The global bariatric devices market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising lifestyle illnesses like obesity, diabetes, cardiovascular disease, etc.
The surgical equipment used to perform bariatric treatments for weight loss is referred to as bariatric surgery devices. These operations reduce the stomach's capability to retain food, resulting in nutrition malabsorption. The generation of gut hormones is aided by bariatric surgery devices, which suppress appetite. Stapling devices, vessel sealing devices, suturing devices, trocars, adjustable gastric bands, gastric balloons, electrical stimulators, and other devices are among them. The widespread availability of minimally invasive surgical equipment has aided physicians in their efforts to reduce surgery-related morbidity. The major goal of deploying these devices is to eliminate the necessity for surgical incisions, hence reducing the risk of problems connected to post-operative trauma.
Many patients have been unable to have bariatric surgery as a result of the global spread of the new coronavirus, which was followed by lockdown regimens. During the continuing epidemic, with most doctors preoccupied with the nonstop treatment of corona patients, the only treatments accessible to patients in public hospitals were oncological and surgical emergency operations. Because of the unavailability and demand of the scenario, people suffering from morbid obesity have been placed on wait several times.
According to the American Heart Association, overall medical costs would rise to USD 957 billion by 2030, up from USD 861 billion now. The government has been worried by the high cost of healthcare and has taken steps to lower the incidence of obesity and the long-term chronic illnesses associated with it. Ethicon, a Johnson & Johnson company, committed approximately USD 3.2 million in June 2015 to research the effects of bariatric surgery on Type 2 diabetes and obesity. In addition, the business released three new endocutter and energy items to help with bariatric surgery treatments.
Market Trends, Drivers, Restraints, and Opportunities
- The increasing prevalence of sedentary consumer lives, along with bad eating habits is estimated to boost the market expansion in the coming years.
- Growing government assistance and increased knowledge about unhealthy foods and beverages available on the market, as well as their impact on BMI, are expected to propel market growth during the forecast period.
- Increased product recalls and the expense of doing these bariatric procedures is expected to hinder the market growth.
- R&D investment and technological advancement such as surgical robots are anticipated to create lucrative opportunities for the market players.
Market Segment Insights
The disease or disorders segment is projected to account for a key market share
In terms of types, the global bariatric devices market is segmented into calorie intake, hereditary, disease or disorders, and others. The disease or disorders segment is expected to account for a key share of the market during the forecast period due to rising health problems found among people, especially during the COVID-19 pandemic. On the other hand, the calorie intake segment is anticipated to expand at a rapid pace during the forecast period.
The Bariatric surgery clinics segment is anticipated to expand at a substantial/rapid CAGR
On the basis of applications, the global bariatric devices market is divided into bariatric surgery clinics, hospitals and ambulatory surgical centers. The bariatric surgery clinics segment is expected to account for a key share of the market in the coming years) owing to the rising concerns with obese people around the globe and other health-related problems.
North America is expected to dominate the market
On the basis of regions, the global bariatric devices market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to high obesity prevalence and considerable government-supported financing. On the other hand, the market of Europe is expected to exhibit a rapid growth rate in the coming years owing to the rise of unhealthy lifestyle illnesses. Furthermore, due to the large obese population and increasing medical tourism due to surgery conducted at low rates, Asia Pacific is the fastest-growing market with a CAGR of over 10.5%.