Growing at an exponential pace between 2020 and 2026, the North America intragastric balloon market size is expected to rise at a staggering 17% CAGR, garnering over $35 million by 2026.
Growing at an exponential pace between 2020 and 2026, the North America intragastric balloon market size is expected to rise at a staggering 17% CAGR, garnering over $35 million by 2026. To that end, the North America industry share was estimated to be worth more than $10 million during 2019. Modern medical equipment such as the Bio-Enterics intragastric balloons (BIB) are gaining widespread popularity due to their proven records in reducing cardiovascular risks.
With minimally invasive endoscopic procedures trending across North America, the alarming prevalence of obesity and related multiple health consequences have been compelling a majority of the population to seek appropriate diagnosis, treatments, and surgeries to ensure a better quality of life in the wake of the COVID-19 pandemic.
The three trends that have been stimulating the North America market outlook have been discussed below:
Saline-filled balloon segment to advance rapidly
The placement of saline-filled intragastric balloons has emerged as a reversible and temporary therapeutic alternative for patients with morbid obesity. The segment is projected to surge at a 16.5% CAGR through the forecast period, thanks to the growing adoption of these solutions by pre-obese and obese individuals. With benefits such as no hospital stay, lower costs, and instant results, saline-filled balloons are picking pace, thereby triggering the North America intragastric balloon market growth.
Although in April 2020, the Food and Drug Administration (FDA) recommended healthcare providers to closely monitor patients and create an awareness regarding symptoms of potential complications arising due to intragastric balloons, it declared that the surgery continues to be an appropriate treatment for obesity.
Hospitals segment to spur revenue growth
Due to improvements in metabolic parameters and weight loss, hospitals have been promoting the use of intragastric balloons. The hospitals segment is likely to surface as an important contributor in the market outlook owing to the heavy investments in endoscopic medical devices, support from regulatory bodies including the FDA, and the availability of skilled healthcare professionals. The segment claimed a share of $4.5 million during 2019.
The increasing number of patients suffering from metabolic disorders has been encouraging the adoption of intragastric balloon surgeries amongst healthcare practitioners and patients alike. Since the COVID-19 pandemic has been responsible for increased awareness regarding weight loss and the prevention and management of obesity, the market share is likely to increase over the upcoming period.
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US to grow remarkably due to high frequency of endoscopy procedures
The number of endoscopic procedures of the lower gastrointestinal tract has been more than 20 million each year across the United States. As more patients are opting for endoscopy, the North America intragastric balloon market share is anticipated to rise substantially. The high rate of growth in therapeutic treatments and enhanced techniques for early detection of cancer have been enabling endoscopic procedures in a cost-effective and minimally invasive manner, ensuring faster recovery rates.
As opposed to traditional treatments for obesity that involve strenuous physical activity, pharmacotherapy, and lifestyle changes, implantation of intragastric balloons is convenient, simple, and effective. Consequently, Americans have been embracing safe and effective procedures such as intragastric balloon surgeries. The growing incidence of obesity, diabetes, heart diseases, and hypertension has also been pushing the North America industry share.
The relatively poor outcomes of the conventional treatment alternatives have been motivating patients to achieve long-lasting weight reduction within a short time period, fostering the North America intragastric balloon industry size.
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