NEWARK, Del, July 14, 2022 (GLOBE NEWSWIRE) -- The prevalence of obesity is the primary factor which is underpinning demand for gastric space-occupying devices. Obesity is a public health concern across the globe. Over the forecast period, the obesity crisis is projected to worsen, propelling demand for gastric space-occupying device growth.
The WHO estimates that being overweight or obese causes around 2.8 million adult deaths annually. Additionally, obesity and overweight are associated with 23% of cardiac diseases, 44% of diabetes cases, and 7% to 41% of particular cancer cases.
Further, according to the World Obesity Federation and World Obesity Atlas (2022), 1 in 7 men and 1 in 5 women worldwide will be obese by 2030. The necessity for developing novel, minimally invasive treatments with a greater margin of safety and efficacy for conditioning weight loss is driving product innovations in the market.
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As per Future Market Insights’ latest industry analysis, the valuation for the global gastric space-occupying devices market was around US$ 197.5 Mn in 2021. Sales are projected to increase at a CAGR of 13.7% over the forecast period, with the market size reaching US$ 810.8 Mn in 2032.
Growing disposable income in emerging countries and increasing initiatives by government organizations for creating awareness among obese populations are anticipated to boost sales. For instance, according to the American heart association, the total healthcare spending will reach up to US$ 957 billion from US$ 861 billion by 2030.
High expenditure on healthcare has encouraged governments in various countries to take action to reduce obesity and the associated comorbidities. In 2017, the Centers for Disease Control and Prevention (CDC), sponsored US$ 8.5 million to 50 states along with the district of Columbia to improve strategies to decrease incidences of obesity in the region with a high-obesity population.
“High preference for minimally invasive surgeries, along with increasing awareness regarding obesity-related disorders among youth is expected to fuel demand for gastric space-occupying devices over the forecast period,” says an FMI analyst.
Key Takeaways:
- Based on product type, sales of gastric balloons are forecast to rise at a 13.6% CAGR over the assessment period.
- By end user, hospitals are leading in the global gastric space-occupying devices market, with demand projected to grow at a 10.9% CAGR through 2032.
- The U.S. accounted for 83.3% of the North America gastric space-occupying devices market in 2021.
- Sales in the China gastric space-occupying devices are projected to increase at a 14.4% CAGR through 2032.
- The U.K. will emerge as an attractive market, with demand growing at a 12.5% CAGR over the forecast period.
- North America is considered the leading region with a value share of 34.3% in 2021, owing to the high prevalence of obesity in the region.
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Competition Landscape
Leading players in the gastric space-occupying devices market are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and agreements to strengthen their market presence as well as to expand their existing product portfolio. For instance:
- In August 2020, Obalon signed consulting agreement as part of a strategy to seek coverage and reimbursement for the Obalon balloon system.
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the gastric space-occupying devices market in its latest study, presenting a historical demand assessment of 2017 – 2021 and projections for 2022 – 2032.
The research study is based on the product – (gastric balloons and oral palatal space-occupying devices), by end-users (hospitals, speciality clinics, and ambulatory surgical centres), across seven key regions of the world.
Key Players:
- Apollo Endosurgery, Inc.
- Obalon Therapeutics, Inc.
- Allurion Technologies, Inc.
- Helioscopie
- Endalis
- MEDSIL
- ReShape Medical, Inc.
- Lexel Medical
- Scientific Intake
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Key Market Segments Covered In Gastric Space-Occupying Devices Industry Research
By Product:
- Gastric Balloons
- Oral Palatal Space Occupying Devices
By End-User:
- Hospitals
- Speciality Clinics
- Ambulatory Surgical Centers
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions & Exclusions
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Innovation / Development Trends
4. Key Success Factors
4.1. Key Promotional Strategies, By Key Player
4.2. Product Adoption/Usage Analysis
4.3. Technology Assessment
4.4. Regulatory Scenario
4.5. Value Chain Analysis
4.6. Porter’s Analysis
4.7. PESTEL analysis
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