The global bariatric surgery devices market is expected to reach USD 2.8 billion by 2022, according to a new report by Grand View Research, Inc. The growing incidence rate of obesity has led to many government initiatives at regional as well as global level to increase the awareness related to obesity and undertake various incidence curbing action plans. For instance, the South Wales government launched the NSW Healthy Eating and Active Living Strategy 2013-2018 for preventing obesity.
In addition, to strategic planning, the governments of developed nations are also funding universities to design strategic interventions to control the rising obesity. For the year 2014, New Zealand invested USD 40 million for its Healthy Families NZ anti-obesity initiative. Moreover, industry players are also trying to tackle the rising problem of obesity by launching new products. In February 2017, a startup company, Allurion Technologies, located in Massachusetts, U.S. filed a regulatory filing to report the USD 19 million raised amount out of the target of USD 27 million. The funds were intended to use for the development non-endoscopic gastric balloon, Ellipse. This device is in the form of capsule which when swallowed, is inflated in the stomach and deflates after months and is passed out without the need for anesthesia for its removal. This device is anticipated to revolutionize the bariatric surgery devices market due to its ease of use over the forecast period
The demand for non-invasive surgeries is also increasing, as non-invasive surgeries save time, cost, and decrease hospital stay. Governments are also encouraging the use of more incisionless surgeries in order to decrease the cases of infection. For instance, in July 2015, the FDA approved a balloon device, where the balloon is directly swallowed using a sterile solution.
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Further Key Findings from the Report Suggest:
Gastric bypass surgery dominated the market in 2014 due to its early adoption since 1960 and the fact that it is the combination of both restrictive and malabsorptive procedures.
The sleeve gastrectomy surgery is expected to witness rapid rise in demand owing to, the procedure’s incision-less nature. The fact that the procedure does not involve re-routing the intestine is also likely to drive segment growth. With the FDA approval of ReShape balloon, there has been a recent FDA filing for Ellipse device, which is swallowed and gets excreted naturally after four months.
North America was the largest regional market owing to the presence of market players introducing innovative technologies to improve patient care.
Favorable government initiatives are also expected to play pivotal roles in the European market growth. For instance, the German Federal Ministry of Education and Research (BMBF) formed two funding research programs namely the Competence Network Obesity and Integrated Research and Treatment Center (IFB) Adiposity Diseases with budgets allocated at around USD 26 million for 2012-2015.
Asia Pacific followed North America in terms of obesity and overweight prevalence. This coupled with the presence of large untapped opportunities is expected to help the Asia Pacific bariatric surgery market register the fastest growth over the forecast period.
Some key players of this market include Covidien Plc, Intuitive Surgical Inc., TransEnterix Inc., Allergan Inc., USGI Medical Inc., Semiled Ltd., Cousin Biotech, GI Dynamics Inc., Johnson and Johnson and Mediflex Surgical Product.
Grand View Research has segmented the bariatric surgery devices market report on the basis of procedures:
Procedure Outlook (Revenue, USD Million, 2012 – 2022)
Adjustable Gastric Band (AGB)
Vertical Sleeve Gastrectomy (VSG)
Roux-en-Y Gastric Bypass (RYGB)
Biliopancreatic Diversion with a Duodenal Switch (BPD-DS)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.