by The global Intragastric Balloon Market is estimated to be valued at US$ 372.6 Million In 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Intragastric balloons are non-surgical and non-invasive weight loss devices that are endoscopically placed in the stomach to help individuals lose weight. When placed in the stomach, the balloons help to induce a feeling of fullness and reduce the stomach capacity, which helps lower calorie intake and results in significant weight loss. Some of the key advantages of intragastric balloons include minimal discomfort, quick weight loss results, and reversible procedure. The rising prevalence of obesity and increasing demand for minimally invasive weight loss procedures are fueling the growth of the intragastric balloon market.
Market Key Trends:
The development of technologically advanced balloons is a key trend boosting the intragastric balloon market growth. Manufacturers are focusing on developing balloons with advanced features that can remain in the stomach for extended periods. For instance, in November 2020, Apollo Endosurgery launched the ORBERA365 Balloon, which is designed to remain in the stomach for up to 365 days. The long-term placement of such balloons helps support weight loss for over a year. Similarly, Allergan’s Plenity hydrogel-filled intragastric balloon can be placed in the stomach for 6 months to help with weight loss. The availability of innovative and technologically advanced balloons is expected to increase the adoption of intragastric balloons as an effective weight loss solution.
Porter’s Analysis
Threat of new entrants: Low barriers to entry in the Intragastric Balloon Market due to availability of advanced technologies allow medical device companies to enter the market relatively easily.
Bargaining power of buyers: Moderate bargaining power for buyers as intragastric balloons offer an affordable and minimally invasive weight loss solution compared to bariatric surgery.
Bargaining power of suppliers: The global intragastric balloon market is highly fragmented with presence of numerous international and regional players. Hence suppliers have low bargaining power.
Threat of new substitutes: Presence of alternative weight loss procedures such as bariatric surgery, weight loss medication pose threat to intragastric balloons.
Competitive rivalry: High competition in the intragastric balloon market due to presence of established medical technology players focusing on new product launches and geographical expansion.
Key Takeaways
The global intragastric balloon market is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period 2023 – 2030, due to increasing obesity prevalence globally. The market size was valued at US$ 372.6 Million In 2023.
The US dominates the intragastric balloon market owing to rising obese population, availability of reimbursement, and technological advancements. Europe is also expected to grow at a significant rate during the forecast period due to increasing awareness about minimally invasive weight loss procedures. Asia Pacific exhibits immense growth potential attributable to growing healthcare expenditure and rising medical tourism industry.
Key players operating in the intragastric balloon market are Allergan (Acquired by Abbott), Apollo Endosurgery, Reshape Medical, Helioscopie Medical, Spatz FGIA, Endalis, Districlass Medical, Lexal, Medicone, Obalon Therapeutics, Silimed, Medsil, ReShape Lifesciences, EndoArt, MedSil, Silimed, Medsil, MetaCure, Semmar. Major players are focusing on new product launches and strategic collaborations to strengthen their market presence.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
