Global Bariatric Surgery Devices Market Set For 9.3% Growth, Reaching $2.98 Billion By 2028
Bariatric Surgery Devices Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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In recent years, the global market for bariatric surgery devices has seen significant growth. The market is expected to grow from $1.91 billion in 2023 to $2.09 billion in 2024, at a compound annual growth rate CAGR of 9.7%. This growth can be attributed to factors such as healthcare infrastructure development, increased awareness and education about the procedure, the growth of medical tourism, comprehensive insurance coverage, government initiatives supporting the procedure and positive patient outcomes and success stories.
What Is the Projected Growth Rate for The Bariatric Surgery Devices Market?
The bariatric surgery devices market is anticipated to experience strong growth in the near future. The market is projected to grow to $2.98 billion by 2028, at a compound annual growth rate CAGR of 9.3%. Factors contributing to this anticipated growth include an aging population, regulatory support for the procedure, patient empowerment, preventive healthcare measures, the adoption of minimally invasive procedures and the globalization of bariatic surgery. Key trends for the forecast period include technological advancements in the field, the emergence of personalized medicine in bariatrics, integration of artificial intelligence in the procedure, industry collaborations and partnerships, and digital health solutions.
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What Are The Primary Drivers Of The Bariatric Surgery Devices Market?
One of the significant factors contributing to the growth of the bariatric surgery devices market is the rising global obese population. Obesity, characterized by abnormal or excessive fat accumulation, can impair the health of individuals and has become a global public health challenge in recent years. It contributes considerably to global mortality and morbidity rates. The World Health Organization WHO states that over 1 billion people globally are currently obese, out of which 650 million are adults, 340 million are adolescents, and 39 million are children. The increasing utilization of surgical procedures by the obese population to reduce fat deposits is expected to boost demand for bariatric surgery devices.
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Who Are The Key Players In The Bariatric Surgery Devices Market?
Prominent companies operating in the bariatric surgery devices market include Medtronic plc, Covidien LLC, B. Braun Melsungen AG, Olympus Corporation, Intuitive Surgical Inc, Ethicon LLC, Allergan plc, Endo Technologies LLC, Bariatric Advantage, US Endoscopy, Apollo Endosurgery Inc, Microline Surgical Inc., EndoGastric Solutions Inc, Reshape Medical Inc., ReShape Lifesciences Inc, Cousin Biotech, and others.
What Are The Key Trends In The Bariatric Surgery Devices Market?
Noteworthy trends include technological advancements, with key players focusing on developing technologically advanced products to meet surgical demands and strengthen their market position. For instance, in September 2021, Olympus Corporation, a Japan-based medical technology company, launched POWERSEAL advanced bipolar surgical energy devices. These devices provide surgeons with state-of-the-art sealing, dissection, and grasping capabilities while significantly reducing the force required to close the jaws. They can be used in various surgical procedures including bariatric surgery.
How Is The Bariatric Surgery Devices Market Classified?
1 By Type: Minimally Invasive Surgical Devices, Stapling Devices, Energy/Vessel Sealing Devices, Suturing Devices, Accessories, Non-invasive Surgical Devices.
2 By Procedure: Sleeve Gastrectomy, Gastric Bypass, Revision Bariatric Surgery, Non-invasive Bariatric Surgery, Adjustable Gastric Banding, Mini-gastric Bypass, Biliopancreatic Diversion with Duodenal Switch.
3 By End User: Clinics, Hospitals, Specialty Centers, Ambulatory Surgical Centers.
Regional Outlook: Where Is The Bariatric Surgery Devices Market Growing Fastest?
North America held the largest share of the bariatric surgery devices market in 2023. However, the fastest-growing region is expected to be Asia-Pacific in the forecast period. The report covers several regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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