gastroenterology (ACG) also recommends adoption of gastric electric stimulators for individuals with chronic, stubborn nausea and vomiting caused by Gastroparesis. The gastric electric stimulators, like Enterra, is a battery-based gastric neurostimulator, which is usually rooted under the skin in lower abdomen part of the body”, Senior Analyst, FMI.
As per the FMI report on gastric electric stimulators market, considering the rareness of Gastroparesis in tandem with the widespread occurrence of gastric-related issues, investments in R&D and clinical studies have considerably increased in the recent past. Moreover, the growing adoption of gastric electric stimulators as an effective substitute to gastrectomy in patients with end-stage gastric dysfunction, is projected to accelerate the demand for gastric electric stimulators considerably by the end of 2026.
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High-Frequency Product Type Gaining Colossal Traction
According to the FMI report, high-frequency variant of gastric electric stimulators are witnessing mammoth traction as being one of the most compelling product type, in comparison to the low-frequency variant of gastric electric stimulators. The FMI gastric electric stimulators market report opines that high-frequency variant of gastric electric stimulators aren’t just minimally invasive and extremely patient-friendly in terms of insertion, but also encompass comparatively longer battery life than the low-frequency variant of gastric electric stimulators. Additionally, as per FMI analysis, with over 75% gastric stimulators market share, high-frequency variant of gastric electric stimulators is likely to ameliorate the Gastroparetic treatment landscape.
Though, gastric electrical stimulation makes the most viable treatment option for chronic drug-refractory nausea and vomiting peripheral to Gastroparesis of idiopathic or diabetic etiology, Enterra Therapy associated risks remain exceptionally high, thereby hampering the adoption of gastric electric stimulators.
North America Gastric Electric Stimulators Market Remains Lucrative
FMI gastric electric stimulators report opines that North America is likely to retain its dominance in the gastric electric stimulators market between 2018 and 2026. According to the FMI report on gastric electric stimulators market, growing investments in medical studies and R&D activities, continuing technical advancements and innovations, coupled with the presence of several leading market players, are other key factors paving way for lucrative opportunities in across North America gastric electric stimulators market.
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According to gastric electric stimulators market report, the worldwide gastric electric stimulators market will continue to remain highly consolidated with market Mughals contributing approx. 5o% revenue share to global gastric electric stimulators market, owing to their superior product offering and extensive demographic presence. Further, to capitalize on the growing demand for gastric electric stimulators, leading market players are poised to indulge into collaborations and acquisitions of local players, to reinforce their market presence.
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