New York, United States , April 05, 2023 (GLOBE NEWSWIRE) -- The Global Gastro Intestinal (GI) Bleeding Treatment Market Size is to grow from USD 735.5 million in 2021 to USD 1095.7 million by 2030, at a Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period.
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Blood loss that occurs within the digestive tract is known as "gastrointestinal bleeding". Gastrointestinal hemorrhage also called the bleeding of the digestive tract, is a highly serious symptom that affects the digestive organs including the esophagus, stomach, and small intestine, including the duodenum, rectum, etc. In the treatment of gastrointestinal bleeding, Endoscopy is the most common diagnostic used to determine the origin. Several technological developments have recently streamlined the market for GI bleeding treatments. This included radiofrequency ablation, over-the-scope clips, padlock clips, self-expanding metal stents, and hemosprays. Cook Medical created the hemostatic powder known as hemospray to stop intestinal bleeding.
The high prevalence of upper gastrointestinal bleeding, the increase in endoscopic hemostasis applications, and the rising geriatric population are the main factors that are expected to collectively drive the global gastro intestinal bleeding treatment market. Moreover, public and private organizations, leading vendors, and initiatives to raise public awareness of digestive diseases have increased which may boost the market growth during the forecast period. The rate of upper gastrointestinal bleeding grows with age as a result of an increase in the use of non-steroidal anti-inflammatory drugs (NSAIDs), which in older individuals cause ulcerogenesis and could restrict the market growth of GI bleeding treatment. Also, the lack of skilled workers is projected to hinder global market expansion in the upcoming years.
COVID 19 Impact
Most industries across the world have been negatively impacted during the Covid-19 pandemic. This can be related to the enormous disruptions that various precautionary lockdowns and other limitations that were implemented by government agencies around the world caused in their respective production and supply-chain operations. The same applies to the global gastrointestinal bleeding treatment market. The COVID-19 pandemic has significant ramifications for gastrointestinal bleeding treatment market. The COVID-19 virus was supposed to primarily infect respiratory epithelial cells and spread via respiratory droplets, but this theory has recently been disproved. However, a number of reports resulting from a study finished in February 2020 found RNA from the SARS-CoV-2 virus in stool samples. Fecal occult blood testing indicated upper gastrointestinal bleeding in one of the patients.
Browse key industry insights spread across 200 pages with 123 market data tables and figures & charts from the report on the "Global Gastro Intestinal Bleeding Treatment Market Size, Share, and COVID-19 Impact Analysis, By Product (Endoscopic Hemostatic Devices, Thermal Devices, Mechanical Devices, Closure Devices, Others), By GI Tract Division (Upper GI Tract, Lower GI Tract), By End Users (Hospital/Clinics, Ambulatory Surgical Centres, Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030”. Get Detailed Report Description Here:
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The endoscopic hemostatic device segment is dominating the market with the largest market share over the forecast period.
Based on the product, the gastro intestinal bleeding treatment market is classified into endoscopic hemostatic devices, thermal devices, mechanical devices, closure devices, and others. Among these, the endoscopic hemostatic device is account for more than half of the total gastrointestinal bleeding treatment market during the forecast period. Moreover, with the increased use of these devices to treat upper GI tract hemorrhages, the market is expanding.
The mechanical device category is holding the second biggest market share owing to the rising use of these devices for the first line of therapy for gastro intestinal bleeding, which is a significant driver to develop the market over the projection period.
The upper GI tract segment is leading the market over the forecast period.
Based on GI tract division, the gastro intestinal bleeding treatment market is segmented into upper GI tract division and lower GI tract division. Among these, the upper GI tract segment is dominating the market during the forecast period due to requiring treatments for upper gastrointestinal bleeding is increasing as endoscopic hemostasis utilization is on the rise and the aging population. Also, the expansion of the healthcare industry is the consequence of an increase in upper GI tract bleeding-related hospitalization.
The Hospital segment is dominating the market over the forecast period.
Based on the end users, the gastro intestinal bleeding market is classified into hospitals/clinics, ambulatory surgical centers & others. Among these segments, the hospital held the largest share in the GI bleeding treatment market owing to, according to government healthcare facilities, the hospitals that have reimbursement programs and systems with cutting-edge technology for treating diseases may dominate the market growth over the forecast period.
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North America is dominating the market with the largest market share of 42% during the forecast period
North America dominates the largest market share of 42% during the forecast period due to strategic alliances and acquisitions between firms, and the existence of large market players. Moreover, the high technology adoption, growing GI disease prevalence and incidences, and the increasing presence of well-known vendors who develop endoscopic devices will all contribute to market growth for gastrointestinal bleeding treatments.
Asia Pacific & Europe region is anticipated that the second largest market expansion over the forecast period owing to the geriatric population is increasing, GI bleeding becoming more prevalent as age increase, and industry players increasingly focused on penetrating developing markets in India and Japan.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Gastro Intestinal Bleeding Treatment Market include Boston Scientific Corporation, Olympus Corporation, CONMED Corporation, Ovesco Endoscopy AG, Erbe Elektromedizin GmbH, STERIS PLC, US Medical Innovations LLC, Mayo foundation for medical education and research, pfizer inc, Ovesco Endoscopy USA, Austin Gastroenterology, Digestive Disorders Associates & MDTEC, Gastro Liver Care & others.
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Recent Development
In January 2021, Olympus Corporation and Hitachi Ltd., a Japanese company that provides treatments for effective gastrointestinal hemorrhage, recently announced a five-year partnership. The companies will collaborate to develop endoscopic ultrasound systems (EUS), which will be used in minimally invasive care to diagnose and treat digestive disorders, as well as to determine the stage of liver, pancreas, and bronchus cancer.
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