Gastrointestinal Bleeding Treatment Market Outlook
According to the report, the global gastrointestinal bleeding treatment market was valued at US$ 575.3 Mn in 2017 and is projected to expand at a CAGR of 4.5% from 2018 to 2026. Rise in prevalence of gastrointestinal bleeding with age, increase in incidence of re-bleeding cases, and surge in adoption of endoscopic hemostasis as the primary line of treatment for gastrointestinal bleeding contribute to the growth of the global market.
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Adoption of Endoscopic Hemostasis as Primary Line of Treatment for GI Bleeding to Propel Segment
The report offers detailed segmentation of the global gastrointestinal bleeding treatment market. Based on product, the market has been segmented into endoscopic hemostatic devices, closure devices, and others. The endoscopic hemostatic devices segment has been categorized into thermal devices and mechanical devices. The endoscopic hemostatic devices segment dominated the market in 2017 and the trend is likely to continue during the forecast period. The segment is expected to grow at a high CAGR from 2018 to 2026. Growth of the segment can be attributed to the usage of endoscopic hemostasis as the primary line of treatment for gastrointestinal bleeding. Rise in demand for these devices is owing to their ability to restore hemostasis in majority of the cases. Moreover, increase in usage of combination therapies contributes to the growth of the segment.
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Upper GI Tract Segment to Expand Rapidly
Based on GI tract division, the market has been segregated into upper GI tract and lower GI tract. The upper GI tract segment dominated the market in 2017 and is anticipated to continue to dominate the market during the forecast period. The segment is likely to expand at a high CAGR from 2018 to 2026. Higher rate of hospitalization due to upper GI tract bleeding, higher prevalence than lower GI tract bleeding, and ease of diagnosis of upper GI tract bleeding contribute to the growth of the segment. Moreover, incidence of upper gastrointestinal bleeding rises with age owing to increase in consumption of non-steroidal anti-inflammatory drugs (NSAIDs) which provoke ulcerogenensis in elderly patients.
Hospitals Segment Held Major Share
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 held prominent share of the market in 2017. Growth of the segment can be attributed to increase in the rate of hospitalizations and favorable reimbursement policies in hospitals.
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Asia Pacific Market to be driven by Rise in Prevalence of Gastrointestinal Bleeding among Geriatric Population
In terms of revenue, North America dominated the global gastrointestinal bleeding treatment market in 2017. The market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period. Growth of the gastrointestinal bleeding treatment market in the region is attributed to increase in geriatric population and rise in prevalence of GI bleeding with age. The primary cause of UGIB in India is oesophagial varices which is reported in over 60% of the patients. Furthermore, the incidence of UGIB increases with age owing to rise in consumption of non-steroidal anti-inflammatory drugs (NSAIDs) which causes ulcerogenensis in elderly patients. The primary causes of LGIB in India are enteric ulcers, followed by neoplasm, tubercular ulcers, angiodysplasia, amoebic ulcers, and others.
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Product Launches and Geographic Expansion are Primary Strategies Adopted by Market Players
The report also provides profiles of leading players operating in the global gastrointestinal bleeding treatment market. These include Boston Scientific Corporation, Cook Medical, Olympus Corporation, CONMED Corporation, Ovesco Endoscopy AG, Erbe Elektromedizin GmbH, US Endoscopy (a subsidiary of STERIS plc), and US Medical Innovations, LLC. Market players have adopted the strategy of product launches to enhance their customer base. For instance, in 2018, Cook Medical launched its Hemospray in the U.S., a topical agent for the treatment of gastrointestinal bleeding. Broad market presence, cross-selling opportunity, comprehensive product portfolio, and new product launches are the key strategies adopted by leading players in the market.
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