Albany, NY -- (SBWIRE) -- 09/14/2017 -- The report published by TMR foretells that the global bariatric surgical devices market is likely to rise at a CAGR of 9.3% during the forecast period 2017-2025. While the market stood at US$798.3 mn in 2016, it is envisaged to hit US$1,7441.1 mn by 2025. North America is predicted to be the leading region in terms of market share on account of rising FDA approval against bariatric procedures.
Sedentary Lifestyle and Rising Health Concerns to Provide Lucrative Market Opportunities
The global market for bariatric surgical devices is predicted to rise on account of a number of factors, providing ample market opportunities. The rising prevalence of obesity among people in developed and even developing nations is a primary factor providing growth opportunities to the bariatric surgeries market. Prevalence of obesity and rising health concerns along with increasing spending abilities are leading to higher demand of bariatric procedures. Moreover, there is and increasing demand of the procedures to be less-invasive. There has been a steady rise in qualified surgeons over the years, leading to competitive availability. The growing awareness among people about the health risks of obesity, and governmental initiatives to provide coverage for these surgeries is also a huge contributing factor.
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Bariatric surgeries are slated to be on the costlier side. Lack of proper awareness among the masses, and still lower amount of people having disposable incomes could be the considerable challenges faced by the market. However, with the industry players contributing to study of co-morbidity surgeries, and rising innovations in the medical field are expected to overcome the mentioned restraints to market growth. June 2015 witnessed an investment of US$3.2 mn toward a study changes in bile acid induced by endobarriers, by GI Dynamics Inc and GSK. Initiatives by market players is expected to go a long way in market opportunities and growth.
Closure Devices Segment to Showcase High CAGR, Being Minimally Invasive
The international bariatric surgical devices market may be segmented on the basis of the type of device, and by the end user. The device type segment sees further division into sub-segments, among which, the closure device segment is anticipated to witness a strong CAGR. In 2016, suturing devices held dominant market share. However, the forecast period is expected to foresee higher popularity of closure devices. Closure devices are minimally invasive, require instant closure of the incision made during surgery. Due to these advantages over other devices, the closure devices segment is predicted to register tremendous growth.
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Geographically, North America is anticipated to be the leading region in terms of performance in the worldwide bariatric surgical devices market. This position could be acquired by the region due to accruing obesity issues, junk food consumption, sedentary life choices, and increasing instances of diabetes and sleep apnea. Europe is expected to be another significant region contributing to market share, due to enhanced health care facilities and spending capacities on wellness and health.
However, on account of rising economies, and in turn changes in lifestyle, consumption of convenience foods, and economic prosperity may contribute to Asia Pacific turning out to be the fastest growing region in the market.
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The global bariatric surgical devices market is predicted to witness a number of players contending to make their presence known in the industry. Transparency Market Report (TMR) has recently published a study that identifies some of the leading names in the bariatric surgical devices market across the world. Among these names are some key players such as Apollo Endosurgery Inc., Ethicon Inc., Allergen Inc., and EnteroMedics Inc. The global market is expected to be a highly competitive one, and the market participants are anticipated to face ample rivalry in trying to establish themselves at the top. These enterprises are contemplated to focus on their technological advancements and research, to upkeep their industry position.
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