The global gastric electrical stimulators market is anticipated to be worth US$ 227.8 million in 2022. The market is expected to be dominated by the increasing availability of novel high-frequency gastric electrical stimulators, as well as a greater emphasis on the treatment of chronic illnesses such as gastroparesis.
The market expansion of gastric electrical stimulators is anticipated to increase at a robust CAGR of 6.2% between 2022 and 2032, totaling roughly US$ 439.9 Million by the end of 2032.
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According to the FMI report on the gastric electric stimulators market, sales of gastric electric stimulators are likely to skyrocket in the coming years, owing to an increase in minimally invasive procedures, an increase in reported cases of gastroparesis, and encouraging reimbursement schemes. The increasing prevalence of gastroparesis has been identified as the primary demand generator, making gastric electric stimulators a highly preferred treatment alternative for such difficult diseases.
A device called the gastric electrical stimulator is used for treating gastroparesis, a condition that impairs the stomach nerves’ ability to carry out their regular functions. In this condition, the stomach is unable to break down solid food into small particles and the food stays in the stomach for longer than it should instead of passing into the small intestine as it normally would.
Symptoms of this condition include chronic nausea, vomiting, and constipation, which are caused by an overgrowth of bacteria in the small intestine. Standard medication is ineffective in addressing this condition, which can result in malnutrition and dehydration. To treat or manage the condition, a gastric electrical stimulator is utilized. This small battery-powered device is implanted below the skin in the lower abdomen and consists of two unipolar intramuscular probes and a neurostimulator.
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North America Gastric Electric Stimulators Market Remains Lucrative
North America accounts for 57.1% of the global market for gastric electrical stimulators. Growing investments in medical studies and R&D activities, ongoing technological advancements and innovations, and the presence of several leading market players are other key factors paving the way for lucrative opportunities in the gastric electric stimulators market across North America, according to the FMI report.
Competitive Landscape:
Some of the main gastric electrical stimulators manufacturers include Medtronic Plc., IntraPace Inc., ReShape Lifesciences, Inc., Changzhou Ruishen Medical Equipment Co, Ltd, ANS, EnteroMedics, MetaCure, Stryker Corporation, Philipis.
To boost their sales and acquire a competitive edge in the global stomach electrical stimulators market, these top gastric electrical stimulators providers are implementing various strategies such as new product releases and approvals, partnerships, collaborations, acquisitions, mergers, and so on.
- In March 2020, Medtronic launched the EnterraTM II model 37800 gastric neurostimulator, a programmable device implanted to produce mild electrical pulses to address chronic and intractable (medication-resistant) nausea and vomiting associated with gastroparesis.
- ReShape Lifesciences™ announced encouraging preclinical findings for its investigational Diabetes Bloc-Stim Neuromodulation Device in September 2020.
More Insights Available
In Europe, Germany, France, and the United Kingdom are significant markets for gastric electrical stimulation systems. The growing prevalence of gastroparesis in these countries is driving market growth. The Asia-Pacific region is also a significant gastric electrical stimulation systems market, with China, Japan, and India being the major contributors. The region’s market growth is attributed to the rising awareness about gastroparesis, an increasing aging population, and an increase in healthcare expenditure.
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Key Segments of Gastric Electrical Stimulators Industry Survey
Gastric Electrical Stimulators Market by Type:
- High Frequency Gastric Electrical Stimulators
- Low Frequency Gastric Electrical Stimulators
Gastric Electrical Stimulators Market by Application:
- Gastric Electrical Stimulators for Gastroparesis
- Gastric Electrical Stimulators for Obesity
Gastric Electrical Stimulators Market by End Users:
- Gastric Electrical Stimulators for Hospitals
- Gastric Electrical Stimulators for Ambulatory Surgical Centers
- Gastric Electrical Stimulators for Other End Users
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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