Global Bariatric Surgery Devices Market: Snapshot
Bariatric surgery is mainly used to refer to the number of weight-loss procedures. Bariatric surgical procedures are carried out for the treatment of comorbid condition which are associated with morbid obesity, which require bariatric surgery devices. Bariatric surgery involves modification in the gastrointestinal tract by which either the amount of food that the stomach can intake is restricted or the nutrients that are absorbed in the intestinal tract are restricted.
Bariatric surgery is proven to be effective over alternate treatment options for obesity associated comorbid conditions and is also viable in terms of cost and faster recovery. Moreover, increasing number of facilities that offer bariatric surgical procedures and favorable government policies for bariatric procedures to be covered by insurance are favoring the bariatric surgery devices market.
The global bariatric surgery devices market was valued at US$798.3 mn in 2016 and is expected to reach US$1,744.1 mn by 2025 rising at a CAGR of 9.3% between 2017 and 2025.
Closure Devices Segment to Register Leading CAGR due to Popularity of Minimally Invasive Surgeries
By devices type, assisting devices and implantable devices are the segments of the market. Assisting devices are further sub-segmented into suturing devices, closure devices, stapling devices, trocars, and others. In 2016, the segment of suturing devices held the leading share of the market due to high endorsement of these devices by surgeons. On the other hand, the closure devices segment is expected to register the leading CAGR as they devices are widely used in minimally invasive surgeries that require immediate closure of very small incision done at the time of surgical procedure.
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The sub-segments of implantable devices are gastric bands, electric stimulation devices, gastric balloons, and gastric emptying. Among these, gastric bands account for the leading share as they are approved by regulatory agencies and are familiar to physicians as well as patients. Nevertheless, the segment of gastric balloons is expected to register the leading CAGR due to recent approvals from FDA that have proven them to be more safe and effective over other implantable devices.
On the basis of end-user, the bariatric surgery devices market is segmented into bariatric surgery clinics, hospital pharmacies, surgical centers, and others. Among these, in 2016, bariatric surgery clinics led the market due to the increasing popularity of minimally invasive surgeries that can be performed in bariatric surgery clinics. Bariatric surgery clinics are expected to expand at the leading CAGR during the forecast period as these facilities specialize in care needed for patients before and after the procedure. Also, bariatric surgery clinics are preferred by both patients and physicians as they are well-equipped for handling adverse situations.
Asia Pacific to Exhibit Robust Growth Rate
North America is the leading regional market for bariatric surgery devices on account of increasing incidence of obesity and associated comorbidities such as diabetes, sleep apnea predominantly in the U.S. In this region, sedentary lifestyle and increasing consumption of junk food has been the major causes of growing obesity. To address this, increasing number of individuals are undergoing bariatric surgery for weight loss to avoid further complications with the condition.
Europe is also a significant market for bariatric surgery devices due to a well-developed healthcare infrastructure and increasing spending on health and wellness.
However, Asia Pacific bariatric surgery devices market is expected to exhibit the leading growth in the forecast period. Rising economic prosperity in countries such as China and India has led to increased spending on convenience foods, leading to lifestyle diseases such as obesity. This, in turn, has led to the demand for bariatric surgical procedures.
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The key players in the bariatric surgery devices market include Apollo Endosurgery Inc., Ethicon Inc., TransEnterix Inc., Agency for Medical Innovations, Cousin Biotech, EnteroMedics Inc., Medtronics Plc., Intutive Surgical Inc., Aspire Bariatrics Inc., and Mediflex Surgical Products.
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