Market Trends of Global Gastric Balloons Industry
This section covers the major market trends shaping the Gastric Balloons Market according to our research experts:
Triple Gastric Balloons Segment is Expected to to Dominate Over the Forecast Period
A triple gastric balloon system is a non-surgical treatment in which three balloons are placed for optimal weight loss. Obalon balloon is the only Food and Drug Administration-approved triple gastric balloon or device that helps in weight loss and works by taking up space in the stomach. Obalon balloon is delivered into the stomach by swallowing a capsule connected to a small bendable tube for six months combined with a professionally supervised nutrition and exercise program.
Obesity is a chronic disease characterized by excessive adipose tissue accumulation in the body, resulting in adverse health effects. Data provided by World Health Organization (WHO) updated in June 2021 indicated that there were around 39 million children under the age of five, who were overweight or obese in the year 2020. It also reported that there is steep rise in obesity among the population and thus it is expected to boost the segment's growth.
The approvals and launches are primary drivers of the segment's growth. For instance, in October 2021, Spatz Medical received the Food and Drug Administration approval for the Spatz3 Gastric Balloon, one of the first adjustable gastric balloons. These approvals are projected to increase the demand for gastric balloons and augment segment growth.
Therefore, owing to the above mentioned factors, the triple gastric balloons segment is expected to show growth over the forecast period.
North America is Expected to Dominate the Gastric Balloons Market Over the Forecast Period
North America is expected to dominate the market owing to factors such as the rising incidence of obesity, growing geriatric population, the strong presence of industry players in the region, better healthcare infrastructure, awareness among people and healthcare industry stakeholders about available technologies, and the high concentration of market players in the United States.
The research article titled "Incidence of Obesity at 1 and 3 Years Among Community-Dwelling Adults: A Population-Based Study" published in January 2022 stated that the majority of the 40,390 people in the United States who were part of the study and had follow-up data were adults aged 40 to 69 (47.5%), female (59.8%), and 21,379 (52.8%) of them fell into the overweight weight group. Obesity prevalence was 7% after one year and 16% after three years of follow-up. It also reported that the age groups of males aged 40 to 69 and women aged 20 to 39 had the largest percentages of those who developed obesity after one and three years of follow-up respectively. The increase in obesity in the region is expected to increase the demand for gastric balloon procedures for treatment and thus boost the market growth in the region.
The increasing product launches, partnerships, mergers, acquisitions, and government initiatives particularly in the United States are leading to an increase in market growth. For instance, in March 2021, Apollo Endosurgery, Inc. received a breakthrough device designation from the United States Food and Drug Administration for the orbera intragastric balloon, with a focus on the indication for use in treating patients with noncirrhotic nonalcoholic steatohepatitis (NASH) with liver fibrosis and a basal metabolic index (BMI) between 30 and 40 kg/m2. Hence, such launches are expected to increase the usage of gastric balloons in the region and augment market growth.
Additionally, in January 2021 ReShape Lifesciences Inc. signed a merger agreement with Obalon Therapeutics, Inc. Under the agreement terms, Obalon was renamed ReShape Lifesciences Inc. Both companies are involved in producing weight-loss technologies and solutions. The merger is anticipated to lead to growth in the studied market in the region.
Therefore, owing to the above-mentioned factors, the growth of the studied market is anticipated in the North America region.
