The bariatric surgery market is shifting from gastric bands towards balloons, according to a report by GlobalData.
Titled ‘MediPoint: Bariatric Surgery Devices – Global Analysis and Market Forecasts’, the report estimates the bariatric surgery market to grow at a compound annual growth rate of 7.1% across 39 countries.
The bariatric surgery market, which includes bariatric stapling devices, gastric bands and gastric balloons, is expected to increase from $1.1bn in 2016 to $1.9bn by 2023. The key drivers for the growth include the increasing prevalence of obesity, advancements in bariatric procedures and advent of minimally invasive and non-invasive procedures.
The most popular surgeries in the bariatric industry include sleeve gastrectomy and gastric bypass procedures, which are performed using bariatric stapling devices, explains Brigitte Babin, MSc, GlobalData’s Analyst covering Medical Devices. These procedures are projected to increase annually thereby driving the growth of bariatric stapling devices and in turn the bariatric surgery devices market.
The bariatric devices market, consisting of gastric bands and gastric balloons, on the other hand has been experiencing divergent trends. The gastric band market is projected to decline as long-term studies have discovered complications occurring post gastric banding procedures. Whereas the gastric balloons segment is expected to witness rapid growth as it is a non-surgical, less invasive and a short-term treatment option, Babin adds.
Two major players, Medtronic and Ethicon Endo-surgery, hold approximately 85% share in the Medtronic and Ethicon Endo-surgery market. The two companies are expected to continue their market dominance, while smaller players such as Apollo Endosurgery, Cousin Biotech and ReShape will account for the remaining market share.