Newark, NJ, Sept. 30, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global intragastric balloons market is expected to grow from USD 35.91 million in 2019 to USD 90.2 million by 2027, at a CAGR of 12.2% during the forecast period 2020-2027.
Intragastric balloons are made up of soft biocompatible silicone material, usually filled with sterile saline gas or solution. A large amount of the world's population suffers from weight-related health problems because of sedentary lifestyles and poor dietary behaviors. As a result, this has boosted the market for numerous medically approved weight reduction treatments, including intragastric balloons. Other growth driving factors include increasing awareness of health risks related to obesity and the low cost of intragastric balloon procedures. In addition, rising patient demand for minimally invasive (MI) surgery also provides a boost to market growth. Since they are administered orally via a non-surgical endoscopic procedure and do not require any incisions on the body, intragastric balloons serve as an essential non-surgical option for weight loss. Manufacturers are concentrating on creating devices with minimal side-effects like gastric erosion, ulceration, and nausea. They are also designing such balloons, which are volume adjustable. Intragastric balloons are most commonly used by people suffering from obesity, specifically those having a BMI (Body Mass Index) ranging from 30 to 70.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the intragastric balloons market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Other market growth hindering factors include complications & risks associated with intragastric balloon procedures and lack of reimbursement policies.
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Key players operating in the global intragastric balloons market include Apollo Endosurgery, Inc., MEDSIL, Obalon Therapeutics, Inc., Spatz Fgia, Inc., Allurion Technologies, Inc., Helioscopie, Lexel Medical, and ReShape Medical, Inc., among others. To gain a significant market share in the global intragastric balloons market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Allurion Technologies, Inc. and Apollo Endosurgery, Inc. are some of the biggest manufacturers and suppliers of intragastric balloons in the global market.
Single dominated the market and held the largest market share of 37.1% in the year 2019
The type segment comprises of single, dual and triple. Single dominated the market and held the largest market share of 37.1% in the year 2019. This segment held the majority market share in 2019 due to its positive product characteristics like safety & efficacy.
Endoscopy dominated the market and was valued at USD 23 million in the year 2019
Based on administration, the global market has been divided into endoscopy and pill form. Endoscopy dominated the market and was valued at USD 23 million in the year 2019. Emerging endoscopic technologies are capable of reproducing the few anatomical changes that arise during weight loss surgery, and are similarly successful. Moreover, endoscopic procedures are much less invasive & cost-effective in contrast with bariatric surgery. It is anticipated that these factors will lead to this segment's growth.
Saline-filled dominated the market and was valued at USD 19.4 million in the year 2019
Based on filling material, the market has been segmented into gas filled and saline filled. Saline-filled dominated the market and was valued at USD 19.4 million in the year 2019. This is due to its widespread availability and effective weight loss characteristics.
Hospitals dominated the market and held the largest market share of 47.6% in the year 2019
On the basis of end-use, the intragastric balloons market has been segmented into ambulatory surgical centers, clinics, and hospitals. Hospitals dominated the market and held the largest market share of 47.6% in the year 2019. The large share of this segment can be attributed to factors such as weight-loss treatment options that require a hospital stay, availability of skilled professionals, and the availability of hi-tech medical equipment in hospital settings.
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Regional Segment Analysis of the Intragastric Balloons Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global intragastric balloons market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 42.8% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as the availability of skilled professionals, the high pervasiveness of obesity, and the high popularity of weight loss treatments. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2020-2027. This growth is due to factors like an increasingly obese population, availability of relatively low-cost treatment, and rising unhealthy lifestyle habits.
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About the report:
The global intragastric balloons market is analyzed on the basis of value (USD Million), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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