SAN JOSE, Calif., March 26, 2018 (GLOBE NEWSWIRE) -- According to the latest report published by Credence Research, Inc. “Bariatric Surgery Devices Market - Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global bariatric surgery devices market was valued at US$ 2,006.0 Mn in 2017, and expected to reach US$ 3,163.5 Mn by 2026, expanding at a CAGR of 5.1% from 2018 to 2026.
Market Insights
Global bariatric surgery market was valued at US$ 2,006.0 Mn in 2017 and expected to reach US$ 3,163.5 Mn in 2026 at a CAGR of 5.1% during the forecast period. High prevalence of obesity and increased number of overweight population in developed as well as developing countries, and escalating burden on healthcare expenditure and infrastructure have increased the demand for bariatric surgery procedures. According to the Center for Disease Control and Prevention (CDC), more than one-third (36.5%) of the United States adults have obesity in 2014 corresponding to more than 72 million people. Furthermore, the prevalence of obesity was higher among women (38.3%) than men (34.3%) in 2014. Additionally, in 2008, the medical cost of obesity was estimated to $ 149 billion annually in the United States. Furthermore, CDC has projected that obesity rate will reach 42% by 2030 with an added $550 billion in medical expenses.
In several countries, the government is structuring strategic initiatives to reduce the cases of obesity. For instance, the British Government had introduced ‘Healthy Weight, Healthy Lives’ strategy to reverse the rising tide of obesity and overweight in the population primarily focusing on the children. Coupled with such initiatives, the governments of developed nations are also funding some of the prominent institutions to develop interventions for obesity treatment.
Based on the device types, the global bariatric surgery devices market is segmented into clip appliers, adjustable gastric bands, implantable gastric stimulators, intragastric balloons, gastric surgery clamps, sutures, surgical staples and trocars, and others. In 2017, surgical staples and trocars segment led the global bariatric surgery devices market and expected to retain its lead during the forecast period owing to increased preference for minimally invasive therapies and patient compliance.
On the basis of geographical demarcation, North America dominated the global market with more than 30% share in 2017 and projected to hold its dominance during the forecast period. High prevalence of obesity and adoption of advanced treatment technologies in the region drives the North America market. Furthermore, Asia Pacific market is projected to experience the fastest growth during the forecast period. Increase in obesity cases, surge in disposable income, and influx of greater number of patients through medical tourism are the high impact parameters that drive the Asia Pacific market. Although numerous players are marketing their products worldwide, the market is dominated by few major players some of that include Apollo Endosurgery, Inc., Covidien Plc, EnteroMedics, Inc., Ethicon, Inc., Intuitive Surgical, Inc., Reach Surgical, Inc., Spatz FGIA, Inc., TransEnterix, Inc., and USGI Medical, Inc.
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