World Bariatric Surgery Market Study 2019-2024 - Industry Set to Exhibit a CAGR of 5.6%
Dublin, Dec. 04, 2019 (GLOBE NEWSWIRE) -- The "Bariatric Surgery Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The bariatric surgery market studied is anticipated to grow with a CAGR of 5.6%, during the forecast period (2019-2024).
The major factors attributing to the growth of the bariatric surgery market are increase in obesity patients, rising prevalence rate of type-2 diabetes and heart diseases. According to the World Health Organisation (WHO), in 2016, more than 1.9 billion adults, 18 years and older, were overweight; of these over 650 million were obese. This means that about one-third of the overall global population is overweight; this is fueled by urbanization, poor diets, and lack of physical activity.
Among all the countries, the United States has a large percentage of obese children and young adults, around 13%. As the prevalence of obesity is increasing worldwide, the overall bariatric surgeries are expected to increase, which will directly propel the bariatric surgery devices market. The other factors, such as the prevalence of diabetes, insurance coverage for the surgeries, and government initiatives, are driving the market.
Key Market Trends
Closure Device is Expected to Grow with High CAGR in the Assisting Device Segment
Closure devices are used for reconnecting the tissues during surgical procedures and for closing incisions made by trocars. The laparoscopic port closure device successfully and safely closes the port sites in obese patients undergoing bariatric procedures and surgeries.
These devices are expected to register high growth, as they are widely used in the minimally invasive surgeries that require immediate closure of very small incisions made at the time of surgical procedures. And the number of minimally invasive surgical procedures are rising each year and this is helping the market growth. For instance, there are over two million laparoscopic cases performed annually in the United States. These operations are performed with specialized instruments, designed to be inserted through small incisions. Therefore, the rising number of laparoscopic procedures helps in increasing the usage of closure devices.
North America Dominates the Market and is Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. This is due to the increasing number of obese population across the region, another driving factor is due to the availability of better healthcare infrastructure in the region and the rising awareness about bariatric surgery. In the North America region, the United States holds the largest market share.
Competitive Landscape
The bariatric surgery market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. With the rising patient awareness levels and increasing obese population, few other smaller players are also expected to enter into the market in the coming years. Some of the major players of the market are Medtronic plc, Ethicon Inc., Apollo Endosurgery Inc, Aspire Bariatrics Inc., and Intuitive Surgical Inc, among others.