Gastric Electrical Stimulators Market size will expand considerably during the forecast timeframe of 2023-2032 as these products are being used on a large scale to treat post-surgery etiology and gastroparesis. Also known as gastric pacemakers, they are used to treat obesity as well. The prevalence of obesity is increasing across the world. As per a June 2021 report by the WHO, at least 2.8 million people die from obesity each year.
There is a rise in incidences of diabetes and other related disorders across the globe. According to the International Diabetes Foundation (IDF), in 2021, around 537 million adults aged between 20-79 years were suffering from diabetes. These factors will also drive the adoption of gastric electrical stimulators.
While these simulators play a vital role in managing several chronic disorders, they come with their own disadvantages. Multiple complications can arise from the usage of these products, such as bowel obstruction, bleeding, and gastric perforation, which might impede the industry growth during the analysis period.
Based on product type, global gastric electrical stimulators market from the high-frequency stimulator segment is predicted to record an appreciable CAGR through 2032 as it has many advantages when compared with their low-frequency counterparts. Also, factors, such as longer battery life as compared to low-frequency stimulators and rising patient preference for minimally invasive surgeries can prompt patients to choose high-frequency stimulators. These benefits will boost product adoption.
Based on application, gastric electrical stimulator industry is segmented into obesity, gastroparesis, and others. The market revenue from the gastroparesis segment is estimated to increase rapidly by 2032 as the disease is one of the leading disorders that can result in dehydration caused by constant vomiting, poor quality of life, and low-calorie intake. Diabetes is also considered one of the key causes of gastroparesis. The International Diabetes Foundation (IDF) estimates that more than 700 million adults across the world will be diagnosed with diabetes by 2045, thereby driving the usage of gastric electrical stimulators.
By end-use, gastric electrical stimulators industry size from hospitals will showcase a lucrative CAGR up to 2032. Factors, such as growing adoption of cutting-edge gastric stimulators across hospitals and the wide availability of highly skilled medical professionals are expected to accelerate the segmental expansion. The increasing hospitalization rate to rectify issues associated with parenteral nutrition, hydration, and correction of abnormal blood glucose electrolyte levels will spur product usage.
U.S. gastric electrical stimulators market is projected to expand at a commendable rate by 2032 as the country has a vast presence of trained healthcare practitioners and surgeons. They are becoming more aware of various health conditions, such as gastroparesis and are participating in appropriate training sessions to be well equipped for surgeries that arise from this disease.
While gastroparesis is not as common in the U.S., with only 50 out of 100,000 people being diagnosed with the disease each year, this figure is increasing gradually. The U.S. also has a well-established healthcare infrastructure that is equipped with the latest technologies, thereby speeding up market growth.
Major market participants involved in global gastric electrical stimulators market include Medtronic, Intrapace, Rishena Co., Ltd. MetaCure, and EnteroMedics, among many others. These firms are undertaking various activities, such as partnerships, mergers, and acquisitions to retain their market position.