Global Obesity Surgery Devices Market: Growing Medical Tourism Industry in Asia Pacific to Propel Market at 9.60% CAGR
Published On : Nov 08, 2015
Change in food habits and increasingly sedentary lifestyle have led obesity become an endemic across the globe. According to the World Health Organization (WHO), more than 1.9 bn adults were overweight in 2014. Of these, over 600 mn were obese. Obesity-related diseases such as diabetes and cardiovascular disorders have compelled patients to undergo obesity surgeries. The global obesity surgery devices market is expected to expand at a CAGR of 9.60% during the period between 2014 and 2020. The overall market was worth US$1.4 bn in 2014 and is projected to stand at a valuation of US$2.5 bn by 2020.
Increasing Demand for Minimally Invasive Obesity Surgery to Boost Obesity Surgery Devices Market
Growing prevalence of obesity and related disorders has pushed the growth of the global obesity surgery devices market. Increasing medical tourism is estimated to further augment the growth of the market in Asia Pacific in the near future. However, selective nature of obesity surgery and the risk of complications associated with the surgery will restrain the market’s growth. Limited insurance cover for obesity surgery will also play spoilsport in the development of the global obesity surgery devices market in the next couple of years. The overall market has a huge scope to grow with increasing demand for minimally invasive procedures for obesity surgery.
U.S. FDA Approves Gastric Bands, Intragastric Balloons, and Gastric Electrical Stimulators
On the basis of devices, the global obesity surgery devices market has been segmented into gastric bands, staples, intragastric balloons, and gastric electrical stimulators. The U.S. Food and Drug Administration (FDA) has approved gastric bands, intragastric balloons, and gastric electrical stimulators for treating obesity and this has led to the increased demand for these devices. The regulatory body has not approved the usage of these obesity surgery devices in patients below 18 years of age, as it has not reviewed the safety and effectiveness of the obesity surgery devices in patients of this age.
According to surgical procedure, the global obesity surgery devices market has been categorized into sleeve gastrectomy, adjustable gastric banding, Roux-en-Y gastric bypass, and biliopancreatic diversion with duodenal switch. The demand for Roux-en-Y gastric bypass surgical procedure was particularly high in 2011. Roux-en-Y gastric bypass was the most common surgical procedure in North America the same year.
Asia Pacific to Lead Demand from Global Obesity Surgery Devices Market
The global obesity surgery devices market has been segmented into four key regions: North America, Europe, Asia Pacific, and Rest of the World. North America and Europe have led demand from the global obesity surgery devices market due to the growing number of patients affected with obesity and related complications. According to the Centers for Disease Control and Prevention (CDC), 35.7% of Americans were suffering from obesity in 2011. Obesity has emerged as a major public health challenge in Europe as well. The Organization for Economic Co-operation and Development (OECD) estimated that around 52% of the population in the European Union was obese or overweight in 2010.
However, in the coming years, Asia Pacific will drive the demand from the overall obesity surgery devices market owing to an epidemic of obesity-related diseases such as diabetes and cardiovascular disorders in countries such as China and India. In 2013, these two countries accounted for around 15% of the global obese population.
Some of the key players in the global obesity surgery devices market are Medtronic Inc., Johnson & Johnson, Apollo Endosurgery Inc., Aspire Bariatrics, USGI Medical Inc., W.L. Gore & Associates Inc., Spatz FGIA Inc., IntraPace Inc., ReShape Medical Inc., and MetaCure.
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