Wilmington, Delaware, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Intragastric Balloons Market by Type (Single, Dual and Triple), Filling Material (Gas Filled and Saline Filled), and End User (Hospitals, Ambulatory Surgical Centers and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the intragastric balloons market was valued at $32.2 million in 2023, and is estimated to reach $115.3 million by 2033, growing at a CAGR of 13.6% from 2024 to 2033.
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Prime determinants of growth
Rise in obesity rates, preference for non-surgical options, and increase in awareness and acceptance are the major factors that drive the growth of the intragastric balloons market. However, limited reimbursement policies and safety concerns hinder the market growth. Moreover, technological advancements and untapped markets in developing economies offer remunerative opportunities for the expansion of the global intragastric balloons market.
Recent Developments in Intragastric Balloons Market Worldwide
- In October 2022, Allurion Technologies, announced that it obtained regulatory approval to introduce its innovative gastric balloon technology in Brazil. Marketed as the Elipse Balloon in the country, this product stands out as the sole intragastric weight-loss balloon that can be inserted and extracted without the need for surgical procedures, endoscopic interventions, or anesthesia.
- In October 2023, Spatz Medical received the Food and Drug Administration (FDA) approval for its Spatz3 Gastric Balloon, the first adjustable gastric balloon system. The Spatz3 is the fifth balloon to receive FDA approval, and its pivotal clinical trial results showed a 15% weight decrease and an 84% success rate.
- In September 2022, Allurion Technologies, announced the launch of its swallowable gastric balloon capsule for weight loss in India. Allurion launched a complete weight loss program in India that includes the Allurion Swallowable Capsule, the Allurion Virtual Care Suite, a remote patient monitoring solution powered by the Allurion Iris AI platform that includes the Allurion Mobile App, Connected Scale, and Health Tracker.
- In July 2022, Apollo Endosurgery received the U.S. Food and Drug Administration (FDA) de novo clearance for its Apollo ESG, Apollo ESG Sx, Apollo REVISE and Apollo REVISE Sx Systems, the first devices authorized by the FDA for endoscopic sleeve gastroplasty (ESG) and endoscopic bariatric revision procedures. The company's Endo bariatric portfolio also includes the Orbera® Intragastric Balloon for endoscopic weight management.
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Segment Highlights
The single intragastric balloons segment to maintain its leadership status during the forecast period
By type, the single intragastric balloons segment generated the largest revenue in the intragastric balloons market in 2023. The single intragastric balloons are often preferred over double or triple balloons due to their simplicity and reduced risk of complications. Single balloons require only one insertion procedure, minimizing patient discomfort and procedural time. Additionally, they may offer easier adjustment and removal processes. While double or triple balloons may provide greater volume for weight loss, the complexity of multiple balloons increases the risk of adverse events such as migration or discomfort, making single balloons a preferred choice for many patients and clinicians.
The saline-filled segment to maintain its leadership status during the forecast period
By filling material, the saline-filled segment generated the largest revenue in the intragastric balloons market in 2023, owing to its advantages over gas-filled balloons. Saline-filled balloons offer greater adjustability, providing more precise volume control and customization for individual patient needs. They also pose a lower risk of deflation and migration, enhancing safety and efficacy in weight loss management.
The hospital segment to maintain its leadership status during the forecast period
By end user, the hospital segment generated the largest revenue in the intragastric balloons market in 2023. Hospitals are the primary users of intragastric balloons due to their advanced medical facilities and expertise in minimally invasive procedures. Hospitals offer comprehensive pre-procedural evaluations, insertion, and post-procedural care, ensuring optimal patient outcomes. Additionally, hospitals have the necessary equipment and personnel to manage potential complications effectively, providing patients with a safe and supportive environment for intragastric balloon placement and monitoring.
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Regional Outlook
North America leads the utilization of intragastric balloons, driven by advanced healthcare infrastructure and a high prevalence of obesity. In contrast, the Asia-Pacific (APAC) region is experiencing rapid growth in intragastric balloon usage due to increase in awareness of obesity-related health risks and rise in healthcare expenditure. As Asia-Pacific countries adopt Western lifestyles and face escalating obesity rates, the demand for weight management interventions such as intragastric balloons is expected to surge.
Key Players
- Obalon Therapeutics
- Apollo Endosurgery Inc.
- Allurion Technologies Inc.
- Spatz Medical
- ReShape Lifesciences
- Lexel Medical
- Endalis
- MEDSIL
- Silimed
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The report provides a detailed analysis of these key players in the global intragastric balloons market. These players have adopted different strategies such as expansion, product approval, product launch and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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