Obesity Surgery Devices Market Set to Reach US$ 3.23 Billion by 2033

PRESS RELEASE
Published February 7, 2024

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

  • United States: With a 31.8% market share in 2022, the United States leads the global obesity medical device market. The prevalence of obesity among adults in the U.S. is 41.9%, according to National Health Statistics reports, making it a lucrative market. FDA approvals and a rising number of obesity patients further contribute to market growth.
  • Germany: Holding a 7.0% market share in 2022, Germanys market is expanding due to the increased incidence of type 2 diabetes and heart disease. Over 53.5% of adults in Germany are overweight, presenting growth opportunities for obesity surgery devices.
  • United Kingdom: The United Kingdom held a 5.9% market share in 2022. Government initiatives, including policy changes in 2021 to provide treatment for obese individuals after bariatric surgery, contribute to the markets attractiveness.
  • China: Accounting for a 5.2% market share in 2022, China addresses its obesity challenges through policies and guidelines. The prevalence of obesity and overweight in China prompts the government to focus on prevention and control measures.

Category-wise Insights

  • Stapling Devices: Dominating the market with a 90.2% share in 2022, stapling devices play a crucial role in weight loss surgeries. Their applications, including staple line reinforcement, contribute to lower morbidity and enhanced clinical results.
  • Hospitals: Hospitals held a substantial 55.7% share of the total market in 2022. The demand for obesity surgical equipment in hospitals is driven by modern technology, improved patient care, and the increasing adoption of less invasive procedures.

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.

About Persistence Market Research:

Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on "micros" by Persistence Market Research helps companies overcome their "macro" business challenges.

Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies'/clients' shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.

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