Intragastric balloons are non-surgical medical devices temporarily placed in the stomach to help people lose weight. These balloons take up space in the stomach and make patients feel fuller faster, thereby reducing food intake. The global intragastric balloon market finds widespread application owing to the rising prevalence of obesity worldwide. According to the World Health Organization, over 1.9 billion adults aged 18 years and older were overweight in 2016, and out of these, over 650 million adults were obese. The convenience of balloon placement through a minimally invasive procedure and avoidance of life-changing surgery has boosted the demand for intragastric balloons for weight loss. The global intragastric balloon market is estimated to be valued at US$ 429.24 million in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: New product launches with enhanced features by manufacturers have led to increasing adoption of intragastric balloons. For instance, in 2020, Obalon Therapeutics launched Obalon Centering balloon system with swallowable pills that enable physicians to place up to three balloons in the stomach to treat obesity. The new system eliminates the need for endoscopy and allows placement of multiple balloons to increase effectiveness. Such innovations are expected to raise awareness about intragastric balloons and drive the market growth over the forecast period.
Segment Analysis
The global intragastric balloon market can be segmented by product type, end-user, and geography. By product type, the market can be classified into single balloon and dual balloon. The single balloon segment dominates the market as it is more cost-effective and has wider applications than dual balloon. By end-user, the market is divided into hospitals, clinics, and ambulatory surgical centers. The hospital segment accounts for the largest share due to higher preference for intragastric balloon placement procedures in hospitals.
Key Takeaways
The Global Intragastric Balloon Market Demand is expected to witness high growth over the forecast period of 2024 to 2031.
Europe dominates the market currently due to growing obesity rate and increasing adoption of minimally invasive bariatric surgeries in countries like Germany, Italy, and France. However, Asia Pacific is expected to be the fastest growing market due to rising medical tourism in countries such as India, Thailand, and Malaysia.
Key players operating in the intragastric balloon market are Gogo Inc., EchoStar Corporation, Global Eagle Entertainment Inc., Kymeta Corporation, ViaSat Inc., Thinkom Solutions Inc., Thales Group, Honeywell International Inc., SITA, and Panasonic Corporation. Gogo Inc. and Global Eagle Entertainment Inc. together hold over 35% share of the market.
For more details on the report, Read- https://www.rapidwebwire.com/intragastric-balloon-market-demand-share-analysis/
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