Companies in the Gastrointestinal Bleeding Treatment Market are facing issues in keeping their production facilities fully functional due to shortage of staff and resources amidst the COVID-19 (Coronavirus) outbreak. Get a hands-on over key drivers and threats to the Gastrointestinal Bleeding Treatment Market to make your company future-ready post the pandemic. Avails out reports for exciting prices to learn new opportunities that companies can capitalize on during and after the Coronavirus crisis.
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The global gastrointestinal bleeding treatment market is set to expand moderately at a CAGR of 5.1% between 2020 and 2026, attributed to preference for endoscopic hemostasis to correct GI problems.
Gastrointestinal problems, particularly upper gastrointestinal bleeding (UGIB), are becoming more prevalent across the world. It is, therefore, no surprise to notice an upsurge in the cases of hospitalization across the world. The gastrointestinal bleeding treatment guidelines necessitate the need for surgical intervention which has increased multifold since the past few years.
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Since it is known to reduce mortality rates, the method is becoming very common amongst doctors. In addition, new product launches, such as Cook Medical’s Hemospray, is set to offer significant traction to the Gastrintestinal bleeding treatment market in the future.
Key Takeaways of Global Gastrointestinal Bleeding Treatment Market Study
- Mechanical endoscopic hemostatic devices are expected to gain traction during the forecast period. Techniques such as band ligation, which is suitable for treating esophageal varices, shall drive the growth of this segment. Projected CAGR for mechanical devices is pegged at an impressive 6.1%.
- The upper GI tract division shall dominate the market share of gastrointestinal bleeding treatment segment. It is expected to account for almost three-fourth of the total market share. This is because upper GI tract bleeding is the most frequent emergency which is reported.
- By end-use, hospitals are expected to lead the endoscope hemostatic devices markets. This is because hospitals enjoy significant reimbursement benefits along with advanced technology for treatment. The hospitals segment shall account for three-fifth of the GI bleeding treatment market.
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- North America is projected to retain market dominance during the forecast period. Increasing hospitalization rate, strong presence of market leaders and product approvals such as the approval of Hemospray, are leading drivers of the burgeoning market share.
- Asia-Pacific is anticipated to register a healthy CAGR of 6% during the forecast period. This is courtesy increasing geriatric population, growing incidence of GI problems and significant product launches and acquisitions.
- The COVID-19 pandemic has significant ramifications on gastrointestinal bleeding treatment. Research has concluded that the virus also infects the GI tract, leading to symptoms such as diarrhea, nausea and vomiting. Abdominal discomfort has been reported in many patients. Thus, medical care for GI patients has become extremely important.
- Important market players are consolidating their supply chains to cater to rising demand. Erbe Elektromedizine GmBh, a prominent player, has introduced shift-based work timings so as not to disrupt its supply chain. Likewise, Cook Medical is also monitoring its supply chain to provide the Instinct TM Endoscopic Hemoclip, for the purpose of endoscopic marking and hemostasis for bleeding ulcers to hospitals and clinics.
- Basic level precautions such as high-level disinfection of endoscopes manually shall also help mitigate the spread of the disease. Reprocessing of endoscopes and meticulous room cleaning after every GI endoscopy procedure are other measures employed by healthcare providers to ensure a sterile environment.
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Product Launches to Remain Key Growth Driver for Market Players
The global gastrointestinal bleeding treatment market consists of three major players, contributing half of the total revenue. These companies are Boston Scientific Corporation, Cook Medical and Olympus Corporation. Boston Scientific Corporation manufactures Speedband Superview Super 7TM Multiple Band Ligator.
These devices are used for endoscopic ligation of esophageal varices and anorectal hemorrhoids. Additionally, the company provides Compliance EndoKit, a customized kit designed to prevent the spread of infections during an endoscopy. It provides simple substances such as the CinchPadTM transport pad and SafeStartTM bedside cleaning kits which ensures basic hygiene while performing GI surgeries. Olympus Corporation, another market leader, concentrates on expansion of manufacturing facilities and leveraging healthcare awareness programs to stimulate early diagnosis of diseases. It focuses on reform and development activities related to medical systems across the world.
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