Intragastric Balloon Market Is Estimated To Witness High Growth Owing To Rising Obese Population
Intragastric balloons are non-surgical, non-invasive medical devices that are placed in the stomach which helps to reduce hunger by limiting food intake and inducing a feeling of early fullness or satiety during and after a meal. The intragastric balloons are extensively used for temporary weight loss in obese individuals having a body mass index of more than 30kg/m2. These intragastric balloons stay inside the stomach for up to six months and need to be filled and emptied using saline solution.
The global Intragastric Balloon Market is estimated to be valued at Us$ 372.06 Mn or Bn in 2023 and is expected to exhibit a CAGR Of 11.% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global Intragastric Balloon market is primarily driven by the rising obese population globally. As per World Health Organization, globally over 1.9 billion adults aged 18 years and older were overweight in 2016, of these over 650 million were obese. Furthermore, being non-invasive and painless procedure, the intragastric balloons are gaining higher adoption compared to bariatric surgeries as a temporary weight loss option especially in obese individuals with BMI between 30-40 kg/m2. These balloons are also associated with minimal risks and improved quality of life as compared to bariatric surgeries.
SWOT Analysis
Strength: Intragastric balloons are considered a less invasive option for weight loss compared to bariatric surgery, with benefits such as reduced risk of complications and shorter recovery time. The procedure involves minimal risks and discomfort for patients. Manufacturers are developing innovative balloon designs that are safer and easier to insert and remove.
Weakness: Intragastric balloons only provide temporary weight loss assistance and are not a permanent solution. Repeated procedures may be required for sustained weight management. There are also risks of balloon movement, erosion and intolerance in some patients.
Opportunity: Rising global obesity rates driven by unhealthy lifestyles and diets have increased the demand for non-surgical weight loss therapies. The intragastric balloon market is expected to grow significantly in developing nations. New dual and triple balloon systems can treat patients with higher BMI and bring more efficacy.
Threats: Alternative weight loss surgeries like gastric bypass and laparoscopic banding are often covered by insurance and considered more effective over the long term. Safety concerns over balloon migration or deflation may limit market growth to some extent. Stringent regulatory approvals also pose challenges for new entrants.
Key Takeaways
The Global Intragastric Balloon Market Demand is expected to witness high growth over the forecast period supported by growing obesity prevalence worldwide.
Regional analysis:
The Asia Pacific region currently accounts for over 35% of the global intragastric balloon market share and is expected to witness the fastest growth between 2023-2030. China, Japan, India and South Korea have seen significant increases in obesity rates related to shifting lifestyles and diets. This has boosted the adoption of intragastric balloons as a popular first-line treatment modality. Availability of low-cost procedures and devices also drives the APAC market.
Key players operating in the intragastric balloon market are Gogo Inc., EchoStar Corporation, Global Eagle Entertainment Inc., Kymeta Corporation, ViaSat Inc., Thinkom Solutions Inc., Thales Group, Honeywell International Inc., SITA, and Panasonic Corporation. Major players are focused on new product innovations to provide dual and triple balloon capabilities for higher efficacy. Regional expansion plans are enabling companies to tap high growth opportunities in China, India and other Asian countries.
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