Global bariatric surgery devices market is expected to reach USD 2.8 billion by 2022, according to a new report by Radiant Insights, Inc. The growing incidence rate of obesity has led to many government initiatives at regional as well as global level to increase the awareness related to obesity and undertake various incidence curbing action plans. For instance, the South Wales government launched the NSW Healthy Eating and Active Living Strategy 2013-2018 for preventing obesity.
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In addition, to strategic planning, the governments of developed nations are also funding universities to design strategic interventions to control the rising obesity. For the year 2014, New Zealand invested USD 40 million for its Healthy Families NZ anti-obesity initiative.
The demand for non-invasive surgeries is also increasing, as non-invasive surgeries save time, cost, and decrease hospital stay. Governments are also encouraging the use of more incisionless surgeries in order to decrease the cases of infection. For instance, in July 2015, the FDA approved a balloon device, where the balloon is directly swallowed through mouth using a sterile solution.
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Further key findings from the report suggest:
Gastric bypass surgery dominated the market in 2014 due to its early adoption since 1960 and the fact that it is the combination of both restrictive and malabsorptive procedures. This minimally invasive surgery offers weight loss by small incision on the belly and is preferred in patients with diabetes and gastric reflux issues.
The sleeve gastrectomy surgery is expected to witness rapid rise in demand owing to, the procedure’s incision-less nature. The fact that the procedure does not involve re-routing the intestine is also likely to drive segment growth. With the FDA approval of ReShape balloon, there has been a recent FDA filing for Elipse device, which is swallowed and gets excreted naturally after four months.
North America was the largest regional market with revenue share estimated at over 50% owing to, the presence of market players introducing continuously innovative technologies to improve patient care. In addition, North America has the highest population with obesity incidences. In 2013, the Medicaid-covered costs related to obesity ranged from USD 5.0 million to USD 1.3 billion.
Europe was the second largest market in 2014. High obesity rates coupled with high penetration of technologically advanced procedures are some high impact rendering regional drivers. Favorable government initiatives are also expected to play pivotal roles in market growth. For instance, the German Federal Ministry of Education and Research (BMBF) formed two funding research programs namely the Competence Network Obesity and Integrated Research and Treatment Center (IFB) Adiposity Diseases with budgets allocated at around USD 26 million for 2012-2015.
Asia Pacific followed North America in terms of obesity and overweight prevalence. This coupled with the presence of large untapped opportunities is expected to help the Asia Pacific bariatric surgery market register the fastest growth over the forecast period. Moreover, countries like India are now serving as medical tourism destinations by touting affordable procedure costs.
Industry contributors are striving to change the traditional methods of performing surgeries and innovating newer techniques or devices helping surgeons perform the procedures in an effective manner. In June 2015, Medtronic launched GastriSail, a device for sleeve gastrectomy. The device changed the traditional method of using three devices, thus reducing infection and irritation.
Manufacturers are also conducting collaborative exercises to study the effect of surgeries on co-morbidities. For instance, In May 2014, GI Dynamics Inc. collaborated with GSK, to study endobarrier induced changes in bile acid, responsible for controlling energy and glucose homeostasis. In addition to this, in June 2015, Ethicon, invested around USD 3.2 million. The investment was to study the effect of bariatric surgery on Type 2 diabetes and obesity.
Some key players of this market include Covidien Plc, Intuitive Surgical Inc., TransEnterix Inc., Allergan Inc., USGI Medical Inc., Semiled Ltd., Cousin Biotech, GI Dynamics Inc., Johnson and Johnson and Mediflex Surgical Product.
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