Global Gastrointestinal Bleeding Treatment Market - Snapshot
Gastrointestinal bleeding is also known as gastrointestinal hemorrhage. It includes all forms of bleeding of gastrointestinal tract, from the mouth to the rectum. Endoscopic hemostatic devices are the primary line of treatment for gastrointestinal bleeding. The major endoscopic hemostatic devices include thermal and mechanical.
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The global gastrointestinal bleeding treatment market is anticipated to expand at a CAGR of 4.5% during the forecast period. Growth of the market can be attributed to rise in demand for endoscopic hemostasis which is considered the first line of treatment for gastrointestinal bleeding, increase in geriatric population, surge in applications of endoscopic hemostasis, significant product launches, strategic acquisitions by key players, and government and non-government funding for research and to spread awareness about gastrointestinal bleeding treatment. However, shortage of trained gastroenterologists, significant product recalls, and limitations of endoscopic treatment are likely to hamper the growth of the global market.
In terms of product, the global gastrointestinal bleeding treatment market has been segmented into endoscopic hemostatic devices, closure devices, and others. The endoscopic hemostatic devices segment has been categorized into mechanical devices and thermal devices. The thermal devices sub-segment dominated the endoscopic hemostatic devices segment in 2017. However, the mechanical devices sub-segment is anticipated to expand at a high CAGR during the forecast period. Growth of the segment can be attributed to increase in usage of these devices for the treatment of upper GI tract bleeding. For instance, band ligation is considered to be the first line of treatment for esophageal varices.
Based on GI tract division, the global gastrointestinal bleeding treatment market has been classified into upper GI tract and lower GI tract. The upper GI tract segment dominated the market in 2017 and the trend is likely to continue during in the forecast period. Growth of the segment can be attributed to increase in the number of hospitalizations owing to upper GI tract bleeding. Upper GI tract bleeding is one of the common emergencies reported and accounts for over 250,000 hospitalizations in the U.S. and over 300,000 hospitalizations in the U.K. each year. Peptic ulcer which is one of the common causes of upper GI tract bleeding is known to have significant prevalence owing to increase in H. pylori infections.
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In terms of end-user, the global gastrointestinal bleeding treatment market has been divided into hospitals, clinics, ambulatory surgical centers, and others. The hospitals segment dominated the market in 2017. It is expected to continue to dominate the market during the forecast period. Hospitals are major end-users of endoscopic hemostatic devices. According to government health care facilities, hospitals have reimbursement plans and systems with advanced technology for disease treatment. Growth of the segment is attributed to increase the number of treatments and hospital facilities across the world. According to the American Hospital Association, the total number of registered hospitals in the U.S. stood at nearly 5,686 in 2015.
In terms of region, the global gastrointestinal bleeding treatment market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe accounted for over 75% share of the market in 2018. The two regions are anticipated to continue to dominate the global market in terms of revenue during the forecast period. North America is expected to dominate the global market during the forecast period owing to the presence of leading market players and strategic mergers and partnerships among players. The market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period. Growth of the market in the region is attributed to increase in the geriatric population, rise in prevalence of GI bleeding with age, and growing focus of market players on exploiting the untapped markets in India and Japan.
Key companies operating in the global gastrointestinal bleeding treatment market include Boston Scientific Corporation, Olympus Corporation, CONMED Corporation, Cook Medical, Ovesco Endoscopy AG, Erbe Elektromedizin GmbH, STERIS plc, and US Medical Innovations, LLC.
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