Intragastric Balloon Is Estimated To Witness High Growth Owing To Opportunity To Treat Obesity

https://www.coherentmarketinsights.com/industry-reports/intragastric-balloon-market
Intragastric Balloon Market


Intragastric balloons are non-surgical and minimally invasive devices used to treat obesity. The balloons are placed endoscopically in the stomach of obese patients to induce early satiety and reduce hunger. The balloons occupy space in the stomach, making the patient feel fuller which leads to reduced food intake. Intragastric balloons have emerged as an effective option for weight loss in overweight and obese patients.

The global Intragastric Balloon Market is estimated to be valued at US$ 372.6 Mn  in 2023 and is expected to exhibit a CAGR of 9.6%  over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity

The rising prevalence of obesity presents a major opportunity for the growth of the intragastric balloon market. Obesity has become a major public health issue worldwide due to the adoption of sedentary lifestyles and unhealthy dietary habits. According to the World Obesity Federation, over 2.8 million people die each year as a result of being overweight or obese. Intragastric balloons are increasingly being used as minimally invasive devices to induce weight loss in obese patients before bariatric surgery or as a primary treatment option for obesity. The growing obesity rates and the need for effective obesity management solutions without side effects of medication or risks of surgery make intragastric balloons an attractive treatment choice. This is expected to drive the demand for intragastric balloons over the forecast period.

Porter's Analysis

Threat of new entrants: The intragastric balloon market requires substantial resources and expertise to develop innovative medical devices. These high entry barriers deter new players.

Bargaining power of buyers: Individual patients have limited bargaining power due to inelastic demand for obesity treatment. However, large hospitals and clinics can negotiate with manufacturers on bulk purchase orders.

Bargaining power of suppliers: Key components such as sealing mechanisms and high-quality polymers have few substitutes. This gives existing suppliers bargaining leverage over device makers.

Threat of new substitutes: Few substitutes exist for minimally invasive gastric balloons. Upcoming technologies like endoscopic bariatric procedures pose competition.

Competitive rivalry: Large players compete on technology, brand reputation and geographic presence. Small companies differentiate through customer service and pricing.

SWOT Analysis

Strengths: Non-surgical treatment, quick weight loss, improved weight management, reimbursement for obesity treatment.
Weaknesses: Invasive procedure, discomfort, risk of obstruction and deflation, temporary solution.
Opportunities: Rising obesity rates, increase in bariatric procedures, growth in medical tourism.
Threats: Entry of substitutes, pricing pressure, stringent regulations on new devices.

Key Takeaways

The global Intragastric Balloon Market Share is expected to witness high growth over the forecast period aided by increasing obese population worldwide. Regionally, North America dominates due to advanced healthcare infrastructure and growing obesity epidemic. However, Asia Pacific is emerging as a fast-growing region with improving access to bariatric treatments.

Key players operating in the intragastric balloon market are Allergan (Acquired by Abbott), Apollo Endosurgery, Reshape Medical, Helioscopie Medical, and Spatz FGIA. Allergan leads the market with its FDA-approved Orberaintragastric balloon. Apollo Endosurgery offers the Apollo OverStitch device to aid in endoscopic placement of intragastric balloons. Reshape launched the ReShape Duo dual intragastric balloon system approved in Europe and other regions.

North America holds the largest share due to favorable reimbursements, doctor awareness and patient affinity for early intervention in obesity. The Asia Pacific region excluding Japan is poised to grow at a double digit CAGR driven by rising obesity linked diseases and increasing medical tourism from countries like India, Thailand and Indonesia. Brazil and Mexico also offer significant potential for demand due to high obesity levels in Latin America.

Key players operating in the intragastric balloon market are Allergan (Acquired by Abbott), Apollo Endosurgery, Reshape Medical, Helioscopie Medical, Spatz FGIA, Endalis, Districlass Medical, Lexal, Medicone, Obalon Therapeutics, Silimed, Medsil, ReShape Lifesciences, EndoArt, MedSil, Semmar. Allergan leads the market with its FDA-approved Orbera intragastric balloon.

Get More Insights On This Topic: https://www.pressreleasebulletin.com/intragastric-balloon-market-growing-demand-analysis/

 

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