Wilmington, Delaware, United States, March 04, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global gastrointestinal bleeding treatment market is projected to rise at a CAGR of 5.4% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 824.9 million is anticipated for the market in 2031. As of 2023, the demand for gastrointestinal bleeding treatment is expected to close at US$ 546.2 million.
The evolving lifestyles and dietary patterns among populations are contributing to a surge in various diseases, including gastrointestinal bleeding. Smoking heightens the risk of developing gastrointestinal conditions like gastritis, gastroesophageal reflux disease (GERD), and peptic ulcers by causing irritation and inflammation in the digestive tract lining.
The increasing prevalence of gastrointestinal conditions such as ulcers, gastritis, and colorectal cancer is driving the demand for effective treatment options for gastrointestinal bleeding.
Excessive alcohol consumption can exacerbate these issues by irritating and inflaming the stomach and esophageal linings, leading to gastritis and esophagitis. The prevalence of such unhealthy habits is fueling the development of the gastrointestinal bleeding treatment market.
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Healthcare professionals increasingly favor minimally invasive surgical techniques for a range of diseases due to their advantages, including quicker recovery times, fewer incisions, and reduced blood loss. Endoscopic hemostasis, a procedure that utilizes an endoscope—a flexible tube with a camera and light—to visualize and treat bleeding lesions or blood vessels within the gastrointestinal tract, aligns with this trend.
The use of endoscopy allows physicians to directly visualize the bleeding site, facilitating accurate localization and assessment of the source of bleeding. The growing demand for endoscopic hemostasis is driving the expansion of the gastrointestinal bleeding treatment market. This enables physicians to accurately identify and evaluate the source of bleeding, facilitating targeted and effective treatment interventions.
The rise in healthcare spending globally, coupled with government initiatives to improve healthcare infrastructure, is contributing to the growth of the gastrointestinal bleeding treatment market.
Key Takeaways from the Market Study
- As of 2022, the essential oil market was valued at US$ 518.3 million
- Based on end-users, the hospital segment is expected to dominate the global market during the forecast period.
- Based on GI tract division, the upper GI tract segment is expected to lead the market during the forecast period.
Gastrointestinal Bleeding Treatment Market: Key Trends and Opportunistic Frontiers
- Technological advancements in endoscopic devices and imaging modalities are enhancing the accuracy and efficacy of gastrointestinal bleeding treatment.
- The integration of artificial intelligence (AI) and robotic-assisted surgical systems is revolutionizing gastrointestinal bleeding treatment by offering precise surgical planning, improved procedural outcomes, and enhanced patient safety.
- Increasing awareness about gastrointestinal disorders and the importance of early detection through screening programs are driving patient visits and diagnostic procedures.
Gastrointestinal Bleeding Treatment Market – Regional Analysis
- North America is expected to dominate the market due to the presence of advanced healthcare infrastructure, high healthcare expenditure, and a large patient population with gastrointestinal disorders. The United States, in particular, is a major contributor to market growth.
- The Asia Pacific region is anticipated to witness significant growth, attributed to factors such as the rising geriatric population, increasing disposable income, and improving healthcare infrastructure in countries like China, India, and Japan.
Competitive Landscape
Key market players are prioritizing the analysis of future trends in gastrointestinal bleeding treatment to tailor solutions that meet patient needs effectively. Substantial investments in research and development are being made to introduce cutting-edge medical devices and bolster existing product portfolios, driving further growth and innovation in the sector.
- Boston Scientific Corporation
- Olympus Corporation
- CONMED Corporation
- Cook Group
- Ovesco Endoscopy AG
- Erbe Elektromedizin GmbH
- STERIS
- US Medical Innovations
Key developments in the market are:
- In September 2023, US Medical Innovations, a prominent biomedical device manufacturer, unveiled its latest innovation, the Canady Robotic AI Surgical System. This groundbreaking system integrates advanced AI-powered software programs with precise 3D navigational guided surgical planning, offering surgeons enhanced capabilities for precision and efficiency in surgical procedures.
- In April 2023, Boston Scientific Corporation, known for pioneering less invasive medical solutions, completed the acquisition of Apollo Endosurgery, a reputable medical technology company. This strategic move aims to propel advancements in gastrointestinal therapeutic endoscopy and endobariatrics. By joining forces, the companies aspire to deliver a comprehensive range of endoluminal surgery and endobariatric solutions, ultimately enhancing patient care and treatment outcomes.
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Gastrointestinal Bleeding Treatment Market
Product
- Endoscopic Hemostatic Devices
- Thermal Devices
- Mechanical Devices
- Closure Devices
- Others
GI Tract Division
- Upper GI Tract
- Lower GI Tract
End User
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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