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Pharmacy benefit management market
Obesity Surgery Devices Market REPORT OVERVIEW
The global obesity surgery devices market size was USD 1.7957 billion in 2020 and the market is projected to touch USD 2.6034 billion by 2028, exhibiting a CAGR of 5.4% during the forecast period.
Obesity surgery devices are medical equipment that are specifically designed and used in surgical procedures aimed at treating obesity. These devices are employed as part of bariatric surgery, a field of medicine focused on interventions for weight management and the treatment of severe obesity. Obesity surgery devices come in various forms and serve different purposes, such as reducing the size of the stomach, altering the digestive process, or inducing a feeling of fullness to promote weight loss.
The growth of the obesity surgery device market is expected to be propelled extensively by the escalating global obesity rates that create an increasing demand for effective surgical interventions. Notably, technological advancements, incorporating robotics, artificial intelligence, and advanced imaging, have refined surgical precision and minimized invasiveness. As well as rising awareness of health risks associated with obesity that encourages individuals to explore medical solutions. Additionally, the globalization of healthcare services, increased spending, and ongoing research investments are anticipated to contribute to the market's expansion, while a patient-centric approach and professional training initiatives further drive the adoption of advanced obesity surgery devices.
COVID-19 Impact: Due to Health Emergency Healthcare Institutions Put-off their Investment in Devices
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels. The market for obesity surgery devices is confronted by the pandemic. This health emergency collapsed the healthcare system in various countries around the world which caused the adjournment of non-critical surgeries during the the pandemic. In addition, due to the overburden of infected patients, healthcare institution put off their investment in non-critical surgery devices which directly hampered the market demand. Consequently, the market experienced a decay in demand and revenue during the pandemic. While the industry may eventually recover as the situation improves, the immediate impact of COVID-19 was predominantly negative for the global market.
Demotivated
LATEST TRENDS
"Adoption of Enhanced Technology with Endoscopic Procedure Foster Market Outlook "
The obesity surgery device market is experiencing a progressive shift driven by remarkable technological advancements. Ongoing developments in robotics, artificial intelligence, and enhanced imaging technologies have significantly influenced the market dynamic. These innovations are fostering the creation of sophisticated and minimally invasive devices, and revolutionizing surgical procedures for weight management. The integration of robotics enhances the precision of surgical interventions which allows more accurate and controlled procedures. Besides, endoscopic procedures are also gaining traction in the market. Endoscopic procedures, which are less invasive and often do not require external incisions, have gained popularity in the treatment of obesity. This includes the use of intragastric balloons and endoscopic sleeve gastroplasty. This convergence of cutting-edge technologies is not only improving the efficacy of obesity surgery but also contributing to enhanced patient outcomes.
Obesity Surgery Devices Market SEGMENTATION
By Type
Based on type the global market can be categorized into Intragastric Balloons, Gastric Electrical Stimulation, Gastric Bands, and Staples.
Intragastric Balloons: Intragastric balloons are temporary devices placed inside the stomach through a minimally invasive procedure. Once in place, the balloon is filled with saline or gas it occupies space in the stomach and creates a feeling of fullness.
Gastric Electrical Stimulation: Gastric electrical stimulation involves the use of electrical impulses to modulate the activity of the stomach and sometimes the vagus nerve. This electrical stimulation aims to influence appetite, digestion, and the overall function of the gastrointestinal tract.
Gastric Bands: Gastric bands are adjustable, silicone bands placed around the upper part of the stomach to create a smaller pouch. This constriction limits the amount of food the stomach can hold, leading to a feeling of fullness with smaller meals.
Staples: Stapling procedures involve the use of surgical staples to create partitions within the stomach. These partitions may include vertical sleeve gastrectomy (VSG), where a portion of the stomach is removed, or other techniques that modify the stomach's structure.
By Application
Based on application the global market can be categorized into Minimally Invasive Surgical and Non-invasive Surgical.
These application segments distinguish between surgical approaches that involve minimal physical intrusion (Minimally Invasive Surgical) and those that avoid penetration or incision altogether (Non-invasive Surgical). Both categories aim to provide effective solutions for weight management while prioritizing patient safety, comfort, and faster recovery times. The choice between these approaches depends on factors such as the patient's health status, the severity of obesity, and the preferences of healthcare professionals.
DRIVING FACTORS
"Rising Global Obesity Rates ""Fuel the Demand for Surgery Devices"
The escalating prevalence of obesity worldwide is a primary driver for the obesity surgery devices market growth. As the obese population continues to rise, there is a growing need for effective surgical interventions to address severe cases. Due to the growing need for weight management, the market for these devices experiences a surge in demand, to deal with the increasingly prevalent and severe instances of obesity worldwide.
"Growing Acceptance of Bariatric Surgery to Excites Market Growth"
Along with this, bariatric surgery, including various obesity surgery procedures, is increasingly being accepted as an effective and sustainable treatment option for severe obesity. This acceptance is projected to drive the demand for associated devices with advanced surgical techniques and improved devices which is likely to increase adoption by both healthcare providers and patients.
RESTRAINING FACTOR
"High Cost of Surgery Can Curb Market Potential "
With regard to restraining factors, the high cost of surgery can be a constraint to the market potential. Generally, obesity surgery procedures are expensive, and the high cost may deter some individuals from opting for surgical interventions, particularly in regions with limited insurance coverage or out-of-pocket expenses.
Obesity Surgery Devices Market REGIONAL INSIGHTS
"North America is Projected to Lead the Market due to the High Prevalence of Obesity"
The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, Middle East, and Africa.
North America is anticipated to hold a significant position in the obesity surgery devices market due to factors such as a high prevalence of obesity, advanced healthcare infrastructure, and technological innovation by the presence of key companies in the region. Also, a robust regulatory framework, widespread awareness and education about obesity, and supportive insurance policies are attributed to boosting the market. Moreover, in terms of market revenue, the region is predicted to gain the obesity surgery devices market shares. The region's well-established healthcare system, coupled with a proactive approach to addressing obesity-related health issues, contributes to the increasing demand for obesity surgery devices and procedures.
KEY INDUSTRY PLAYERS
"Key Companies Strive to Invest Heavily in R&D to Create Innovative and Advance Surgery Devices"
The key players in the obesity surgery devices market, including industry leaders like Johnson & Johnson, Medtronic, Apollo Endosurgery, and others, have significant influence on market growth through their strategic initiatives. These companies drive innovation through substantial investments in research and development, resulting in advanced surgical technologies and improved devices. Moreover, with a global presence and diverse product portfolios, these key players contribute to market expansion by catering to varying healthcare needs and preferences. Strategic partnerships, acquisitions, and regulatory compliance efforts strengthen their market positions, while educational initiatives and awareness campaigns foster increased adoption of obesity surgery devices.
List of Market Players Profiled
- Johnson & Johnson (U.S.)
- Medtronic (Ireland)
- Apollo Endosurgery (U.S.)
- Mediflex Surgical Product (U.S.)
- TransEnterix (U.S.)
- Aspire Bariatrics (U.S.)
- Spatz FGIA (U.S.)
- MetaCure (Israel)
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 1.7957 Billion in 2020 |
Market Size Value By |
US$ 2.6034 Billion by 2028 |
Growth Rate |
CAGR of 5.4% from 2020 to 2028 |
Forecast Period |
2020-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type And Application |
Frequently Asked Questions
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1. What value is the obesity surgery devices market expected to touch by 2028?
The global obesity surgery devices market is expected to reach USD 2.6034 billion by 2028.
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2. What CAGR is the obesity surgery devices market expected to exhibit by 2028?
The obesity surgery devices market is expected to exhibit a CAGR of 5.4% by 2028.
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3. Which are the driving factors of the obesity surgery devices market?
Rising global obesity rates and growing acceptance of bariatric surgery are some of the driving factors of the market.
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4. What are the key segments of the obesity surgery devices market?
The key market segmentation that you should be aware of, which include, based on the type of obesity surgery devices market is classified as balloons, gastric electrical stimulation, gastric bands, and staples. Based on application the obesity surgery devices market is classified as minimally invasive surgical and non-invasive surgical.