Bariatric Surgery Devices Market – Analysis And Forecast (2017-2025): Market Shares And Strategies Of Key Players
Allergen, Covidien, Ethicon, Olympus, Medtronic Inc. collaboratively dominating the bariatric surgery devices market
The major players in this market are Allergan Inc., Cousin Biotech, Covidien PLC, Endogastric Solutions Inc., EntroMedics Inc, GI Dynamics Inc, Intuitive Surgical Inc., Johnson and Johnson, Olympus, Pare Surgical, ReShape Medical, Inc., Spatz FGIA Inc., Transenterix, Inc. Allergen, Covidien, Ethicon, Olympus, Medtronic Inc. are the market leaders. Devices for sleeve gastrectomy launched by Medtronic has indicated expansion of the bariatric surgery devices market. The regional governments are also involved in assisting the manufacturers by providing the companies with a certain capital that can be useful for market expansion.
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Bariatric surgery, also known as weight loss surgery, is a class of bariatrics, which refers to a minimally- invasive surgical procedure performed on people suffering from obesity. Bariatric surgery aims to reduce the weight of an individual with the help of a surgery that reduces the size of stomach by removing a portion of tissues or fats of the stomach. The National Institutes of Health in the U.S. suggests a person to undergo bariatric surgery depending on the BMI of the individual. Bariatric surgery is recommended to individuals with a minimum BMI of 40 whereas, people with specific serious coexisting medical conditions such as diabetes can also undergo bariatric surgery with a BMI of 35.
According to World Health Organization, the worldwide obesity has more than doubled since 1980. The key facts suggests that in 2014, over 1.9 billion adults were reported to be overweight, out of which 600 million were reported obese. This trend was observed to persist even in children under the age group of 5 years, wherein 41 million children were found to be overweight. This has predominantly increased the rates at which people are undergoing bariatric surgery, thereby elevating the bariatric surgery devices market. In addition to this, precaution and preventive measures undertaken by people has resulted in rise of overall expenditure on weight loss which in turn promotes the global sales of bariatric surgery devices. Moreover, the regional governments taking initiatives regarding weight assessment and obesity related issues are also positively influencing the bariatric surgery devices market.
North America to contribute a highest share in the bariatric surgery devices market
North America was reported to be the largest regional contributor to the bariatric surgery devices market in 2014, followed by the Europe. This is mainly attributed to high rates of obesity in the U.S. and active government involvement and support to expand research in the field that is undertaken by various companies manufacturing bariatric surgery devices. For instance, the German federal ministry has formed a funded research program called as the Competence Network Obesity and Integrated Research at about USD 26 Million for the years 2012-2015. Government initiatives such as accessibility to the patient population and distribution of early care strategies and community guide in order to control and treat obesity in the American and the European countries are playing a pivotal role in the growth of bariatric surgery devices market. On the other hand, Asia Pacific is the fastest growing potential market for bariatric surgery devices. This is mainly due to rapidly increasing inclination of the populace towards fast food, in turn increasing prevalence of obesity. The market in the region is also characterized by the wide availability of low cost devices. Moreover, major players in the market are focusing closing studying consumer behavior and accordingly aligning their strategies to best capitalize on opportunities on offer. For example, Covidien Plc set up a research facility in India to find out the factors responsible for obesity in India.
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High obesity rates in the world regulating the growth for bariatric surgery devices market
The major factor driving the bariatric surgery device market is the rapid growth of obesity cases across the globe. The Institute of Health Metrics and Evaluation suggests that 2.1 billion people, which accounts up to 30% of the world population are suffering with obesity and overweight. Thus, the awareness in these population can be potential to fuel the demand of these surgical devices. Additionally, a major shift in food habits, fast food preferences, imbalanced diet and inclination of majority of population towards luxuries and sedentary lifestyles are major factors leading to obesity that can boost the bariatric surgery devices industry growth. The medical practitioners and surgeons that are improving their skills to meet the rising demand for bariatric surgery are also responsible for impacting the market growth. Moreover, the non- invasive nature of this surgical technique that causes no apprehension to the patients makes it more viable and feasible thereby resulting in the expansion of the market at faster rates. However, certain restrains such as chances of internal bleeding, gastric band slippage, hernias, bowel obstruction and gastrointestinal ulcers can prove to barriers of the bariatric surgery devices market.
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