U.S. bariatric surgery devices market will grow at 5.6% from 2018 to 2024, owing to high pervasiveness of obesity. According to National Institute of Diabetes and Digestive Kidney Diseases (NIDDK), 1 in 3 adults in U.S. suffer from obesity. High prevalence of obesity coupled with high disposable income and increasing government expenditure on healthcare will further lead to business growth in the future.
Global Bariatric Surgery Devices Market will exceed USD 2.2 billion by 2024; according to a new research report by Global Market Insights, Inc. Increasing government funding will spur demand for bariatric surgeries in upcoming years. For instance, National Institute of Diabetes and Digestive Kidney Diseases (NIDDK) provided about USD 1.3 million to Miriam Hospital in US for development of advanced technologies that support bariatric surgery. This will positively impact adoption of bariatric surgical procedures, thereby driving business growth during the forecast period.
High demand for minimally invasive surgical procedures will significantly drive bariatric surgery devices market growth over the forecast period. Reduction in post-operative trauma and complications with use of minimally invasive surgical procedure is the major growth driver. Reduced hospital stays, and lesser healing time are other advantages of bariatric surgical devices. Such factors will favor considerable growth in the future.
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Minimally invasive surgical device segment accounted for largest revenue of USD 1,378.1 million in 2017. Patients with gastrointestinal diseases using minimally invasive techniques experience less pain, reduced costs of treatment, and recovery time. Improved design to provide maximum efficiency will favor segmental growth in the future.
Sleeve gastrectomy segment is expected to grow at 6.1% during the forecast timeframe. Segmental growth is attributable to lesser number of complications and higher efficacy. According to American Society for Metabolic and Bariatric Surgery (ASMBS), about 59% of bariatric surgeries performed were sleeve gastrectomy. Increasing patient preference and affordability of sleeve gastrectomy will favor segmental growth over forecast timeframe.
Gastric bypass procedure segment is forecasted to grow at significant pace of 5.8% CAGR over the projected period. Gastric bypass offers sustainable weight loss and is the most common surgical procedure. Insurance coverage for the procedure will further accelerate the adoption rate of gastric bypass, thereby boosting segmental growth.
Japan bariatric surgery devices market accounted for revenue size of USD 92.6 million in 2017 owing to rising number of bariatric surgical procedures including sleeve gastrectomy. According to NCBI 2015 report, more than 70% sleeve gastrectomy surgical procedures were performed in Japan. In addition, sedentary lifestyle as well as unhealthy diet habits are also contributing factors for obesity that will foster industry growth in upcoming years.
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Some of the prominent players involved in bariatric surgery devices market are Apollo Endosurgery, B. Braun Melsungen AG, CONMED Corporation, Ethicon Inc. (Johnson & Johnson), Integra Life Sciences Holding Corporation, Intuitive Surgical, Medtronic, Olympus Corporation, Reshape Lifesciences, and W. L. Gore & Associates, Inc. These firms adopt strategic initiatives including mergers and acquisitions, new product launch and geographical expansion. For instance, in January 2017, Ethicon acquired Megadyne Medical Products, Inc., a medical device company that develops, manufactures electrosurgical tools. This acquisition will help in broadening its product portfolio as well as business revenue.
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