The increasing incidence of obesity, leading to significant demand for obesity surgeries, growing awareness toward bariatric surgeries, and dynamic lifestyle are some of the major factors driving the growth of the obesity/bariatric surgery devices market. In 2016, the market generated a revenue of $1.4 billion, and it is predicted to attain a size of $2.8 billion by 2023, progressing at a CAGR of 9.9% during 2017–2023 (forecast period). Obesity surgery devices are medical equipment used in bariatric surgeries for the treatment of obesity.
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Non-invasive surgeries do not need incisions and cause less complications compared to minimally invasive surgeries. On the basis of type, the obesity/bariatric surgery devices market is categorized into stapling devices, gastric balloons, gastric bands, gastric electrical stimulators, and others. Out of these, during 2017–2023, gastric balloons are predicted to register the fastest growth. This is ascribed to the fact that they do not need any kind of incision and are a cost-effective technique for weight loss.
During the forecast period, the incidence of obesity is predicted to increase due to various factors, such as the growing consumption of junk food and dynamic lifestyle. Thus, the rising incidence of obesity boosts the volume of bariatric surgeries, since these have proved to be more effective in treating obesity over other treatment options. According to a data reported by the American Society for Metabolic and Bariatric Surgery, the number of bariatric surgeries performed in the U.S. surged from 158,000 in 2011 to 196,000 in 2015.
Hence, the surging prevalence of obesity, rising awareness on bariatric surgeries, and increasing usage of gastric balloons are being witnessed as the key drivers for the market growth.
This post was originally published on Financial Sector