Gastrointestinal Bleeding Treatment Devices Market Report 2024 - Gastrointestinal Treatment Devices Market Trends And Forecast

"The Business Research Company recently released a comprehensive report on the Global Gastrointestinal Bleeding Treatment Devices Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The gastrointestinal bleeding treatment devices market size has grown strongly in recent years. It will grow from $0.84 billion in 2023 to $0.9 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to aging population, lifestyle factors, healthcare infrastructure, gastrointestinal disorders, endoscopy advances.

The gastrointestinal bleeding treatment devices market size is expected to see strong growth in the next few years. It will grow to $1.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to patient-centric care, regulatory changes, telemedicine and remote consultations, increasing gastrointestinal disorders, healthcare investment. Major trends in the forecast period include non-invasive diagnostic technologies, non-invasive diagnostic technologies, precision medicine, remote monitoring and telehealth, artificial intelligence and machine learning.

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Market Drivers and Trends:
The rise in the incidences of upper gastrointestinal bleeding is likely to contribute to the growth of the gastrointestinal bleeding treatment devices market during the forecast period. The upper gastrointestinal (GI) bleeding occurs in the esophagus, the stomach, or the upper part of the small intestine and can be caused due to peptic ulcers, esophagitis, enteritis, gastritis, cancer, and other reasons. For instance, according to the National Institute for Health and Care Excellence, in the UK the incidence of acute upper GI bleeding ranges from 84-172 per 100,000 of the population per year. Furthermore, as per the study published in National Library of Medicine - National Institutes of Health in 2023, in-hospital mortality rates for upper GI bleeds stand at approximately 10%. This rate remains consistent up to one month following hospitalization for GI bleed. Over the long term, three years after admission, mortality rates from all causes reach nearly 37%.

The increasing number of product approvals is the key trend gaining popularity in the gastrointestinal bleeding treatment devices market. Key players in the market are focusing on product approvals to maintain a comparative advantage over competitors in the industry. For example, in February 2021, EndoClot Plus Inc., a US-based company developing medical devices to meet the needs of the GI professional announced U.S. Food and Drug Administration (FDA) approval for EndoClot Polysaccharide Hemostatic System (EndoClot PHS), which is an advanced product that will assist Gastroenterologists to stop bleeding quickly and effectively. EndoClot PHS is a one-time-use device that consists of a starch-based powder hemostat that is applied directly to the bleeding location using a flexible endoscope.

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Major Key Players of the Market:
CONMED Corporation, Boston Scientific Corporation, US Medical Innovations, Ovesco Endoscopy AG, Olympus Corporation, Cook Medical, Erbe Elektromedizin GmbH, Steris plc., Pfizer Inc., Medtronic, Johnson & Johnson, Abbott Laboratories, Fujifilm Holdings Corporation, Pentax Medical, Merit Medical Systems, Teleflex Incorporated, AngioDynamics, BTG International Ltd., Medline Industries Inc., B. Braun Melsungen AG, Smiths Medical, Terumo Corporation, Nipro Corporation, ConvaTec Group PLC, Coloplast A/S, Hollister Incorporated, Wellspect HealthCare, C. R. Bard Inc., EndoChoice Holdings Inc., GI Supply Inc., Hemostasis LLC

Gastrointestinal Bleeding Treatment Devices Market 2024 Key Insights:
• The gastrointestinal bleeding treatment devices market size is expected to see strong growth in the next few years. It will grow to $1.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Rise In The Incidences Of Upper Gastrointestinal Bleeding
• Increasing Number Of Product Approvals
• North America was the largest region in the gastrointestinal bleeding treatment devices market in 2023

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