The global Gastric Electrical Stimulators Market size is anticipated to be worth US$ 227.8 million in 2022. The market is likely to be dominated by the rising availability of novel high-frequency Gastric Electrical Stimulators, as well as a greater emphasis on the treatment of chronic disorders such as gastroparesis.
The market for Gastric Electrical Stimulators is expected to increase at a 6.2% CAGR between 2022 and 2032, totaling approximately US$ 439.9 million by the end of 2032.
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Gastric Electrical Stimulators are projected to be in high demand in the near future, driven by an increase in minimally invasive treatments, an increase in gastroparesis, and favourable reimbursement policies. Gastroparesis has been recognised as the key driver of demand for Gastric Electrical Stimulators, as traditional medication is frequently ineffectual in treating this illness, which can result in malnutrition and dehydration.
Gastroparesis is a medical disorder that prevents stomach nerves from functioning normally, resulting in the inability to break down solid food and its extended retention in the stomach. This illness, which is primarily caused by bacterial overgrowth in the small intestine, causes symptoms such as chronic nausea, vomiting, and constipation. To treat or manage this problem, a gastric electrical stimulator with two unipolar intramuscular probes and a neurostimulator is implanted beneath the skin in the lower abdomen.
North America Gastric Electric Stimulators Market Remains Lucrative
The North American market for Gastric Electrical Stimulators accounts for 57.1% of the global market. According to the FMI report, other key factors paving the way for lucrative opportunities in the gastric electric stimulators market across North America include increasing investments in medical studies and R&D activities, ongoing technological advancements and innovations, and the presence of several leading market players.
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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 Gastric 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.
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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
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