LONDON, March 14, 2024 (GLOBE NEWSWIRE) -- The global gastroesophageal reflux disease (GERD) market is poised for significant expansion in the coming years, according to recent data compiled by The Business Research Company. With a compound annual growth rate (CAGR) of 2.0%, the market is expected to reach $5.25 billion by 2024, reflecting a marginal yet steady increase from $5.15 billion in 2023. This gastroesophageal reflux disease market growth trend is attributed to several factors, including lifestyle changes, increased awareness, and globalization of pharmaceutical industries.
Looking ahead, the gastroesophageal reflux disease market is projected to continue its upward trajectory, reaching $5.74 billion by 2028 at a CAGR of 2.3%. Factors contributing to this gastroesophageal reflux disease market growth include an aging population, rising healthcare spending, and the emergence of biomarkers. Additionally, the adoption of telehealth services and advancements in diagnostic and surgical procedures are expected to drive further expansion.
Learn More In-Depth On The Gastroesophageal Reflux Disease (GERD) Market
Understanding Market Dynamics:
- Lifestyle and Dietary Changes: Changing dietary habits and lifestyle factors contribute to the increasing prevalence of GERD.
- Obesity Epidemic: Rising obesity rates are linked to a higher incidence of GERD, driving demand for treatment options.
- Growing Awareness: Increased awareness about GERD symptoms and treatment options fuels market growth.
- Globalization of Pharmaceutical Industry: The globalization of pharmaceutical industries expands access to GERD treatments worldwide.
The Influence of Alcohol Consumption: A notable contributor to the growth of the gastroesophageal reflux disease market is the high incidence of alcohol consumption. Alcohol consumption affects esophageal motility and pressure levels, leading to GERD development. With per capita ethanol consumption on the rise, particularly in regions like the United States, the market is expected to see sustained growth.
Major Players Driving Innovation: Leading companies in the GERD market, including GlaxoSmithKline PLC, Johnson & Johnson Services Inc., and Pfizer Inc., are investing in innovative treatments and technologies to address the growing demand. For example, Laborie Medical Technologies recently launched a wireless pH-capsule reflux testing diagnostic system, providing enhanced monitoring capabilities for GERD diagnosis.
Market Segmentation:
The gastroesophageal reflux disease market covered in this report is segmented –
1) By Drug Type: Antacids, Proton Pump Inhibitors, H2 Receptor Blocker, Pro Kinetic Agents, Dopamine Receptor Antagonist, EndoCinch, Stretta, EsophyX, Transoral Incisionless Fundoplication (TIF)
2) By Procedure: Invasive, Minimally Invasive
3) By End-Users: Hospital, Homecare, Specialty Clinics
Geographical Insights: North America currently leads the GERD market, with Asia-Pacific expected to witness the fastest growth in the forecast period.
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As lifestyle factors and medical advancements continue to shape the landscape of the gastroesophageal reflux disease market, companies must stay agile and innovative to meet evolving patient needs. The Business Research Company's comprehensive analysis provides invaluable insights for stakeholders navigating this dynamic sector, enabling informed decision-making and strategic planning.
Gastroesophageal Reflux Disease (GERD) Global Market Report 2024 by The Business Research Company provides insights on the gastroesophageal reflux disease (GERD) market size, gastroesophageal reflux disease (GERD) market segments, gastroesophageal reflux disease (GERD) market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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