New York, Aug. 04, 2022 (GLOBE NEWSWIRE) -- As per the estimation by the American Cancer Society, in the USA, there would presumably be about 26,380 new instances of stomach cancer (also known as gastric cancer) (15,900 in men and 10,480 in women) for the year 2022. Also, about 1.5% of all new cancer cases identified in the US each year are stomach malignancies.
Research Nester has evaluated the current market opportunities in ‘Global Gastrointestinal Radiofrequency Ablation Systems Market’ for the period, i.e., 2022 – 2031 including the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players along with worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
The global gastrointestinal radiofrequency ablation systems market is estimated to grow at a CAGR of ~6% over the forecast period. The growth of the market can be ascribed to the increasing prevalence of stomach cancer, esophagus cancer, and other tumors in the digestive systems. As per the WHO, in 2018, there were an estimated 4.8 million new cases of cancer and 3.4 million deaths as a result; gastrointestinal cancers account for 26% of the burden of cancer incidence globally. Further, the systems for gastrointestinal radiofrequency ablation are used to meticulously burn the lining of the gastrointestinal tract. This procedure removes any unnatural development in the digestive tract. The market is further estimated to grow on account of the rising investment in research and development activities across the globe for novel drugs and technology development. According to research reports, global research and development spending has increased from USD 677 billion in 2000 to USD 2.2 trillion in 2019. In addition to this, the market is estimated to grow on account of the rising geriatric population across the globe who are more prone to chronic diseases and stomach cancer being one of them. In fact, over 50% of patients with gastric cancer are above the age of 65, making it a typical disease of aging. Due to the general and specific danger as well as life expectancy, elderly individuals suggest quick diagnostics and surgical treatment and gastrointestinal RFA systems play a major role in these surgeries. Furthermore, the recent technological advancements in the field of medicine and increasing investments, collaboration, and acquisition between key market players are predicted to boost the market growth over the forecast period. For instance, Vocera Communications, a pioneer in digital care coordination and communication, has been fully acquired by Stryker Corporation, which is anticipated to give the necessary boost to further digital advancements in the healthcare sector over the ensuing years.
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On the basis of geographical analysis, the global gastrointestinal radiofrequency ablation systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period owing to increasing prevalence of stomach cancers and the growing geriatric population in the region. According to the National Institute of Cancer Prevention and Research, in India, stomach cancer is the fourth most prevalent cancer overall and the third most prevalent cancer in men. There were 57,394 new cases in 2018 and 38,818 new cases involving men. Additionally, the improving healthcare infrastructure and growing awareness among the people regarding chronic diseases are estimated to drive the market growth over the forecast period.
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The market in North America region is anticipated to hold the largest market share over the forecast period on the back of increasing prevalence of digestive tract-related cancer and infections in the region. As per the Centers for Disease Control and Prevention, one in ten Americans may experience an ulcer at some point in their lives, and 25 million Americans suffer from an ulcer on average. In addition to this, the presence of key market players and rising investments in research and development activities in the region are estimated to drive the market growth during the forecast period.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global gastrointestinal radiofrequency ablation systems market is segmented by application into cancerous growth, benign tumors, and others. Out of these, the cancerous growth segment is estimated to hold a substantial market share over the forecast period owing to the rising prevalence of digestive system-related cancerous diseases, backed by the increasing exposure to carcinogens on a daily basis. According to the American Cancer Society, in the USA, a total of 20,640 new cases and 16,410 deaths due to esophagus cancer are estimated for the year 2022. Moreover, the rising geriatric population and growing healthcare facilities are estimated to propel the segment growth throughout the forecast period.
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The global gastrointestinal radiofrequency ablation systems market is segmented by end-user into hospitals, cancer specialty clinic, and others. Out of these, the hospitals segment is estimated to hold the largest market share over the forecast period. The growth of the segment can be attributed to the rising awareness among people regarding cancer and the increasing need for diagnostics and treatment of cancer.
Additionally, the high cost of treating cancer and high spending in the healthcare sector is anticipated to boost the market growth over the ensuing years. It was noticed that the average cost of treating cancer is USD 150,000, more than four times the average expense of treating other common medical diseases.
The global gastrointestinal radiofrequency ablation systems market is also segmented on the basis of type
Global Gastrointestinal Radiofrequency Ablation Systems Market, Segmentation by Type
- Benchtop
- Trolley
Some of the prominent players and their company profiling included in the global gastrointestinal radiofrequency ablation systems market research report are Medtronic plc., MISONIX, Inc., Arhthrex, Inc., Sonablate Corp., Integra LifeSciences Corporation., Stryker Corporation, Boston Scientific Corporation, Olympus Corporation, KLS Martin GmbH & Co. KG, Novartis AG, and others. The profiling enfolds growth opportunities, challenges, market trends, competitive analysis and positioning, along with the strategies used by them to stay ahead of their competitors.
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