Intragastric balloons are non-surgical and minimally invasive devices inserted into the stomach to help with weight loss and management. They occupy space in the stomach, thereby inducing a feeling of fullness with lesser food intake. The demand for effective obesity management solutions is growing significantly due to the rising prevalence of obesity. According to the World Health Organization (WHO), over 650 million adults worldwide were obese in 2016.
The global Intragastric Balloon Market is estimated to be valued at Us$ 372.06 Mn in 2024 and is expected to exhibit a CAGR Of 11.% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising obesity prevalence has accelerated the demand for intragastric balloons, which is a key trend driving the market growth. Intragastric balloons are effective in weight loss management and is a less invasive alternative to bariatric surgery. They help in losing 15-30% of excess weight within 6 months. Moreover, technological advancements are allowing the development of more patient-friendly and effective balloons, further boosting their adoption. For instance, next generation balloons are being designed to monitor patient health indicators remotely to improve weight loss outcomes through personalization. This is expected to support the overall intragastric balloon market expansion over the forecast period.
Segment Analysis
The global intragastric balloon market is dominated by single-balloon intragastric balloon segment. This is because single-balloon intragastric balloon has proven track record and safety data as compared to other less developed variants like dual-balloon and tri-balloon intragastric balloons. Single-balloon intragastric balloons are approved and adopted worldwide for use in weight management.
Key Takeaways
The Global Intragastric Balloon Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. Growth of this market will be driven by growing obesity prevalence worldwide, increasing awareness about weight management options, favorable reimbursement policies in some countries, and growing adoption of minimally invasive bariatric procedures.
Regional analysis:
North America currently dominates the global intragastric balloon market and is expected to continue its dominance over the forecast period. This is attributed to factors like growing obese population, availability of advanced healthcare infrastructure, awareness about obesity management options, and presence of key players. However, Asia Pacific region is anticipated to witness highest growth rate owing to rapidly growing medical tourism industry in countries like India and Thailand, large patient pool of obese individuals, and improving healthcare expenditures.
Key players:
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. Among these, Gogo Inc. and EchoStar Corporation currently have leading market share due to their well-established sales and distribution network for marketing intragastric balloons globally. Other players are also focusing on developing technologically advanced balloons and establishing presence in emerging markets to gain higher market share.
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