Gastroesophageal reflux disease treatment devices are medical devices used to treat gastroesophageal reflux disease, commonly known as acid reflux or heartburn. Devices such as Stretta procedure devices, radiofrequency based devices, and magnetic sphincter augmentation devices are used to strengthen and tighten the lower esophageal sphincter. These devices help improve quality of life, reduce dependency on medications and provide a minimally invasive approach for symptom relief in GERD patients.
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:
For instance, the Stretta procedure which uses radiofrequency energy to deliver thermal energy and customize areas of the lower esophageal sphincter helps improve LES function without altering its anatomy. Adaptation of such minimally invasive surgical techniques is a major trend driving the demand for specialized GERD treatment devices globally. Moreover, rising prevalence of reflux disease in developing regions is also fueling adoption of medical devices for effective GERD management.
Porter’s Analysis
Threat of new entrants: Low capital requirement and established value chain pose low threat of new entrants. However, presence of large players make market access difficult for new players.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes. They can easily switch to alternative treatment options available.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and technologies. Suppliers face threat from partnership of OEMs with other suppliers.
Threat of new substitutes: Threat of new substitutes is moderate as there are alternatives available like lifestyle changes and medications.
Competitive rivalry: Intense due to presence of large global players and fierce competition among existing players.
SWOT Analysis
Strength: Established distribution channel and brand reputation among key players. Wide product portfolio and continuous innovations.
Weakness: High R&D investment and stringent regulatory approvals increase costs. Reimbursement issues in developing regions.
Opportunity: Rising geriatric population suffering from gastroesophageal reflux. Growing awareness about minimally invasive treatments.
Threats: Risks associated with procedures and product recalls. Patent expiries of major drugs.
Key Takeaways
The Global Gastroesophageal Reflux Disease Treatment Devices Market Size is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing incidence of gastroesophageal reflux disease.
Regional analysis: North America dominates the market and is expected to continue its dominance over the forecast period. This is attributed to developed healthcare infrastructure, favorable reimbursement policies and availability of advanced devices. Asia Pacific shows high growth potential owing to rising geriatric population, increasing treatment seeking rate and growing medical tourism.
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 dominates the market with wide product offerings. EndoGastric Solutions, Inc. focuses on developing innovative devices to expand product lines.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it