PUBLISHER: The Business Research Company | PRODUCT CODE: 1391265
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391265
“Gastrointestinal Bleeding Treatment Devices Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on gastrointestinal bleeding treatment devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for gastrointestinal bleeding treatment devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The gastrointestinal bleeding treatment devices market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Gastrointestinal (GI) bleeding serves as a symptom of an underlying illness where the gastrointestinal system experiences bleeding. The bleeding can manifest in various parts of the gastrointestinal tract, encompassing the large intestine, anus, esophagus, small intestine, rectum, and stomach.
In the gastrointestinal bleeding treatment devices market, the primary types of products include endoscopic mechanical devices, endoscopic thermal devices, and others. Endoscopic mechanical devices play a crucial role in managing GI arterial bleeding and comprise hemostatic clips, also known as through-the-scope (TTS) clips, endoscopic detachable snare ligation (EDSL) devices, endoscopic suturing, and over-the-scope clips (OTSC). These devices are subject to review for their technological applications and clinical utility. The segmentation of the gastrointestinal bleeding treatment devices market includes divisions based on the GI tract, distinguishing between the lower GI tract and upper GI tract. Additionally, these devices find application in various healthcare settings, such as hospitals or clinics, ambulatory surgical centers, and other medical facilities.
The gastrointestinal bleeding treatment market research report is one of a series of new reports from The Business Research Company that provides gastrointestinal bleeding treatment market statistics, including gastrointestinal bleeding treatment industry global market size, regional shares, competitors with a gastrointestinal bleeding treatment market share, detailed gastrointestinal bleeding treatment market segments, market trends and opportunities, and any further data you may need to thrive in the gastrointestinal bleeding treatment industry. This gastrointestinal bleeding treatment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The gastrointestinal bleeding treatment devices market size has grown strongly in recent years. It will grow from $0.84 billion in 2023 to $0.9 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth observed in the historical period can be attributed to several factors, including an aging population, lifestyle factors, the state of healthcare infrastructure, the prevalence of gastrointestinal disorders, and advancements in endoscopy techniques.
The gastrointestinal bleeding treatment devices market size is expected to see strong growth in the next few years. It will grow to $1.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The anticipated growth in the forecast period can be attributed to a shift towards patient-centric care, regulatory changes, the increasing adoption of telemedicine and remote consultations, a rise in gastrointestinal disorders, and continued investment in healthcare. Major trends expected in the forecast period include the development of non-invasive diagnostic technologies, the integration of precision medicine approaches, the expansion of remote monitoring and telehealth services, as well as the increasing application of artificial intelligence and machine learning in the field of gastrointestinal care.
The increasing incidence of upper gastrointestinal bleeding is anticipated to contribute to the growth of the gastrointestinal bleeding treatment devices market during the forecast period. Upper gastrointestinal (GI) bleeding, occurring in the esophagus, stomach, or upper part of the small intestine, can be attributed to various factors such as peptic ulcers, esophagitis, enteritis, gastritis, and cancer. For instance, the National Institute for Health and Care Excellence reports that the incidence of acute upper GI bleeding in the UK ranges from 84-172 per 100,000 of the population per year. Additionally, a study published in the National Library of Medicine - National Institutes of Health in 2023 reveals that in-hospital mortality rates for upper GI bleeds stand at approximately 10%, remaining consistent up to one month following hospitalization. Over the long term, three years after admission, mortality rates from all causes reach nearly 37%.
The growing burden of gastrointestinal disorders is expected to enhance the market's attractiveness. Gastrointestinal diseases can result from various factors such as a low-fiber diet, stress, inadequate water intake, consumption of dairy foods, sedentary lifestyle, aging, and genetic factors. According to a report from BMC Gastroenterology in 2021, the prevalence of inflammatory bowel disease (IBD) is expected to increase significantly by 2035 in various regions, including a 2.5-fold rise in Iran, a 2.3-fold increment in North Africa and the Middle East, quadrupling in India, a 1.5-fold increase in the East Asia region, and a 1.6-fold elevation in prevalence in high-income Asia-Pacific and Southeast Asia regions. This surge in gastrointestinal disorders is a driving force for the market.
A key trend gaining popularity in the gastrointestinal bleeding treatment devices market is the increasing number of product approvals. Leading players in the market are focusing on obtaining approvals for their products to maintain a competitive advantage. For example, in February 2021, EndoClot Plus Inc., a US-based company specializing in medical devices for gastrointestinal professionals, received U.S. Food and Drug Administration (FDA) approval for EndoClot Polysaccharide Hemostatic System (EndoClot PHS). This advanced product enables gastroenterologists to quickly and effectively stop bleeding by applying a starch-based powder hemostat directly to the bleeding location using a flexible endoscope.
Companies in the gastrointestinal bleeding treatment devices market are increasingly leveraging advanced technologies such as artificial intelligence (AI) to streamline processes, save time, and reduce research and development costs. AI, the simulation of human intelligence processes by machines, particularly computer systems, holds the potential to surpass human intelligence levels. In April 2021, the U.S. Food and Drug Administration granted authorization for the marketing of GI Genius, an innovative device incorporating real-time artificial intelligence (AI) powered by machine learning. This device aids healthcare providers in the immediate detection of lesions, including polyps and suspected tumors, within the colon during colonoscopy procedures.
In January 2021, Olympus Corporation, a Japan-based company specializing in solutions for the effective treatment of gastrointestinal bleeding, announced a five-year collaboration with Hitachi Ltd. Under this collaboration, the companies will work together to develop Endoscopic Ultrasound Systems (EUS), which are utilized to treat digestive diseases and assess the stage of cancer in various areas such as the bronchus, liver, and pancreas. The collaboration aims to contribute to medical treatment, particularly in minimally invasive care. Hitachi Ltd., a Japanese multinational conglomerate, brings its expertise in gastrointestinal diagnoses solutions to the partnership, showcasing the industry's commitment to technological advancements for enhanced medical care.
Major companies operating in the gastrointestinal bleeding treatment devices market include CONMED Corporation, Boston Scientific Corporation, US Medical Innovations, Ovesco Endoscopy AG, Olympus Corporation, Cook Medical, Erbe Elektromedizin GmbH, Steris plc., Pfizer Inc., Medtronic, Johnson & Johnson, Abbott Laboratories, Fujifilm Holdings Corporation, Pentax Medical, Merit Medical Systems, Teleflex Incorporated, AngioDynamics, BTG International Ltd., Medline Industries Inc., B. Braun Melsungen AG, Smiths Medical, Terumo Corporation, Nipro Corporation, ConvaTec Group PLC, Coloplast A/S, Hollister Incorporated, Wellspect HealthCare, C. R. Bard Inc., EndoChoice Holdings Inc., GI Supply Inc., Hemostasis LLC
North America was the largest region in the gastrointestinal bleeding treatment devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gastrointestinal bleeding treatment market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the gastrointestinal bleeding treatment devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The gastrointestinal bleeding treatment devices market consists of sales of thermal therapy, multipolar electrocoagulation probe, heater probe, hemostatic foreceps, and argon plasma coagulation. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.