The key element driving demand for stomach space-occupying devices is the rise of obesity. Obesity is a worldwide public health issue. The obesity epidemic is expected to worsen over the projection period, driving up Gastric Space-Occupying Devices Market demand.
According to the WHO, being overweight or obese causes approximately 2.8 million adult deaths per year. Obesity and overweight are also linked to 23% of heart disorders, 44% of diabetic cases, and 7% to 41% of certain cancer instances.
Furthermore, according to the World Obesity Federation and World Obesity Atlas (2022), by 2030, one in every seven males and one in every five women worldwide will be obese. The need for innovative, minimally invasive treatments with a higher margin of safety and efficacy for conditioning weight reduction is driving market product innovation.
According to Future Market Insights’ most recent industry analysis, the global Gastric Space-Occupying Devices market is expected to be worth roughly US$ 224.6 million in 2022. Over the forecast period, sales are expected to grow at a CAGR of 13.7%, with the market size reaching US$ 810.8 million in 2032.
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Rising disposable income in emerging markets, as well as increased activities by government organisations to raise awareness among obese populations, are expected to enhance sales. According to the American Heart Association, total healthcare spending will increase from $861 billion to US$ 957 billion by 2030.
Because of the high cost of healthcare, governments in many countries have taken steps to minimise obesity and its related comorbidities. The Centres for Disease Control and Prevention (CDC) provided US$ 8.5 million to 50 states and the District of Columbia in 2017 to strengthen methods to reduce obesity rates in the region with a high-obesity population.
“High preference for minimally invasive surgeries, along with increasing awareness regarding obesity-related disorders among youth is expected to fuel demand for Gastric Space-Occupying Devices over the forecast period,” says an FMI analyst.
Key Takeaways:
- Gastric balloon sales are expected to increase at a 13.6% CAGR during the assessment period.
- Hospitals lead the global Gastric Space-Occupying Devices market by end user, with demand expected to expand at a 10.9% CAGR through 2032.
- In 2021, the United States accounted for 83.3% of the North American Gastric Space-Occupying Devices market.
- Gastric space-occupying device sales in China are expected to grow at a 14.4% CAGR through 2032.
- The United Kingdom will emerge as an appealing market, with demand increasing at a 12.5% CAGR during the forecast period.
- Because of the region’s high prevalence of obesity, North America is regarded the leading region, with a market share of 34.3% in 2021.
Competition Landscape
Leading players in the Gastric Space-Occupying Devices market are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and agreements to strengthen their market presence as well as to expand their existing product portfolio. For instance:
- In August 2020, Obalon signed consulting agreement as part of a strategy to seek coverage and reimbursement for the Obalon balloon system.
Key Players
- Apollo Endosurgery, Inc.
- Obalon Therapeutics, Inc.
- Allurion Technologies, Inc.
- Helioscopie
- Endalis
- MEDSIL
- ReShape Medical, Inc.
- Lexel Medical
- Scientific Intake
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the Gastric Space-Occupying Devices market in its latest study, presenting a historical demand assessment of 2017 to 2021 and projections for 2022 to 2032.
The research study is based on the product – (gastric balloons and oral palatal space-occupying devices), by end-users (hospitals, speciality clinics, and ambulatory surgical centres), across seven key regions of the world.
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Key Segments:
By Product:
- Gastric Balloons
- Oral Palatal Space Occupying Devices
By End-User:
- Hospitals
- Speciality Clinics
- Ambulatory Surgical Centers
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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