The Intragastric Balloon Market Is Estimated To Witness High Growth...

The Intragastric Balloon Market Is Estimated To Witness High Growth Owing To Rising Obesity Prevalence

Posted 2023-12-26 14:12:52

Intragastric balloons are non-surgical, endoscopic procedures used to treat obesity and weight loss. It involves inserting a medical balloon into the stomach to limit food intake and induce a feeling of early fullness. Intragastric balloons are safe and effective options for individuals who do not want to undergo bariatric surgery or have a BMI between 30-40 kg/m2. The balloons can help reduce stomach capacity and promote weight loss over 6 months.

The global Intragastric Balloon Market is estimated to be valued at US$ 372.6 Mn or million 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 Dynamics: One of the key drivers fueling the intragastric balloon market growth is rising prevalence of obesity across the globe. As per the World Health Organization (WHO), globally over 1.9 billion adults were overweight in 2016, of which over 650 million were obese. Obesity is associated with increased risk of chronic diseases such as diabetes, cardiovascular diseases, and cancer. Sedentary lifestyles and consumption of junk food have significant contributed to growing obese population. Intragastric balloons provide a non-invasive option for initial weight loss in obese individuals. Moreover, increasing awareness regarding advantages of intragastric balloons such as minimal risk of complications compared to bariatric surgery is also supporting the market growth. However, lack of long term clinical evidence is a major challenge. Ongoing R&D for development of advanced balloons with added benefits is expected to create lucrative opportunities.

SWOT Analysis

Strengths:
- Intragastric balloons are beneficial for weight loss as they help in feeling full quickly and thereby reducing appetite. This allows people to comfortably reduce their calorie intake.
- Being minimally invasive devices, intragastric balloons present minimal risks as compared to bariatric surgeries. They do not require any incisions or complex surgical procedures.

Weaknesses:
- Intragastric balloons are meant for temporary weight loss and need to be removed after 6 months. This requires another endoscopic procedure.
- There is a possibility of the balloon slipping from its desired position or deflating early, requiring early removal.

Opportunities:
- Rising obesity rates globally have increased the focus on effective weight loss solutions. This enhances the demand for intragastric balloons.
- Advances in material sciences have allowed development of innovative balloon designs with better retention capabilities. This is expected to drive their adoption.

Threats:
- Strict regulatory norms for approval of medical devices increase the time and costs associated with product development and commercialization.
- Presence of alternative bariatric procedures and appetite suppressing medications provide stiff competition to intragastric balloons.

Key Takeaways

The global Intragastric Balloon Market Share is expected to witness high growth. North America currently dominates the market owing to rising obesity prevalence and availability of reimbursement for weight loss procedures in countries like the US. However, Asia Pacific is expected to emerge as the fastest growing region over the forecast period driven by growing medical tourism along with rising focus of key players on expanding in developing Asian countries.

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, and Semmar. Allergan commands the major share currently while Apollo Endosurgery and Reshape Medical have been focusing on bringing innovative balloon designs. The market is expected to witness patent expiries of leading players over the coming years allowing entry of generic versions. This will further intensify competition in an already fragmented market space.