Global Bariatric Surgery Devices Market - Segmented by Device Type, End User, and Geography - Growth, Trends and Forecast (2018 - 2023)
The global bariatric surgery devices market is expected to register a CAGR of 9.5% during the forecast period, 2018 to 2023. Bariatric surgery is mainly used to reduce body weight. Bariatric surgical procedures are carried out for the treatment of a comorbid condition, which is associated with morbid obesity requires bariatric surgery devices.
Increase in Obese Population
According to World Health Organisation (WHO), in 2016, more than 1.9 billion adults, 18 years and older, were overweight; of these over 650 million were obese. This means that about one-third of the overall global population is overweight; this is fueled by urbanization, poor diets, and lack of physical activity. Among all the countries, the United States has the large percentage of obese children and young adults, around 13%. As the prevalence of obesity is increasing worldwide, the overall bariatric surgeries are expected to increase, which will directly propel the bariatric surgery devices market. The other factors, such as the prevalence of diabetes, insurance coverage for the surgeries, and government initiatives, are driving the market.
High Cost of Surgery
The high cost of the surgery is due to pre- and post-surgery fees. Cost depends on the surgery type, which may range between USD 15,000-35,000. The most expensive among the surgeries is the duodenal switch surgery, which costs about USD 27,000. The gastric sleeve surgery, which is highly recommended, costs about USD 19,000. Insurance companies cover only a portion of these expenses. The huge cost associated with the surgeries will restrain the growth of the market. Along with these, other factors, such as lack of awareness in developing countries and lower disposable incomes in developing countries, are hindering the growth of the market for bariatric surgery devices.
North America to Dominate the Market
North America dominates the market for bariatric surgery devices as the people in the region have higher disposable incomes when compared to other regions, especially as these bariatric surgery procedures are expensive. In terms of revenue, the European bariatric surgery market follows that of North America.
Key Developments in the Market