Global Market Study on Gastric Electric Stimulators: Favorable Reimbursement Scenario to Drive Revenues

NEWARK, DELAWARE, UNITED STATES, September 5, 2023/EINPresswire.com/ -- The global Gastric Electrical Stimulators Market is expected to experience rapid expansion with a valuation of US$ 240.6 million in 2023. The market is expected to be worth around US$ 433.8 million by 2033.

The rising prevalence of both gastroparesis and obesity, with obesity serving as a substantial risk factor for both conditions. With over 10 million adults globally suffering from obesity and gastroparesis, there is a considerable increase in demand for efficient treatments.

Compared to traditional surgical procedures, gastric electrical stimulators have the benefit of being minimally intrusive and done under local anesthesia. Portable, cozy, and effective devices have emerged because of recent advances.

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The development of wireless gastric electrical stimulators, which do not require surgery for implantation or removal, is a key trend. This confluence of elements highlights the market's expansion and portends a future for gastric electrical stimulation market growth therapies that are more patient-focused and technologically advanced.

Key Takeaways:

With a market share of 56.7%, North America is the region with a significant influence on the uptake of gastric electrical stimulators.

Europe has a significant presence in this market, with 23.3% of the total.

Germany is leading the European nations with 5.3%, indicating a regional interest in incorporating these stimulators into medical procedures.

China, India, Australia, and Japan account for 27.6% of the market in tandem.

The market in Asia Pacific is fueled by factors including a sizable population base, greater healthcare awareness, and an increase in the prevalence of gastrointestinal illnesses.

With a share of 5.9%, the United Kingdom highlights the market's international scope for gastric electrical stimulators.

Competitive Landscape:

The entrance of new competitors revitalizes the market's competitive environment even more. These new businesses are flooding the market with innovative goods and services, forcing the industry's established players to encourage innovation and improve their offers to keep a competitive edge.

These elements work together to create a dynamic and shifting competitive environment for the stomach electrical stimulators market. Obesity and gastroparesis are becoming more and more common worldwide. Given that obesity is becoming more common and that gastroparesis affects just 1% of the world's population, stomach electrical stimulators are now being seriously considered as a therapy option.

Medtronic

Medtronic is an international medical device manufacturer and leading player in stomach electrical stimulators. The Enterra Stimulator and the ReShape System are two of the gastric electrical stimulators the business sells.

Enterra

Enterra is a part of Enterra Medical. The company focuses on creating and marketing stomach electrical stimulators. The Enterra Stimulator, which is FDA-approved for treating gastroparesis, is the company's signature item.

St. Jude Medical

St. Jude Medical is a key player in the cardiac rhythm management business and a leading manufacturer of medical devices. The St. Jude Medical Gastric Stimulator, another product offered by the industry, stimulates the stomach electrically.

ReShape Lifesciences

A privately held medical device manufacturer works on the ReShape System, a stomach electrical stimulator. Clinical trials are now being conducted on the ReShape System, intended to cure obesity.

Other Companies Profiled:

IntraPace Inc.
Changzhou Ruishen Medical Equipment Co. Ltd.
Chentao Medical Equipment
Rishena Co. Ltd.

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Key Developments:

The AI-Driven Developments at Medtronic:
Medtronic, a pioneer in the medical technology sector teamed up with Google to use AI to improve gastric electrical stimulators. This partnership aims to create a cutting-edge stimulator that can adjust to the needs of each patient, potentially revolutionizing the effectiveness and personalization of treatment.

A Wireless Breakthrough from IntraPace:
The INSPIRIS control wireless stomach electrical stimulator was introduced by IntraPace. This wireless technology offers a more practical and patient-friendly alternative by not requiring invasive surgery for installation or removal. The aim of the device launch is to potentially changing the face of stomach electrical stimulation therapy.

Segmentation of Gastric Electrical Stimulators Industry Survey:

By Type:

High Frequency
Low Frequency

By Application:

Gastroparesis
Obesity
By End User:

Hospitals
Ambulatory Surgical Centers
Other End Users

By Region:

North America
Latin America
Europe
Asia Pacific
The Middle East & Africa

Explore FMI’s related ongoing Coverage in the Healthcare Market Insights Domain

Gastric Space-Occupying Devices Market Size: The global gastric space-occupying devices market will increase at an impressive 13.7% CAGR over the forecast period, with the market size reaching US$ 810.8 Million by 2032

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.

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Future Market Insights, Inc.
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