by Market Overview
The intragastric balloon market is estimated to be valued at US$ 372.6 Million In 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights. Intragastric balloons are minimally invasive devices placed in the stomach to aid weight loss. They help promote a feeling of fullness and reduced appetite.
Market Dynamics
Two major growth drivers of the intragastric balloon market are rising obesity prevalence and increasing adoption of minimally invasive weight loss procedures. Obesity has become a serious public health issue globally with over 650 million adults now classified as obese according to the World Health Organization. This has spurred the demand for effective and less invasive weight management solutions like intragastric balloons. Moreover, intragastric balloons allow for weight loss in a short period of 3-6 months without the need for complex surgery, pain, long recovery times or lifestyle modifications. This has made them an attractive option over gastric bypass procedures, further supporting market revenues.
Market Key Trends:
The intragastric balloon market has been witnessing high growth due to the increasing prevalence of obesity globally. As per the World Health Organization, over 1.9 billion adults aged 18 years and older were overweight in 2016, and out of these at least 650 million were obese. The demand for minimally-invasive procedures and advancements in intragastric balloon materials and technology have also propelled market growth. The increasing popularity of intragastric balloons as an effective tool for weight loss prior to bariatric surgery is expected to drive the market during the forecast period.
SWOT Analysis
Strengths: Intragastric balloons are minimally-invasive, involve less risk compared to bariatric surgery and result in significant weight loss.
Weaknesses: Balloons need to be removed after 6 months of treatment which requires another endoscopic procedure. There are also risks of erosion, discomfort and intolerance.
Opportunities: Technological advancements are leading to development of silicone and saline filled balloons with improved safety profiles. Growing obesity rates worldwide present major opportunities.
Threats: Strict regulatory approvals and quality certifications are required to develop and market new balloon systems. presence of alternative weight loss methods pose threats.
Key Takeaways
The global Intragastric Balloon Market size was valued at USD 372.6 Million In 2023. North America dominates the market currently owing to the rapidly rising prevalence of obesity. The North America intragastric balloon market is expected to grow at a CAGR of 9.8% during the forecast period.
The market is expected to witness high growth in the Asia Pacific region growing at a CAGR of 10.2% during 2023 – 2030. Countries like China, India and Japan have seen increasing adoption of intragastric balloons due to the affordable price range as compared to bariatric surgeries and growing medical tourism.
Key players operating in the intragastric balloon market are Allergan (Acquired by Abbott), Apollo Endosurgery, Reshape Medical, Helioscopie Medical, Spatz FGIA, Endalis, Districlass Medical, Lexal, Medicone, Obalon Therapeutics, Silimed, Medsil, ReShape Lifesciences, EndoArt, MedSil, Silimed, Medsil, MetaCure, and Semmar. Major players are focusing on new product launches and geographical expansion strategies to gain market share.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
