Furthermore, the market will progress at a CAGR of 9.9% from 2017 to 2023 (forecast period), as per the estimates of the market research company, P&S Intelligence. The major growth drivers of the market are the rising incidence of obesity, owing to unhealthy diets and lifestyle changes of people, increasing public awareness about bariatric surgeries, and rapid technological advancements being made in bariatric surgery devices across the world.
Additionally, the device massively reduces the chances of infection and causes less discomfort than the conventional method. The other major factor driving the expansion of the obesity/bariatric surgery devices market is the launch of several obesity awareness programs by many organizations around the world. For example, Campaign to End Obesity, which is a non-profit organization based in the U.S., conducts several programs for raising public awareness about proper diet, bariatric surgeries, and exercise and other comprehensive obesity treatment options.
Furthermore, the Childhood Obesity Awareness program was launched by the American Association of Physicians of Indian Origin (AAPI) in June 2013. These programs are propelling the popularity of obesity surgeries, which is, in turn, fueling the growth of the obesity surgery devices market. Depending on procedure, the market is divided into minimally invasive and non-invasive. Sleeve gastrectomy, biliopancreatic diversion surgical procedures with a duodenal switch (BPD-DS), gastric bypass, and gastric banding are the most widely performed minimally invasive surgeries.
Amongst these, the sleeve gastrectomy surgery devices category dominated the market in the years gone by, owing to the fact that these surgeries were widely preferred by people, on account of the lower mortality rate of these surgeries and their ability to cause more weight loss than the other surgeries. Geographically, Asia-Pacific is predicted to be the fastest growing region in the obesity/bariatric surgery devices market throughout the forecast period. This is ascribed to the surging geriatric population and rising incidence of obesity in the region.
This study covers
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the market and their service offerings