Industry Outlook
The gastric electrical stimulators market is set to reach from US$ 121.9 Mn in 2020 to US$ 230.8 Mn by 2030 at a compound annual growth rate (CAGR) of 6.7% during the forecast period from 2023 to 2030. Gastric electrical stimulators are small devices which are operated by battery to promote neurostimulation in the abdominal region via lead electrodes for treatment of gastroparesis. They are also used in treating obesity by modulating the appetite and satiety in obese people resulting in weight loss. Existence of few players in the market provides a potential platform for other medical device companies to enter into the gastric electrical stimulators market.
"Excellent clinical outcomes during gastroparesis treatment and longer battery life together drive the demand for high-frequency gastric stimulators"
High-frequency gastric stimulators are spearheading the market. The chief parameters responsible for its positive market growth are excellent clinical outcomes during gastroparesis treatment such as reducing the severity of nausea & vomiting and longer battery life. Low-frequency gastric stimulators are usually employed as an external stimulator in the serosa region of stomach at 3 cycles/min to increase the amplitude of gastric slow waves and thereby improve gastric emptying time in diabetic and elderly patients.
"Rising prevalence of diabetes worldwide will cause significant rise in people suffering with gastroparesis"
Gastroparesis is leading the indication segment for gastric electrical stimulators market. Gastroparesis is delayed gastric emptying primarily caused due to underlying factors such as diabetes, gastric ulcers, consumption of junk food, old age, etc. Rising prevalence of diabetes and significant rise in elderly population worldwide will rapidly increase the number of people encountering gastroparesis clinical manifestations. Obesity is on a constant rise in children and adults primarily due to increasing consumption of fast food, sedentary lifestyle, stress etc.
"Rising prevalence of gastroparesis and inclination towards consumption of junk food to drive the market growth in North America"
North America is considered as the clear leader in global regional segment for gastric electrical stimulators market. It represents a market share of 42.5% due to the positive impact of major factors such as rising prevalence of gastrointestinal disorders. As per the research citing presented in a research journal of Wolters Kluwer journal the prevalence rate of gastroparesis in type 1 diabetes, type 2 diabetes and idiopathic diabetes in the United States is 16.8%, 14.0% and 13.2% respectively. Significant rise in the inclination for consumption of junk food further delays gastric emptying and provides lucrative market opportunity for gastric electrical stimulators market growth. Europe holds a market share of 35.2% on account of rising prevalence of obesity in people belonging all age group. Strategic agreement and collaboration between medical device manufacturers and clinical research institute to develop novel gastric stimulation devices to treat gastroparesis and obesity. Asia Pacific is accountable for 15.7% market share chiefly due to rising public health awareness regarding gastrointestinal disorders and developing healthcare infrastructure.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Gastric Electrical Stimulators market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
ATTRIBUTE | DETAILS |
---|---|
Research Period | 2022-2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Historical Year | 2022 |
Unit | USD Million |
Segmentation | |
Product
| |
Indication
| |
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report