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Barrett's Esophagus Global Market Navigating Trends, Share Report, Growth Drivers, Market Size And Future Outlook 2024-2033
Barrett's Esophagus Global Market
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According to The Business Research Company's, The barrett's esophagus market size has grown strongly in recent years. It will grow from $5.98 billion in 2023 to $6.33 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to increasing prevalence of gastroesophageal reflux disease (gerd), aging population, increased awareness and screening programs, obesity epidemic, tobacco and alcohol consumption.
The barrett's esophagus market size is expected to see strong growth in the next few years. It will grow to $8.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to genetic and molecular research, personalized medicine approaches, increased focus on early detection, rising global healthcare expenditure, integration of artificial intelligence (ai). Major trends in the forecast period include collaborative research initiatives, innovations in endoscopic technologies, advancements in diagnostic technologies, integration of patient registries, lifestyle modification programs.
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Market Drivers and Trends:
Increased chances of esophageal cancer are expected to propel the growth of barrett esophagus market going forward. Esophageal cancer refers to a type of cancer that affects the esophagus, a long, hollow tube that connects the throat to the stomach. The rise in esophageal cancer occurs in patients with Barrett's esophagus with dysplasia. However, the chance of developing esophageal cancer is higher in people with high-grade dysplasia in Barrett's esophagus. For instance, in 2023, according to the American Cancer Society, a US-based cancer-fighting organization that provides patient support, research, and advocacy for cancer care, esophageal cancer will affect an estimated 21,560 people in 2023, compared to 20,640 people affected in 2022. Therefore, an increase in the chance of esophageal cancer is driving the growth of barrett esophagus market.
Product innovations are the key trends gaining popularity in barrett esophagus market. Major companies operating in barrett esophagus market are focusing on developing new innovative products to sustain their position in the market. For instance, For instance, in October 2022, Phagenesis Ltd., a UK-based dysphagia care company, launched the Phagenyx neurostimulation system based on pharyngeal electrical stimulation technology. The phagenyx neurostimulation system is a new rehabilitation treatment for dysphagia after stroke that improves swallowing performance in individuals with stroke-related neurogenic dysphagia (ND). It operates by directly stimulating the pharynx with intraluminal catheters placed through the nose. Furthermore, PES technology has the potential to improve the quality of life of people with dysphagia, lower healthcare expenses, and expand its applicability to a larger variety of dysphagia patients.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
F Hoffmann-La Roche Ltd., Sanofi SA, AstraZeneca plc, GlaxoSmithKline plc, Takeda Pharmaceutical Company Limited, Medtronic PLC., Merck KGaA, Teva Pharmaceutical Industries Ltd., Boston Scientific Corporation, AdventHealth Medical Group, Olympus Corporation, Eisai Co. Ltd., Steris plc, Aurobindo Pharma Limited, Cook Medical Inc., Endo International plc, Sun Pharmaceutical Industries Limited, Ironwood Pharmaceuticals Inc., Spectrum Health System, Sebela Pharmaceuticals Inc., Phathom Pharmaceuticals Inc., EndoGastric Solutions Inc., NinePoint Medical Inc., Mederi Therapeutics Inc., SRS Pharmaceuticals Pvt. Ltd, Pinnacle Biologics Inc., Addex Therapeutics Ltd., Johnson & Johnson Private Limited, SpectraScience Inc., Zydus Group
Barrett's Esophagus Market 2024 Key Insights:
• The barrett's esophagus market size is expected to see strong growth in the next few years. It will grow to $8.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Catalyst For The Growth In Barrett's Esophagus Market
• Pioneering Product Developments Driving The Barrett Esophagus Market
• North America was the largest region in the barrett esophagus market in 2023
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