(PharmaNewsWire.Com, February 15, 2017 ) With the obesity epidemic worldwide, people are increasingly considering surgical weight loss solutions. Obesity surgeries are often called bariatric surgeries, which make use of a variety of obesity surgery devices. The global obesity surgery devices market has been observing remarkable growth since the past few years.
The market is estimated to witness an impressive CAGR of 9.6% over the forecast period, 2014-2020. The global market for obesity surgery devices registered the revenues of US$ 1.43 Bn in 2014, which are expected to increase up to US$ 2.48 Bn by the end of 2020.
Increasing prevalence of obesity among children as well as adults all over the globe has become a serious health issue. This will remain a key factor fueling the demand for obesity surgery devices in the global market. Growing inclination toward sedentary lifestyle and burgeoning frequency of consuming junk food are the most likely to boost obesity, and eventually the market for obesity surgery devices. Rising awareness among overweight people in developing regions about the potential ill effects of obesity, including diabetes, CVDs, and stroke is expected to drive the obesity surgery devices market. Increasing availability of surgical treatments for reducing excess weight is also anticipated to support the market growth.
Obesity surgery is often complicated. Its selective nature is anticipated to be a key factor restraining the growth of the market. Expensive costs of obesity surgery will continue to limit the market growth over the forecast period. In addition, insufficient insurance coverage for obesity-related surgical procedures is also expected to pose a challenge to widespread adoption of obesity surgery devices.
Several governments are proposing obesity awareness initiatives and taking various action plans to curb obesity. Non-invasive surgeries and devices used in non-invasive procedures are witnessing high popularity. Governments are also encouraging non-invasive obesity surgeries in order to prevent infection cases. As developing markets witness increasing popularity and availability of anti-obesity surgical procedures, the market is expected to capitalize on lucrative opportunities in developing nations.
The global obesity surgery devices market is segmented on the basis of procedure into Roux-en-Y gastric bypass, sleeve gastrectomy, adjustable gastric banding, and biliopancreatic diversion with duodenal switch. Based on the device, the market is segmented into intragastric balloons, gastric electrical stimulation, gastric bands, and staples. Gastric bypass is expected to retain dominance in the market on the basis of surgical procedure, owing to the minimally invasive nature. The Roux-en-Y gastric bypass market was valued at US$ 691.4 Mn in 2014 and is expected to reach US$ 1.22 Bn by 2020 end. This segment is estimated at a CAGR of 10% over 2014-2020. Whereas, sleeve gastrectomy is foreseen to witness the fastest growth during the forecast period 2014-2020. Growing popularity of sleeve gastrectomy is attributed to its incision-free nature. Compared to other obesity surgery devices, staples will remain the largest segment, and gastric electrical stimulation segment is anticipated to record the fastest growth.
On the basis of geography, the global obesity surgery devices market is segmented into North America (U.S. and Canada), Europe (France, Germany, U.K., Spain, Belgium, Sweden), Asia Pacific (China, India, Japan, Australia), and the rest of the world. North America has been the largest market for obesity surgery devices, followed by Europe. North America was valued at US$ 968.7 Mn in 2014, and is likely to maintain the key market position through to 2020, reaching a value of US$ 1.66 Bn by 2020 end. The CAGR is predicted to be nearly 9.4%. Asia Pacific is the second largest region with obesity prevalence after the U.S. APAC will be the fastest growing market for obesity surgery devices.
The global obesity surgery devices market is dominated by a few key companies, including Johnson & Johnson, Medtronic, Inc., Apollo Endosurgery Inc., Covidien Plc, Mediflex Surgical Product, TransEnterix Inc., Aspire Bariatrics, Spatz FGIA Inc., MetaCure, IntraPace Inc., Intuitive Surgical Inc., Allergan Inc., USGI Medical Inc., and Semiled Ltd. Leading players are increasingly focusing on development of novel surgical techniques to eliminate the risks and side effects associated with traditional surgical procedures.
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