Gastroesophageal reflux disease (GERD) also known as acid reflux is a condition wherein the contents from the stomach, or stomach acid flows back into the esophagus, which leads to a series of complications. Symptoms include heartburn, vomiting, chest pain, bad breath etc. Various factors lead to acid reflux such as obesity, smoking, alcohol, and hernia etc. Acid reflux can be managed by lifestyle changes, but some people need medication or surgery. Very often symptoms such as heartburn can diagnose GERD, but additional testing is necessary.
The global reflux testing product market is anticipated to grow significantly during the forecast period. There are many lifestyle related factors such as alcoholism, aerated drinks, consumption of unhealthy food, stress etc that can cause GERD. This is one of the key factors responsible for the growth of the global reflux testing product market. Incidence of acid reflux is projected to grow with increase in geriatric population in regions such as Asia Pacific, Europe, and North America. According to National Institute of Diabetes and Digestive and Kidney Diseases, about 20 percent of people in the United States suffer from GERD. This ever increasing pool of patients is a crucial factor projected to drive the growth of the global reflux testing product market during the forecast period. Limited acceptance of GERD devices and high cost are some of the factors that are likely to restrain the growth of the market
The global reflux testing product market can be segmented into product type, disease indication, end users, and region. Based on product type, the global reflux testing product market is segmented into catheter based testing products, capsule based testing products, reflux testing probes, and others. Based on disease indication, the market can be segmented into Barrett's esophagus, reflux esophagitis, Esophageal adenocarcinoma, and others. Barrett’s esophagus segment is anticipated to hold a significant share of the global reflux testing product market owing to its high prevalence in both developing and developed countries. Based on end users, the market is further divided into hospitals, clinics, ambulatory surgical centers, and others. The hospital segment is projected to dominate the global market through 2025 owing to increasing number of hospitals, wide range of services offered at a single site etc.
Geographically, the reflux testing product market is divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America dominates with the largest share in the global reflux testing product market. High adoption rate of the products and increased healthcare expenditure are few factors propelling growth of the global market in North America. Furthermore, high prevalence of lifestyle diseases is the major contributing factor for the growth of the market in North America. Europe is also anticipated to hold a significant share of the global market followed by North America. The Asia Pacific market is anticipated to register a faster growth rate during the forecast period. Asia Pacific is the most lucrative market due to growing geriatric population, adoption of healthcare solutions for better standard of life, rise in awareness about healthcare, prevalence of lifestyle related diseases etc.
To maintain a significant position in the market, key players are following strategies such as mergers and acquisitions, introducing cost effective and efficient products, collaborative partnerships etc. Some of the prominent players operating in the reflux testing product market are MEDTRONIC, Respiratory Technology Corporation, Given Imaging Ltd, Mui Scientific and others
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.