Major players in the gastrointestinal bleeding treatment devices market are CONMED, Boston Scientific Corporation, US Medical Innovations, Ovesco Endoscopy AG, Olympus Corporation, Cook Medical, Erbe Elektromedizin GmbH, Steris Plc, and Pfizer Inc.
New York, Oct. 12, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Gastrointestinal Bleeding Treatment Devices Global Market Report 2021: COVID-19 Growth And Change" - https://www.reportlinker.com/p06173893/?utm_source=GNW
The global gastrointestinal bleeding treatment devices market is expected to grow from $682.30 million in 2020 to $722.37 million in 2021 at a compound annual growth rate (CAGR) of 5.9%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $889.11 million in 2025 at a CAGR of 5.3%.
The gastrointestinal bleeding treatment devices market consists of sales of gastrointestinal bleeding treatment devices and equipment for gastrointestinal bleeding.Gastrointestinal (GI) bleeding is a sign of an illness in which the gastrointestinal system bleeds.
The bleeding could occur anywhere in the gastrointestinal system, including the large intestine, anus, esophagus, small intestine, rectum, and stomach. This GI bleeding can be caused by hemorrhoids, peptic ulcers, tears or inflammation in the esophagus, diverticulosis and diverticulitis, ulcerative colitis and Crohn’s disease, colonic polyps, or cancer in the colon, stomach, or esophagus.
The main type of products used in gastrointestinal bleeding treatment devices market are endoscopic mechanical devices, endoscopic thermal devices, and others.Endoscopic mechanical devices are used in the management of GI arterial bleeding.
These include hemostatic clips, also known as through-the-scope (TTS) clips, endoscopic detachable snare ligation (EDSL) devices, endoscopic suturing, over-the-scope clips (OTSC) and will be reviewed for their technology use and clinical application. The gastrointestinal bleeding treatment devices market is also segmented by GI tract division into the lower GI tract and upper GI tract and is used in hospitals or clinics, ambulatory surgical centers, others.
North America was the largest region in the gastrointestinal bleeding treatment devices market in 2020.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The increasing product approvals are 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.
In January 2021, Olympus Corporation, a Japan-based company offering solutions for effective treatment of gastrointestinal bleeding announced a collaboration with Hitachi Ltd for five-year.Under this collaboration, the companies will work together to develop Endoscopic Ultrasound Systems (EUS), which are used to treat digestive diseases and assess the stage of cancer in the bronchus, liver, pancreas as well as in minimally invasive care, thereby contributing to medical treatment.
Hitachi Ltd is a Japanese multinational conglomerate company offering gastrointestinal diagnoses solutions.
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 by the International Journal of Surgery Global Health in May 2020, the incidence of acute upper GI bleeding in the Western world recorded to be 103 cases per 100,000 adults annually.
Therefore, the rise in the incidences of upper gastrointestinal bleeding propels the growth of the gastrointestinal bleeding treatment devices market.
The countries covered in the gastrointestinal bleeding treatment devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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