NEW YORK, Nov. 20, 2017 (GLOBE NEWSWIRE) -- According to P&S Market Research, global obesity surgery devices market size is forecasted to attain a value of $2.8 billion by 2023 growing at a CAGR of 9.9% during 2017-2023. the boost in demand for the obesity surgery devices is due to various factors such as increasing prevalence of obesity leading to high demand for obesity surgeries, rising awareness about bariatric surgery in obese population, lifestyle changes leading to high risk of obesity, and technological advancements in the obesity surgery devices industry.
Minimally invasive and non-invasive surgeries are performed for treating obesity. The different minimally invasive surgeries performed are sleeve gastrectomy, gastric bypass, gastric banding, biliopancreatic diversion surgeries with a duodenal switch (BPD-DS) and several others. Sleeve gastrectomy surgery devices held the largest share in the obesity surgery devices market, since these surgeries result in more weight loss and have a low mortality rate, when compared to other alternative surgical procedures. The market for sleeve gastrectomy is expected to witness the fastest growth during the forecast period at a CAGR of 13.2%.
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Obesity surgery is performed using several devices that are available in the market including stapling devices, gastric bands, gastric balloons, gastric electric stimulators and several others. Stapling devices held the largest share of the global obesity surgery devices market in 2016, owing to their high application in almost all types of bariatric surgeries to staple the stomach and intestine parts.
Asia–Pacific is expected to observe the fastest growth in the obesity surgery devices market, due to increasing aging population, rising prevalence of obesity, and booming medical tourism in the region. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), the number of people aged 65 years and above constituted approximately 11.4% of population in 2013, and the count is estimated to reach approximately 20% of the population, by 2050. As a result, an increase in the demand for devices for obesity surgery is expected to increase in the region.
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Also, according to the Organization for Economic Co-operation and Development (OECD), there is a steady increase in the obesity rate until 2030. Obesity rates are projected to increase at a faster pace in Korea where rates have been historically low. This is thus increasing the demand for products in the obesity surgery devices market.
Globally, the key players in the obesity surgery devices market are launching new products to gain a larger market share. For instance, in April 2017, Intuitive Surgical, Inc., announced that the company had received CE Mark approval in Europe for its da Vinci X Surgical system. This approval expanded the company’s product portfolio and also provided surgeons and hospitals with advanced robotic assisted surgical technology at an affordable range.
Other key manufacturers operating in the obesity surgery devices industry include Medtronic plc, Johnson & Johnson, Spatz FGIA Inc., W. L. Gore & Associates, Inc., ReShape Lifesciences, Inc. (formerly EnteroMedics Inc.), and Cousin Biotech.
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