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.
minimally invasive surgery. Of these, in 2016, the minimally invasive bifurcation dominated the market in terms of revenue, and it is expected to maintain its dominance during the forecast period. This is attributed to the fact that the demand for these surgeries is increasing, owing to their lower cost and no radiation involvement compared to other surgeries. However, the non-invasive surgery bifurcation is predicted to witness faster growth, at a 17.1% CAGR, during the 2017–2023 period.
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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.
Many companies across the globe are organizing obesity awareness programs to educate people about the various treatment options available, such as bariatric surgeries, which, in turn, is accelerating the growth of the obesity/bariatric surgery devices market. For instance, the Obesity Action Coalition (OAC), a non-profit organization, organizes programs to spread awareness related to the prevention as well as treatment of obesity and offers evidence-based education. There have been instances of various popular personalities going for body transformation through bariatric surgery, such as Ralphie May, Diego Maradona, and Randy Jackson.
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.