MOUNTAIN VIEW, Calif., Jan. 22, 2013 /PRNewswire/ -- Obesity surgery's success in Europe and Rest of World (ROW) has piqued the interest of consumers in the United States. The U.S. market is hoping to mirror the EU and ROW's market growth in product portfolios and number of surgeries, as obesity and obesity-related diseases cause an immense financial burden on the U.S. healthcare system.
New analysis from Frost & Sullivan's (http://medtech.frost.com) Analysis of the U.S. Obesity Surgery Devices Market research finds the market earned revenues of $156.2 million in 2011 and estimates this to reach $301.7 million in 2016.
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"Obesity surgeries' success stories from other regions have resonated well with the American public," said Frost & Sullivan Senior Industry Analyst Aarti Shetty. "Apart from consumer demand, the medical community's eagerness for safe and effective weight loss solutions encourages manufacturers to launch similar products in U.S. markets."
However, the Food and Drug Administration's (FDA's) regulations are more stringent than ROW's, which slows down the inflow of new technologies. Further, many insurance companies do not cover the entire price of gastric bypass surgeries. Individuals need to include obesity surgery as an option when they buy high-premium insurance. This significantly reduces consumer uptake of this surgical procedure and thereby, its devices.
Insurance companies are reluctant to cover obesity surgeries because the newer techniques have no long-term data. Reported instances of post-surgery complications add to their apprehension.
Nevertheless, with an increase in the number of surgeries, more data will be available, raising the possibility of better reimbursement. Designing adequate clinical trials is not only important for reimbursement opportunities, but is also critical to draw the interest of a skeptical medical community of physicians and clinicians.
"As more products go into clinical trials, non-invasive surgery devices are expected to gain approval in the United States," noted Shetty. "It is also vital to generate positive press about obesity surgery by spreading awareness about post-surgery care. Device makers will do well to collaborate with surgeons and other medical practitioners to educate their patient pool using modern platforms, such as mobile apps."
Analysis of the U.S. Obesity Surgery Devices Market is part of the Advanced Medical Technologies Growth Partnership Services program, which also includes research in the following markets: 2012 United States Medical Devices Outlook, Analysis of the Knee Implants Market, Analysis of the U.S. Multiparameter Patient Monitoring Equipment Market, and Analysis of the Orthopedic Implants Market – The Future of Joint Replacement. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the U.S. Obesity Surgery Devices Market
SOURCE Frost & Sullivan