SELBYVILLE, Del., May 15, 2019 /PRNewswire/ — The U.K. intragastric balloon market will grow at 21.9% during the forecast period, owing to a high pervasiveness of obesity. According to the Organization for Economic Co-operation and Development (OECD), more than one in four adults are diagnosed with obesity annually. Adoption of a sedentary lifestyle and unhealthy habits are a major cause of these high prevalence rates. High disposable income and increasing government expenditure on healthcare will further lead to business growth in the future.
China’s intragastric balloon market accounted for a major revenue share in 2018, owing to the rapid increase in the prevalence of obesity. As per a national population survey in Hong Kong, approximately 29% of the total population was found to be overweight and 3.8% population was obese. This high pervasiveness is due to the increasing adoption of a sedentary lifestyle and unhealthy diet patterns, thereby propelling industry growth.
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Some of the prominent players involved in the intragastric balloon market are Allurion Technologies, Districlass Medical, Apollo Endosurgery, Lexel, Helioscopie Medical Implants, Medsil, Obalon Therapeutics, ReShape Medical, Silimed and Spatz. These firms adopt strategic initiatives, including mergers and acquisitions, new product launches and geographical expansion. For instance, in December 2015, Allurion Technologies received the CE mark for its Elipse Gastric Balloon. The approval permits the company to sell the product in the European Union, thereby expanding its customer base and strengthening the market position.
The global Intragastric Balloon Market is set to cross USD $85 million by 2025, according to a new research report by Global Market Insights, Inc. High demand for minimally invasive surgical procedures will significantly drive intragastric balloon market growth during the forecast period. Reduction in postoperative trauma and complications with the use of non-surgical intragastric balloons is a major growth driver. Reduced hospital stays and no blood loss are other advantages associated with the use of advanced intragastric balloons across the forecast time frame.
Low prices of intragastric balloons, as compared to other surgical procedures, will spur the demand for intragastric balloons in upcoming years. The price range of intragastric balloons is very low compared to other surgical procedures, such as gastric bypass and adjustable gastric banding. Low prices will lead to an increased adoption rate of intragastric balloons, thereby driving business growth during the forecast period.
Browse key industry insights spread across 139 pages with 148 market data tables and 11 figures and charts from the report, “Intragastric Balloon Market Size By Product (Single Intragastric Balloon, Dual Intragastric Balloon, Triple Intragastric Balloon), By Filling Material (Saline-filled, Gas-filled), By End-use (Hospitals, Ambulatory Surgical Centers, Clinics), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Brazil, Argentina, Mexico, South Africa, Saudi Arabia, UAE, Egypt), Application Potential, Competitive Market Share & Forecast, 2019-2025” in detail along with the table of contents:
The single intragastric balloons market share was over 78% in 2018 with a growth rate of 12.4%. The high growth rate is attributed to the growing awareness among obese patients, along with the increasing acceptance of non-invasive and non-surgical procedures. Ease of administration and soft silicone material offers a reduction of weight in a short amount of time, which will stimulate business growth.
The saline-filled balloon market accounted for the largest revenue of USD $17.7 million in 2018. Easy detection of deflation, due to methylene blue and the improved ability to reduce weight, will stimulate business growth. Improved design to provide maximum efficacy with minimal complications will favor segmental growth in the future. With various technological advances, the saline-filled balloon segment will witness tremendous growth.
The hospital segment is expected to expand at CAGR of 17.5% during the projected timeframe. Increased preference towards hospitals, availability of skilled professionals and high funding opportunities will accelerate industry growth. Segmental growth is attributable to the increase in the size of the patient pool seeking advanced treatment options in hospitals, thereby favoring segmental growth over the forecast timeframe.
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