Bariatric Surgery Market - Growth, Trends, and Forecast (2020 - 2025)
The major factors attributing to the growth of the bariatric surgery market are, increase in obesity among people, and a rising prevalence rate of Type 2 diabetes and heart diseases. According to International Diabetes Federation’s IDF Diabetes Atlas Ninth edition 2019, approximately 463 million adults were currently living with diabetes worldwide. This is fueled by urbanization, poor diets, and lack of physical activity. Among all the countries, the United States has the largest percentage of obese children and young adults, which is approximately 13%. As the prevalence of obesity is increasing worldwide, the overall bariatric surgeries are expected to increase, which is expected to directly propel the bariatric surgery devices market. Other factors, such as the prevalence of diabetes, insurance coverage for the surgeries, and government initiatives, are driving the market studied.
Key Market Trends
Closure Device is Expected to Record a High CAGR in the Assisting Device Segment
Closure devices are used for reconnecting tissues during surgical procedures and for closing incisions made by trocars. The laparoscopic port closure device successfully and safely closes port sites in obese patients undergoing bariatric procedures and surgeries.
These devices are also expected to register high growth, as they are widely used in minimally invasive surgeries that require immediate closure of very small incisions made at the time of surgical procedures. However, these devices are found to be complicated, expensive, and may cause tissue trauma.
The major closure devices present in the market are the Cooper Surgical’s Carter Thomason, Teleflex Endo Fascial Closure, Gordian’s TroClose1200, etc. Market players are frequently launching new closure devices that are expected to drive the segment significantly. For instance, in October 2019, Gordian Surgical Ltd. has raised USD 3 million for commercialization of Its TroClose 1200 access-closure system for laparoscopic surgery in the US.
North America Dominates the Market and is Expected to do Same in the Forecast Period
North America is expected to dominate the overall market throughout the forecast period. This is due to the increasing number of obese population across the region. Another driving factor is due to the availability of better healthcare infrastructure in the region and the rising awareness about bariatric surgery. In the North American region, the United States holds the largest market share. According to the American Society for Metabolic and Bariatric Surgery statistics, there were around 228,000 surgeries in 2017 and 193,000 surgeries in 2015 were performed in the United States alone. Hence all these statistics show an exponential increase in the number of bariatric surgeries that drive the overall growth of the market. In December 2017, Penn Medicine has Launched its First App Penn Life Gained app or Bariatric Surgery Patients Using Apple CareKit will allow bariatric surgery patients to collate their health information. Thus, the frequent product launches of bariatric surgery devices are also expected to drive the market growth in the region.
The bariatric surgery market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the rising patient awareness levels and increasing obese population, few other smaller players are also expected to enter into the market in the coming years. Some of the major players of the market are Medtronic PLC, Ethicon Inc., Apollo Endosurgery Inc., Aspire Bariatrics Inc., and Intuitive Surgical Inc., among others.
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