ALBANY, New York, September 24, 2018 /PRNewswire/ --
According to the TMR, the bariatric surgical devices market was valued at US$798.3 mn in 2016 and expected to obtain value of US$1,744.1 mn by the end of 2025 expanding with the CAGR of 9.3% over the forecast years from 2017 to 2025. On the basis of devices type, in 2016, the suturing devices segment has accounted for leading share in the global market for bariatric surgical devices owing to the high adoption of these devices by the surgeons globally. On the basis of end-user, in 2016, bariatric surgery clinics segment dominated the global market owing to the increasing preference for minimally invasive surgeries that can be performed in bariatric surgery clinics. On the basis of region, North America is dominating the global market for bariatric surgical devices.
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High Awareness about Health to Drive Growth
Rising prevalence of obesity among people in the developed and developing countries is a key factor fueling growth of the global market for bariatric surgical devices. Additionally, the factors such as rising health awareness, increasing disposable income, healthcare expenditure of mid-earning people, and health concerns among them are boosting adoption of the bariatric surgical devices. This factor is propelling growth of the bariatric surgical devices market.
In addition, sedentary lifestyle, excessive intake of the calories, and changing eating habits are creating need for the bariatric surgical devices. Also, numerous governments are taking some efforts to reduce the obesity rate in adults and children which is favoring for the adoption of the techniques and fuelling growth of bariatric surgical devices market. The governments are taking some initiatives for increase in awareness levels about side effects and consumption of unhealthy food and beverages.
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Additionally, these governments have improved their reimbursement policies and sponsorships for bariatric surgeries. This encouragement is fuelling growth of the global bariatric surgical devices market. Furthermore, the growing preference for minimally invasive surgeries in order to make less damage to body, reduce the pain, and reduce complication in the surgeries are fuelling adoption of bariatric surgical devices which is likely to fuel growth of the bariatric surgical devices market.
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Product innovation and high investment in R&D to create lucrative opportunities
Despite of these growth prospects, the high cost of bariatric surgical devices and surgeries are hampering adoption of the bariatric surgical devices market. Also, lack of awareness among people and low adoption by the lower disposable income people are hampering growth of the global bariatric surgical devices market. Nevertheless, contribution of key players to study of co-morbidity surgeries, and rising investment for innovations in the medical field are expected to create lucrative opportunities which are expected to help key players in order to overcome the mentioned restraints to market growth.
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The global bariatric surgical devices market has highly competitive and fragmented landscape observes Transparency Market Research (TMR). Some of the players operating in the global bariatric surgical devices market are Apollo Endosurgery Inc., Ethicon Inc., TransEnterix Inc., EnteroMedics Inc., and Cousin Biotech. These players are focusing on the improvement of the existing products along with development of novel products in order to change the traditional operational procedures with more secured and improved procedures. Some of these technics have received approval from FDA, for instance, in 2015, Apollo Endosurgery, Inc.'s ORBERA system by was approved by the US Food and Drug Administration (FDA) for losing the BMI ranging from 30 to 40kgs. Additionally, these players are taking part in to partnerships, acquisitions, and mergers to improve their customer reach.
This information is from the new report by TMR, titled "Bariatric Surgery Devices Market (Device - (Assisting Devices (Suturing Device, Closure Device, stapling Device, Trocars), Implantable Devices ( Gastric Bands, electrical Stimulation Devices, Gastric Balloons, Gastric Emptying); End-user -Bariatric Surgery Clinics, Hospital Pharmacies, Ambulatory Surgical Centers)) -Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025."
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