Barrett Esophagus Market is estimated to be US$ 7.6 billion by 2032 with a CAGR of 5.2% during the forecast period 2032 – By PMI
Prophecy Market Insights latest research report on the Barrett Esophagus Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina, Sept. 18, 2023 (GLOBE NEWSWIRE) — What does Barrett Esophagus Mean?
Barrett Esophagus is a pre-malignant condition or a disease occurs due to irregular change in the lower portion of the esophagus also called as Barrett syndrome. An individual with chronic gastro-esophageal reflux disease (GERD) is at high risk to produce Barrett Esophagus disease.
Growing consumption of unhealthy & processed food, lack of sleep, sedentary lifestyle coupled with increased obesity in an individual has provided lucrative opportunities in market growth. Further, growing geriatric population coupled with weaken immune system are more susceptible to get target disease which in turn facilitate the demand for Barrett Esophagus Market growth over the forecast period.
- In October 2021, Castle Biosciences Inc., acquired Cernostics Inc., a developer of ‘Tissue Cypher Barrett’s Esophagus Assay’ used for predicting the future development of HGD (high-grade dysplasia) or esophageal cancer in an individual with Barrett’s Esophagus. This acquisition will strengthen the Castle’s position in gastrointestinal sector with innovative technologies.
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Key Findings of Barrett Esophagus Market Study:
- Barrett’s Esophagus is a relatively common condition associated with chronic GERD and an increased risk of esophageal adenocarcinoma.
- Advanced diagnostic tools like endoscopy have improved early detection.
- Treatment options include lifestyle changes, medications, and endoscopic therapies.
- Ongoing research explores molecular mechanisms and therapeutic targets.
- Patient education and awareness are crucial for early detection.
- Market players include pharmaceutical companies and medical device manufacturers.
|Barrett Esophagus Market (2022)||US$ 4.6Bn|
|Barrett Esophagus Market Projected Value (2032)||US$ 7.6Bn|
|Barrett Esophagus Market CAGR (2022 – 2032)||5.2%|
Barrett Esophagus Market: Key Drivers
- Increasing Prevalence of GERD: The rising incidence of gastro esophageal reflux disease (GERD) is a primary driver, as Barrett’s Esophagus is often a consequence of chronic GERD.
- Aging Population: The aging demographic, particularly in developed countries, contributes to the growing number of Barrett’s Esophagus cases since age is a risk factor for both GERD and Barrett’s.
- Advancements in Diagnostic Technologies: The development of more sensitive and accurate diagnostic tools, such as high-definition endoscopy and narrow-band imaging, has led to earlier and more frequent detection of Barrett’s Esophagus.
- Increased Awareness and Screenings: Greater awareness among patients and healthcare providers about the potential risks of Barrett’s Esophagus and esophageal adenocarcinoma has led to more screenings and surveillance, driving market growth.
- Innovations in Treatment: Advances in endoscopic therapies like radiofrequency ablation (RFA) and cryotherapy, which offer minimally invasive treatment options, have spurred market growth.
Rising investment in healthcare infrastructure coupled with advanced innovative equipment has become major contribution in target market growth. Further, rising adoption of unhealthy lifestyle and consumption of unhealthy food coupled with growing incidence of acid reflux in an individual is expected to boost the demand for Barrett Esophagus market growth in coming years.
Regional Growth Dynamics:
- Incidence Rates: Variations in the prevalence and incidence of Barrett’s Esophagus in different regions impact market growth potential.
- Healthcare Infrastructure: The availability and quality of healthcare facilities and services play a crucial role in the diagnosis and treatment of Barrett’s Esophagus.
- Economic Conditions: Regional economic factors, including disposable income levels, can affect demand for healthcare services related to Barrett’s Esophagus.
- Regulatory Environment: Differences in regulatory frameworks and approval processes may influence market entry and product availability.
- Competition: The presence of competing medical institutions, research centers, and healthcare providers can affect market dynamics.
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Some of the key players in the Barrett Esophagus Market are:
- Addex Therapeutics Ltd.
- AstraZeneca, Plc.
- Rottapharm (Meda AB)
- Eisai Co. Ltd.
- Takeda Pharmaceutical Company Limited
- Pfizer, Inc.
- Torax Medical, Inc.
- Mederi Therapeutics, Inc.
- Aros Pharma AS
- Torax Medical, Inc.
The Barrett’s Esophagus market is expected to witness steady growth in the coming years, driven by increasing awareness and diagnosis rates, advancements in endoscopic and surgical treatments, and a rising incidence of gastro esophageal reflux disease (GERD). Key players in the market are likely to focus on innovative therapies and minimally invasive procedures to improve patient outcomes, thus contributing to the overall expansion of the Barrett’s Esophagus market. However, regulatory challenges and the need for long-term surveillance may pose certain limitations to market growth.
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