Why Is Obesity/Bariatric Surgery Devices Market Growing with Rising Awareness?

[Pramod Kumar]

A number of factors, such as the surging prevalence of obesity due to lifestyle changes, growing awareness about bariatric surgeries among people across the world, government support for research programs, technological advancements in obesity surgery devices, and rising need for minimally invasive surgeries, are projected to boost the growth of the obesity/bariatric surgery devices market at a CAGR of 9.9% in the forecast period (2017–2023). At this rate, the market size is expected to reach $2.8 billion by 2023 from $1.4 billion in 2016.

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The primary factor improving the obesity/bariatric surgery devices market growth prospects is the increasing prevalence of obesity due to the changes in the lifestyle of people across the globe. According to the American Society for Metabolic and Bariatric Surgery (ASMBS), in the U.S., the number of bariatric surgeries performed increased to 196,000 in 2015 from 158,000 in 2011. This indicates that there is a high demand for obesity/bariatric surgery devices for the treatment of this condition, which, in turn, drives the market growth.

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The procedure segment of the obesity/bariatric surgery devices market is bifurcated into minimally invasive surgery and non-invasive surgery. Between the two, the non-invasive surgery category is projected to record the faster growth during the forecast period. This would be due to the fewer complications in non-invasive procedures and negligible incisions into the body in comparison to minimally invasive surgeries. Whereas, the minimally invasive surgery category held the larger market share in 2016, owing to the beneficial results of these procedures, such as more weight loss and low mortality rate.

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Geographically, the Asia-Pacific obesity/bariatric surgery devices market is projected to witness the highest CAGR during the forecast period. This can be ascribed to the growing geriatric population, surging medical tourism activities, and increasing prevalence of obesity in the region. Whereas, the North American market accounted for the largest share in 2016, owing to the high prevalence of obesity, rise in the demand for minimally invasive surgeries, and high expenditure on healthcare. About 42% people in the region will be obese by 2030, as per the Centers for Disease Control and Prevention (CDC).