The global revenue from the Obesity Surgery Devices Market reached approximately US$ 1.64 Billion in 2022, and is expected to witness significant growth, projecting a Compound Annual Growth Rate (CAGR) of 6.4% to attain a valuation of around US$ 3.23 Billion by the end of 2033, according to a comprehensive report by Persistence Market Research.
Stapling devices dominated the market, holding a substantial market share of around 90.2% in 2022, contributing to the global obesity surgery devices market 10.6% revenue share of the broader surgical equipment market valued at US$ 15.5 Billion in the same year.
Factors Driving Market Growth
The increasing prevalence of obesity in both children and adults worldwide is a primary factor fueling the demand for obesity surgery devices. Poor eating habits and reduced physical activity contribute significantly to the rise in obesity among children. Unicefs World Obesity Atlas for 2022 predicts that by 2030, more than 27 million children, or one in ten worldwide, are expected to be obese in India.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2033 - By Product Type, Application, End-user, and Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa): https://www.persistencemarketresearch.com/market-research/obesity-surgery-devices-market.asp
The global market is also expected to benefit from the heightened awareness among overweight individuals in developing countries about the potential health risks associated with obesity, such as diabetes, cardiovascular diseases, cancers, and stroke. Minimally invasive procedures for weight loss are anticipated to further drive market expansion.
Governments across various nations are actively addressing the obesity epidemic through awareness campaigns and action plans. For example, the LaparoObeso Centre in India, with support from the Maharashtra State Government, is reaching remote areas with accurate information about obesity and diabetes. In China, the Obesity Prevention and Control Section of the Chinese Nutrition Society has conducted awareness campaigns to address the obesity crisis.
Market Growth Challenges
Despite the promising outlook, the market expansion for obesity surgery devices may face obstacles due to the high production cost and limited financial support for surgery. The prolonged research and development period and the need for clinical trials to assess medications contribute to the significant financial investment required.
High costs associated with surgical procedures, such as gastric sleeve surgery, gastric bypass surgery, and adjustable gastric banding, may potentially slow down the growth of the global market.
Country-wise Insights
Category-wise Insights
Competition Landscape
Major players in the market are prioritizing increasing production volume, enhancing surgery device lines, introducing advanced features, and launching new products. Ethicon, a subsidiary of Johnson & Johnson Medical Devices Companies, has introduced innovative products like the ECHELON ENDOPATH Staple Line Reinforcement (SLR) and the ENSEAL X1 Curved Jaw Tissue Sealer, contributing to the markets growth.
The global obesity surgery devices market is on a trajectory of significant expansion, driven by a combination of rising obesity rates, government initiatives, and technological advancements in surgical tools. As the market continues to evolve, stakeholders are urged to navigate challenges, including high production costs, to capitalize on the substantial growth opportunities.
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This press release first seen on Brilad
COMTEX_447426685/2840/2024-02-07T00:55:18