February 21, 2024

The Intragastric Balloon Market Is Driven By Rising Obesity Prevalence

The intragastric balloon is a space-occupying device made of either silicone or biocompatible material and is placed within the stomach by endoscopic procedure. It helps patients achieve weight loss by reducing their appetite and feelings of fullness to consume less food. Since the balloon takes up space in the stomach, it allows patients to feel full while consuming lesser amounts of food. The intragastric balloon provides an effective and minimally invasive approach for those looking for mid-term weight loss before bariatric surgery or as a stand-alone alternative to surgery.

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 prevalence of obesity worldwide remains a key driver for the intragastric balloon market. As per WHO, nearly 650 million adults were obese in 2016 globally. Obesity significantly increases the risks of life-threatening health conditions like heart disease, diabetes etc. This has fuelled the demand for non-surgical approaches like intragastric balloons to achieve weight loss. Furthermore,technological advancements are allowing manufacturers to develop balloons that can stay in the stomach for longer durations of 6-12 months compared to the historical 3-4 months. These long-term balloons promise better weight loss results and patient compliance by reducing retrieval procedures.

 

Porter’s Analysis

Threat of new entrants: Low economies of scale in manufacturing and technology required for providing intragastric balloon treatment pose challenges for new entrants.

Bargaining power of buyers: Buyers have moderate bargaining power given the availability of alternative treatment options for weight loss. However, intragastric balloons offer a comparatively less invasive option.

Bargaining power of suppliers: A few key players dominate the supply side, giving them stronger bargaining power over buyers.

Threat of new substitutes: Substitution threat is moderate as other bariatric procedures and weight loss drugs can be used, though intragastric balloons provide non-invasive treatment.

Competitive rivalry: The market remains moderately competitive with the presence of a few multinational players offering innovative intragastric balloons.

Key Takeaways

The Global Intragastric Balloon Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis:

 

North America is expected to dominate the global Intragastric Balloon market owing to rising obesity rates and availability of advanced healthcare systems in the region. Asia Pacific is anticipated to grow at the fastest pace during the forecast period due to rapidly expanding medical tourism industry and growing obesity in countries like India and China.

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. These leaders are focusing on innovative product launches and geographic expansion to strengthen their market position.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it