A new study conducted by Global Market Insights, Inc. reports that the intragastric balloon market is projected to register a compound annual growth rate (CAGR) of 9.5 percent over the period of 2016-2024, totaling $270mn by 2024.
Increasing obesity rates along with chronic diseases associated with obesity and growing awareness for early diagnosis is said to be responsible for driving an upswing in the global intragastric balloon market. Obesity is considered to be a primary risk factor for developing coronary heart disease, diabetes, high blood pressure, and strokes. According to the World Health Organization, the global obese population has doubled since 1980, with the U.S. and Sub-Saharan countries holding the highest shares of obese individuals.
Over the years, the increasing adoption of minimally invasive techniques is also said to have expanded the intragastric balloon industry demand. These minimally invasive procedures are typically performed endoscopically then inflated with a saline solution or gas. The market is expected to show a significant growth rate of more than 9 percent in this area over the period of 2016-2024.
Dual balloon systems such as ReShape® are projected at more than 9.5 percent CAGR and are expected to exceed USD 85 million by 2024. The growing obese population coupled with rising incidents of diabetes and improved product design are all factors expected to help boost the intragastric balloon market demand over the forecast period.
The U.S. intragastric balloon market share held over 85 percent of regional revenue in 2015. According to the Organisation for Economic Co-operation and Development (OECD), 34 percent of the U.S. population examined in 2014 was reported to be obese.
The study also states that the global intragastric balloon market is being driven by the growing focus government has had on reducing the cost burden due to the growing prevalence of obese populations around the world.
ReShape Medical Inc.® was noted in the study as a key player in the competitive market share and is expected to witness tremendous growth in the future. Click here for more information on ReShape and how it can help your practice grow.