With the obesity epidemic worldwide, people are increasingly considering surgical weight loss solutions. Obesity surgeries are often called bariatric surgeries, which make use of a variety of obesity surgery devices. The global obesity surgery devices market has been observing remarkable growth since the past few years.
The market is estimated to witness an impressive CAGR of 9.6% over the forecast period, 2014-2020. The global market for obesity surgery devices registered the revenues of US$ 1.43 Bn in 2014, which are expected to increase up to US$ 2.48 Bn by the end of 2020.
Key Market Dynamics
Increasing prevalence of obesity among children as well as adults all over the globe has become a serious health issue. This will remain a key factor fueling the demand for obesity surgery devices in the global market. Growing inclination toward sedentary lifestyle and burgeoning frequency of consuming junk food are the most likely to boost obesity, and eventually the market for obesity surgery devices. Rising awareness among overweight people in developing regions about the potential ill effects of obesity, including diabetes, CVDs, and stroke is expected to drive the obesity surgery devices market. Increasing availability of surgical treatments for reducing excess weight is also anticipated to support the market growth.
Obesity surgery is often complicated. Its selective nature is anticipated to be a key factor restraining the growth of the market. Expensive costs of obesity surgery will continue to limit the market growth over the forecast period. In addition, insufficient insurance coverage for obesity-related surgical procedures is also expected to pose a challenge to widespread adoption of obesity surgery devices.
Several governments are proposing obesity awareness initiatives and taking various action plans to curb obesity. Non-invasive surgeries and devices used in non-invasive procedures are witnessing high popularity. Governments are also encouraging non-invasive obesity surgeries in order to prevent infection cases. As developing markets witness increasing popularity and availability of anti-obesity surgical procedures, the market is expected to capitalize on lucrative opportunities in developing nations.
The global obesity surgery devices market is segmented on the basis of procedure into Roux-en-Y gastric bypass, sleeve gastrectomy, adjustable gastric banding, and biliopancreatic diversion with duodenal switch. Based on the device, the market is segmented into intragastric balloons, gastric electrical stimulation, gastric bands, and staples. Gastric bypass is expected to retain dominance in the market on the basis of surgical procedure, owing to the minimally invasive nature. The Roux-en-Y gastric bypass market was valued at US$ 691.4 Mn in 2014 and is expected to reach US$ 1.22 Bn by 2020 end. This segment is estimated at a CAGR of 10% over 2014-2020. Whereas, sleeve gastrectomy is foreseen to witness the fastest growth during the forecast period 2014-2020. Growing popularity of sleeve gastrectomy is attributed to its incision-free nature. Compared to other obesity surgery devices, staples will remain the largest segment, and gastric electrical stimulation segment is anticipated to record the fastest growth.
On the basis of geography, the global obesity surgery devices market is segmented into North America (U.S. and Canada), Europe (France, Germany, U.K., Spain, Belgium, Sweden), Asia Pacific (China, India, Japan, Australia), and the rest of the world. North America has been the largest market for obesity surgery devices, followed by Europe. North America was valued at US$ 968.7 Mn in 2014, and is likely to maintain the key market position through to 2020, reaching a value of US$ 1.66 Bn by 2020 end. The CAGR is predicted to be nearly 9.4%. Asia Pacific is the second largest region with obesity prevalence after the U.S. APAC will be the fastest growing market for obesity surgery devices.
Key Market Players
The global obesity surgery devices market is dominated by a few key companies, including Johnson & Johnson, Medtronic, Inc., Apollo Endosurgery Inc., Covidien Plc, Mediflex Surgical Product, TransEnterix Inc., Aspire Bariatrics, Spatz FGIA Inc., MetaCure, IntraPace Inc., Intuitive Surgical Inc., Allergan Inc., USGI Medical Inc., and Semiled Ltd. Leading players are increasingly focusing on development of novel surgical techniques to eliminate the risks and side effects associated with traditional surgical procedures.
Persistence Market Research recently published a report on the global obesity surgery devices market. The report examines the global market for obesity surgery devices, with an extensive assessment of key drivers, restraints, trends, and growth opportunities for the six-year forecast period, 2014-2020. As excess weight and obesity have become serious health issues worldwide, the demand for obesity surgery devices is currently on the rise. Although the market for obesity surgery devices is already established in developed regions, discernible growth is expected in developing markets as well, by the end of 2020.
The report starts with a brief overview of obesity surgery devices and the overall status of the global market. In the next section of drivers, the report differentiates high-impact and low-impact drivers influencing the market growth during the forecast period. The following restraints part analyzes major and minor factors posing a negative impact on the market growth. The report also provides an in-depth examination of important trends and opportunities in the market in order to highlight the potential growth opportunities.
To allow detailed understanding of the overall market dynamics and product consumption pattern, the global obesity surgery devices market report provides different segments on the basis of surgery procedure and device type. The section covers an extensive analysis of all the key segments and sub-segments, offering critical insights into the largest and fastest growing segments over the forecast period. This is followed by a section that includes market analysis based on the geographical region. Coupled with elaborated assessment of each of the regional markets, the report offers growth prospects and underlying opportunities in each of them.
The last part of the report focuses on an extensive analysis of the competitive landscape, governing the global obesity surgery devices market. This section profiles all the key companies competing in the markets, along with their strengths and growth patterns. Strategic mergers and acquisitions among key companies also form an important part of this section of the report.
To deduce the global obesity surgery devices market size, the report considers various aspects based on secondary research. Furthermore, key data points such as region-wise split and market split by product type, vehicle type, and distribution channel; and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the total revenue generated and expected revenue contribution in the global obesity surgery devices market.
The report begins with sizing the market in terms of value and volume for the base year, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, gathered data is triangulated via different analysis based on supply side and demand side drivers and other key dynamics of the global obesity surgery devices market. To develop the market forecast, Persistence Market Research has also conducted a factor analysis to understand the impact of various forces/factors on the target market. The report provides forecasts not only in terms of CAGR but also presents a detailed analysis based on key parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities.
Another key feature of this report is an analysis of the global obesity surgery devices market and the corresponding revenue forecast in terms of absolute dollar opportunity, usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global obesity surgery devices market. Further, to understand key segments in terms of their growth and overall global obesity surgery devices market performance, Persistence Market Research has developed a market attractiveness index to help providers identify existing market opportunities in the global obesity surgery devices market.
Some of the major players in the obesity surgery devices market:
These key market players have been profiled on the basis of attributes such as company overview, recent developments, growth strategies, sustainability and financial overview.