The global obesity/bariatric surgery devices market revenue stood at $1.4 billion in 2016, and it is expected to rise to $2.8 billion by 2023. 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.
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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.
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.
Hence, it can be safely said that the market will demonstrate rapid expansion in the coming years, primarily because of the rising incidence of obesity, growing public awareness about various surgical procedures that can reduce fat and cause weight loss, mushrooming population of geriatric people, and the development of technologically advanced obesity surgery devices all over the world.
