The global Gastroesophageal Reflux Disease market is forecast to reach $7.81 billion by 2024, growing at a CAGR of 3.75% during the forecast period 2019-2024. This Gastroesophageal Reflux Disease market is growing owing to the rise in the global alcohol consumption as well as the surge in geriatric population and the increasing prevalence of gastroesophageal reflux disease. Esophageal pH monitoring and esophageal impedance test are diagnostic tests that measures the amount and type of gastroesophageal reflux in the esophagus. These tests helps in identifying traces of esophageal stricture.
The North America Region is estimated to dominate the market owing to the rise in the prevalence of the disease as well as the geriatric population. Information on other major region’s Gastroesophageal Reflux Disease market size also mentioned in the final report.
The rise in the overall consumption of alcohol is considered as a major market driver as an increased alcohol consumption is linked with gastroesophageal reflux disease. Other major market drivers that have been considered are also mentioned in the final report.
Availability of a large number of OTC products are considered to have a negative effect on the overall market growth. This is owing to the fact that having these products will encourage self-treatment. Other major market limiters mentioned in the full, final report.
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Drug Type – Segment Analysis
The major segment in drug type were held by antacids and are estimated to retain their top position over the forecast period. This is owing to the easy availability of antacid products in various forms such as in tablets, powders and syrups. The antacid products are also estimated to be the fastest growing segment as well and is estimated to hold a CAGR of 4.3%. Proton pump inhibitors such as Omeprazole provides long-lasting reduction of stomach acid production. It initiates lower esophageal sphincter to close which prevents stomach acid to travel back into the bowel.
Geography – Segment Analysis
The North America region is estimated to hold the largest Gastroesophageal Reflux Disease market share of 32%. This is owing to the rise in geriatric population who are prone to this disease as well as its increasing prevalence. However, the APAC region was found to have the fastest growth rate owing to the rise in geriatric population as well as the growing trend of self-treatment because of the availability of affordable, over the counter antacids.
Drivers – Gastroesophageal Reflux Disease Market
Rising Alcohol Consumption
Studies have shown that the consumption of alcohol will affect the prevalence of gastroesophageal reflux disease. The increasing consumption of alcohol will affect the overall prevalence of the disease and could contribute to the overall market growth.
Rising Geriatric population
The disease is more prevalent in elderly people and the growth of the elderly population has the potential to contribute greatly to the overall gastroesophageal reflux disease market.
Challenges – Gastroesophageal Reflux Disease Market
Availability of a large number of products
There is a large amount of products in the market that provides symptomatic treatment. This factor could be considered as a major challenge to the overall market as people may not know the difference in benefits between the products. There is also a lot of over the counter products for this disease as well.
Gastroesophageal Reflux Disease Industry Outlook
Product launches and acquisitions are the key strategies adopted by the players in the Gastroesophageal Reflux Disease industry. Gastroesophageal Reflux Disease top 10 companies include Teva Pharmaceutical Industries Ltd., AstraZaneca, Boston Scientific Corporation, Eisai Co., Ltd., Endogastric Solutions Inc., Endostim BV, Ironwood Pharmaceuticals Inc., Jeil Pharmaceutical Co., Ltd., Cheplapharm Arzneimittel GmbH and Pfizer Inc., among others.
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