The bariatric surgery market is anticipated to record a CAGR of 5.6% during the forecast period (2019-2024
NEW YORK, March 24, 2020 /PRNewswire/ -- The bariatric surgery market is anticipated to record a CAGR of 5.6% during the forecast period (2019-2024).
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The major factors attributing to the growth of the bariatric surgery market are, increase in obesity among people, and a 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 meant that about one-third of the overall global population was overweight. This is fueled by urbanization, poor diets, and lack of physical activity. Among all the countries, the United States has the largest percentage of obese children and young adults, which is approximately 13%. As the prevalence of obesity is increasing worldwide, the overall bariatric surgeries are expected to increase, which is expected to directly propel the bariatric surgery devices market. Other factors, such as the prevalence of diabetes, insurance coverage for the surgeries, and government initiatives, are driving the market studied.
Key Market Trends
Closure Device is Expected to Record a High CAGR in the Assisting Device Segment
Closure devices are used for reconnecting tissues during surgical procedures and for closing incisions made by trocars. The laparoscopic port closure device successfully and safely closes port sites in obese patients undergoing bariatric procedures and surgeries.
These devices are expected to register high growth, as they are widely used in minimally invasive surgeries that require immediate closure of very small incisions made at the time of surgical procedures. The number of minimally invasive surgical procedures is rising each year and this is helping the market to grow. 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 American 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.
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