Gastroesophageal Reflux Disease Devices Market Will Observe Just-Over 4% CAGR Over 2018-2028
Exceeding the revenue of US$ 1 billion in 2018, the global sales of gastroesophageal disease devices will witness a steady over 4% CAGR during 2018-2028. As indicated in a new intelligence outlook of Future Market Insights (FMI), esphagoscopes and gastroscopes will continue to account for most of the sales. Adoption of gastroesophageal reflux disease devices will remain maximum for diagnostic procedures, followed by fundoplication procedures.
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Besides the rapid expansion of geriatric population and elevating prevalence rate of obesity-driven gastroeasophageal reflux diseases, FMI in a new study states that the frequent intake of asthma medications is also a strong impact factor associated with the growth of gastroesophageal reflux disease devices market.
Although industry experts recommend lifestyle modifications as the most suitable remedy for gastroesophageal diseases, the growing demand for surgeries for obesity will continue to drive sales of gastroesophageal disease devices in coming years.
The second line of treatment for gastroesophageal reflux disease includes proton pump inhibitors (PPI) therapy, which can reduce the usage of gastroesophageal reflux disease devices. Proton pump inhibitors are the drugs that regulate acid production within stomach, and thereby restrict gastroesophageal reflux.
However, the proven side effects and functional failure of proton pump inhibitors in the long run will continue to benefit the demand for surgical treatment of gastroesophageal reflux disease, favoring the overall sales of gastroesophageal reflux disease devices such as PH monitoring system and manometry system.
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Diagnostic Centers & Private Clinics to Employ More GERD Devices
While a majority of adoption of gastroesophageal reflux disease devices prevails in hospitals, the constantly increasing number of establishments in the ambulatory surgical center and diagnostic center segments is likely to translate into a higher rate of adoption of gastroesophageal reflux disease devices within the latter two.
With the number of diagnostic centers and private practice clinics on the constant rise, it is more likely that the demand for gastroesophageal reflux disease devices will observe steady growth over the years to come. Towards the end of forecast period, global market value share of clinics and diagnostic centers will be more than 35%, as suggested by FMI’s analysis of the gastroesophageal reflux disease devices market.
Key GERD Device Manufacturers Eyeing New Product Launches
The report tracks some of the key companies operating in the Gastroesophageal Reflux Disease Devices market, such as Olympus Corporation, Pentax Medical, Medtronic Plc., Diversatek Inc. The report also tracks the key manufacturers operating in gastroesophageal reflux disease treatment devices, such as EndoGastric Solutions, Medigus Ltd., Torax Medical, Inc. and Mederi RF, Inc.
A majority of key manufacturers of gastroesophageal reflux disease devices are emphasizing new product launches. Innovation of new and advanced products is in turn shaping the growth of gastroesophageal reflux disease devices market.
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According to the report findings,
- Olympus Corporation and Pentax Medical hold the maximum company share in the gastroesophageal reflux disease devices market.
- Olympus Corporation recently launched an advanced version of esophagoscope and gastroscope.
- Plc. and Diversatek, Inc. are the key players of diagnostic devices for gastroesophageal reflux disease, contributing a significant share in overall gastroesophageal reflux disease devices market.
- EsophyX Z is the new and advanced version of EsophyX gastroesophageal reflux disease device, used for the transoral incisionless fundoplication process.