The Global Gastric Electrical Stimulator Industry is poised for remarkable expansion, with an estimated valuation of US$ 240.6 million in 2023. According to recent projections, the market is expected to experience a robust Compound Annual Growth Rate (CAGR) of 6.1% between 2023 and 2033, reaching an impressive total of around US$ 433.8 million by 2033.
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.
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“Enterra system, a critical medical device which is highly used to treat Gastroparesis has received FDA approval as a humanitarian use device, on the back of its potential to treat or diagnose a disease or condition affecting approx. 4000 individuals annually in the United States. Though conditionally, the American College of Gastroenterology (ACG) also recommends the adoption of gastric electric stimulators for individuals with chronic, stubborn nausea and vomiting caused by Gastroparesis. The gastric electric stimulators, like Enterra, is a battery-based gastric neurostimulator, which is usually rooted under the skin in the lower abdomen part of the body” ” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
According to the FMI report on the gastric electric stimulators market, given the rarity of Gastroparesis and the prevalence of gastric-related issues, investments in R&D and clinical studies have increased significantly in recent years. Furthermore, the growing acceptance of gastric electric stimulators as an effective alternative to gastrectomy in patients with end-stage gastric dysfunction is expected to significantly accelerate demand for gastric electric stimulators by the end of 2026.
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High-Frequency Product Type Gaining Colossal Traction
According to the FMI report, high-frequency variants of gastric electric stimulators are gaining significant traction as one of the most compelling product types, as opposed to low-frequency variants of gastric electric stimulators. According to the FMI gastric electric stimulators market report, high-frequency variants of gastric electric stimulators are not only minimally invasive and extremely patient-friendly in terms of insertion, but also have a comparatively longer battery life than low-frequency variants. Furthermore, according to FMI analysis, with over 75% market share in gastric stimulators, high-frequency variants of gastric electric stimulators are likely to improve the Gastroparesis treatment landscape.
Though gastric electrical stimulation makes the most viable treatment option for chronic drug-refractory nausea and vomiting peripheral to Gastroparesis of idiopathic or diabetic etiology, Enterra Therapy-associated risks remain exceptionally high, thereby hampering the adoption of gastric electric stimulators.
North America Gastric Electric Stimulators Market Remains Lucrative
According to the FMI Gastric Electric Stimulators Report, North America is likely to maintain its market dominance between 2018 and 2026. 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.
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According to the gastric electric stimulators market report, the global gastric electric stimulators market will remain highly consolidated, with market Mughals accounting for approximately 5o% of the global revenue share, owing to their superior product offering and extensive demographic presence. Furthermore, to capitalize on the growing demand for gastric electric stimulators, leading market players are planning collaborations and acquisitions with local players to strengthen their market presence.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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