In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSFebruary 23, 2022: Stryker Corporation announced the complete acquisition of Vocera Communications, a leader in digital care coordination and communication.
February 11, 2022: Novartis India Limited, a subsidiary of Novartis AG, to enter a collaborative sales and distribution agreement with Dr. Reddy’s Laboratories, to allow distribution of medicines in India.
The global gastrointestinal radiofrequency ablation systems market is estimated to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. Gastrointestinal radiofrequency ablation systems are used to superficially burn the inner lining of the gastrointestinal tract in a controlled manner. This treatment is used to eliminate any abnormal growth in the digestive tract. These growths can be early cancerous or non-cancerous. The growth of the market can be attributed to the growing prevalence of stomach cancer, esophageal cancer, and other tumors in the digestive system. According to the data by the World Health Organization (WHO) over 10 million people died due to cancer in 2020. There were 1.09 million new cases of stomach cancer in the same year. Further, the investment for medical research activities is increasing worldwide, as gastrointestinal disorders have a major economic effect on health care systems, and adversely affect quality of life.
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The market is segmented by application into cancerous growth, benign tumor, and others, out of which, the cancerous growth segment is anticipated to hold a substantial share in the global gastrointestinal radiofrequency ablation systems market over the forecast period on account of increasing prevalence of cancer across the world, backed by higher exposure to carcinogens on a daily basis.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
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 on the back of growing prevalence of cancer, along with improving healthcare system in the region.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of high prevalence of stomach cancer and tumor in the digestive tract. According to the data by the Center of Disease Control and Prevention (CDC), 14.8 million adults were diagnosed with stomach ulcers.
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The global gastrointestinal radiofrequency ablation systems market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global gastrointestinal radiofrequency ablation systems market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing prevalence of stomach cancer across the world is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031.
Minimally invasive nature of the system is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the prevalence of stomach cancer in the region.
The major players in the market are MISONIX, Inc., Arthrex, Inc., Sonablate Corp., Integra LifeSciences Corporation, Stryker Corporation, Boston Scientific Corporation, Olympus Corporation, KLS Martin GmbH & Co. KG, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, end-user, and by region.
The cancerous growth segment is anticipated to hold largest market size in value over the forecast period and display significant growth opportunities.
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