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Geriatric Population Growth and Rising health Awareness to Generate Lucrative Opportunities in Gastric Electric Stimulator Market
ROCKVILLE, MARYLAND, UNITED STATES, May 27, 2024 /EINPresswire / -- The global gastric electric stimulator
market is estimated to be valued at US$ 258.4 million in 2024. The market is projected to grow at a 6.5% CAGR through 2034. The market is projected to surpass a valuation of US$ 483.6 million by 2034.
The prevalence of stomach diseases such as gastroparesis, obesity, and gastroesophageal reflux
disease (GERD) is likely to drive growth in the gastric electric stimulator market over the forecast period. The growing use of minimally invasive surgical techniques and the development of improved technologies in gastric electric stimulators are likely to fuel market demand. Furthermore, increased public awareness of the benefits of these gadgets is adding to the market's expansion.
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Medical technological advancements and increased knowledge of the benefits of these devices are also projected to contribute to the growth of the market. Moreover, the aging population is expected to drive up demand for gastric electric stimulators in the coming years.
The increasing prevalence of gastroparesis is expected to drive the demand for gastric electric stimulators used to treat the condition. The gastric electric stimulator industry will expand significantly over the forecast period due to the growing focus on minimally invasive procedures.
“As the number of people suffering from obesity and related health concerns rises, so does the need for minimally invasive weight loss methods that can assist patients in losing weight without needing major surgery. This is expected to create significant opportunities in the market," says a Fact analyst.
Key Takeaways from the Market Study
The global gastric electric stimulator market is projected to expand at a CAGR of 6.5% through 2034.
The North American gastric electric stimulator market is expected to grow at a CAGR of 6.1% from 2024 to 2034.
The market is expected to register a CAGR of 6.1% in the United States over the forecast period.
The East Asia gastric electric stimulator market is expected to rise at a CAGR of 7.3% through 2034.
Based on the product type, the retail store segment leads the market, with an expected market share of 77.2% in 2024.
Competitive Landscape
Companies are continually investing in R&D operations with an aim of producing unique and effective products. In addition, there are other small and mid-sized market companies that contribute to the competitiveness. The market is likely to expand in the next ten years as the prevalence of gastrointestinal diseases rises, and there is a greater need for minimally invasive treatment alternatives.
Some of the prominent companies in the market are Changzhou Ruishen Medical Equipment Co. Ltd., Chentao Medical Equipment, Rishena Co. Ltd., Enterra TM, Medtronic Plc., and IntraPace Inc.
Recent Development
In 2021, The INSPIRIS Control cordless gastric electrical stimulator was introduced by IntraPace. This was a significant step forward in patient-centric technology. This wireless approach, which does not require invasive surgery for installation or removal, offers a more practical and patient-friendly alternative with the potential to change the face of gastric electrical stimulation therapy.
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Country-wise Insights
The gastric electric stimulator market has a significant customer base in North America and Latin America, driven by increasing regional sales. North America is projected to account for 57.2% of the global market in 2024 and is expected to grow at a moderate CAGR of 6.1% from 2024 to 2034.
East Asia is expected to account for 17.0% of the market in 2024. The region's market is projected to grow at a CAGR of 7.3% during the forecast period, reaching 17.4% of the market by its end.
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