Market Trends of Esophageal Catheters Industry
Gastroesophageal Reflux Disease (GERD) Segment Holds a Significant Market Share
Gastroesophageal reflux disease encompasses numerous GERD diagnostic and therapy options. GERD includes discomfort or a burning sensation in the upper portion of the stomach, nausea, abdominal bloating, and belching. The increasing prevalence of GERD is supporting market growth. For instance, the article by the National Institute of Health, published in November 2021, indicated that the estimated prevalence of GERD in 2021 ranged from 15% to 25% globally. In contrast, Saudi Arabia had a prevalence rate between 15% - 45.4%, Western Asia with 10% to 20%, the Middle East with 8.7% to 33.1%, and Eastern Asia reported less than 10% prevalence as of 2021. Thus, the growing prevalence of GERD diseases is expected to drive the demand for esophageal catheters, driving segment growth over the forecast period.
Furthermore, various initiatives taken by private players are expected to support market growth. For instance, in August 2022, Salvo Health, a digital gastrointestinal care firm, raised USD 10.5 million in venture funding. The firm provides a virtual clinic for those suffering from chronic gut issues such as irritable bowel syndrome (IBS), celiac disease, gastroesophageal reflux disease (GERD), dyspepsia, and small intestinal bacterial overgrowth (SIBO).
Thus, due to the increasing burden of GERD and increasing funding, the segment is believed to witness significant growth during the forecast period.
North America Dominates the Global Esophageal Catheters Market
The increasing prevalence of gastrointestinal diseases, favorable reimbursement policies, the aging population, and the presence of major market players are the primary factors responsible for the market growth in North America. An article by the National Library of Medicine published in July 2022 observed that GERD had the highest prevalence in the United States, affecting 18.1% to 27.8% of people annually. The country's high disease burden is anticipated to demand the availability and development of advanced and effective devices. Thereby driving market growth in the country.
The approvals and launches are the primary drivers of the market growth in the North American region. For instance, in October 2021, Spatz Medical received FDA approval for the Spatz3 Gastric Balloon, one of the first adjustable gastric balloons. These approvals are projected to increase the demand for gastric balloons and augment segment growth. Additionally, in March 2021, Apollo Endosurgery, Inc. received a breakthrough device designation from the US FDA for the orbera intragastric balloon, with a focus on the indication for use in treating patients with noncirrhotic nonalcoholic steatohepatitis (NASH) with liver fibrosis and a basal metabolic index (BMI) between 30 and 40 kg/m2. Hence, such launches are expected to increase the usage of gastric balloons in the region and augment market growth.
Therefore, owing to factors such as the increasing prevalence of gastrointestinal diseases and new product launches, the market studied is anticipated to grow in the region.
