by The 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 Overview:
Intragastric balloons are medical devices temporarily placed in the stomach to assist weight loss. They work by occupying space in the stomach and creating a feeling of fullness. This helps people eat less and feel full. Commonly used for people who need to lose weight before having weight-loss surgery or people who can’t have weight-loss surgery. They are a non-surgical alternative for people who want to lose weight before considering other weight-loss procedures.
Market Dynamics:
Increasing prevalence of obesity worldwide is a major driver of the intragastric balloon market. As per WHO, over 1.9 billion adults aged 18 years and older were overweight in 2016. This is likely to boost the demand for minimally invasive procedures for weight loss. Additionally, increasing awareness about weight loss coupled with technological advancements in intragastric balloon is projected to fuel the market growth over the forecast period. However, risks of gastric erosion, nausea are factors restraining the adoption of intragastric balloon procedures. Moreover, availability of alternative procedures for weight loss treatments poses a challenge to market growth.
Segment Analysis
The intragastric balloon market is dominated by the single-balloon sub segment. Single balloons account for over 70% of the total market share as they are safer and pose lower inflation and deflation risks. Compared to dual balloons, single balloons are easier to insert and remove during endoscopic procedures.
PEST Analysis
Political: Governments across countries are supporting initiatives to curb growing obesity rates by promoting minimally invasive bariatric procedures like intragastric balloons.
Economic: Rising disposable incomes in emerging nations have led to changing lifestyles and increased consumption of calorie-dense foods, driving obesity rates. This creates demand for affordable weight loss solutions like intragastric balloons.
Social: With growing health consciousness, people are actively looking for non-surgical methods to lose weight and manage obesity-related issues. This increases the acceptability of intragastric balloons.
Technological: Advancements are being made to develop smarter balloons that can remain in the stomach for longer duration and provide better weight loss results with minimal side effects. Some players are focusing on connecting balloons to mobile applications for effective monitoring of patients.
Key Takeaways
The Global Intragastric Balloon Market Size is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period, due to increasing obesity prevalence worldwide and rising adoption of minimally invasive procedures. As per estimates, over 650 million people globally will be obese by 2030.
Regionally, North America dominates the intragastric balloon market with the highest procedural volume. However, the market in Asia Pacific is growing at the fastest pace led by countries like China, India and Japan. Rising obesity in urban areas and improving access to bariatric services are driving the APAC intragastric balloon market.
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, Silimed, Medsil, MetaCure, Semmar. These companies are focusing on new product launches and geographical expansion to cement their leadership positions in the market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
