Market Overview
The global intragastric balloon market size is expected to increase rapidly due to the rising cases of chronic heart diseases and diabetes. The effectiveness of intragastric balloons to curb diseases can stimulate the progress of the market. Fortune Business Insights™ shares this information in its report, titled, “Intragastric Balloon Market, 2021-2028.”
An intragastric balloon is a weight loss procedure in which gas-filled and saline-filled balloons are placed inside the human body to reduce body weight. It eliminates risks associated with heart diseases, diabetes, obesity, and other disorders. The inactive consumer lifestyle, unhealthy diet, and increased toxic material consumption would facilitate the demand for effective medical procedures such as an intragastric balloon. According to the World Health Organization (WHO), approximately 1.9 billion adults suffered from obesity in 2016. In addition, the demand for effective treatment procedures globally is expected to develop the industry.
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Impact of COVID-19
Increasing Cases of Diabetes to SurgeProduct’s Adoption
This market is expected to grow steadily during the COVID-19 pandemic due to the rising demand for effective medical procedures to cure diabetes. The increasing diabetes cases in developing countries can spike the demand for an intragastric balloon. Approximately 30 million people in India suffer from diabetes due to unhealthy diets and sedentary lifestyles. The increased spending on advanced treatment procedures and medical gear can boost product demand. Hence, the rising adoption of the product is estimated to boost the market growth.
Click here to know more about the short-term and long-term impact of COVID-19 on this market: https://www.fortunebusinessinsights.com/intragastric-balloon-market-102052
Segments
By product type, the market is segregated into triple, dual, and single intragastric balloons. As per filling material type, it is classified into gas-filled and saline-filled. Based on the end-user, it is categorized into clinics, hospitals, and others. Geographically, it is clubbed into Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa.
Highlights of the Report
- This report highlights the recent trends of the industry and top segments.
- Comprehensively studies the impact of COVID-19 and driving and restraining factors.
- Examines the regional developments and the strategies devised by prominent companies operating in the market.
Drivers and Restraints
Increasing Obesity to Bolster Market Growth
The demand for intragastric balloons is increasing rapidly due to the rising demand for effective obesity treatment. It is an extremely effective procedure to reduce weight because of its ability to lowerthe occupancy of gastric space in the human body. Manufacturers are focusing on incorporating technological advancements to improve the product’s efficiency. The adoption of triple and dual balloons prevents the device from entering the intestinal passages in case of deflation. Additionally, the rising awareness regarding minimal surgical incisions and the short recovery time of the procedure can drive the intragastric balloon market growth.
However, strict government rules regarding the approval of intragastric balloon procedurescan hamper market growth.
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Regional Insights
Increasing Obese Patients to Foster Market Growth in Europe and North America
Europe and North America are expected to dominate in terms of the intragastric balloon market share due to the increasing number of obese patients across these regions. Therefore, this factor is expected to foster the market’s progress.
In Asia Pacific, the presence of major players can boost the demand for intragastric balloons. Hence, this factor can propel market growth.
In Latin America and the Middle East & Africa, the rising awareness regarding intragastric ballooncan magnify the industry expansion.
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Competitive Landscape
Prominent Companies to Acquire Major Players to Expand Product Offering
Prominent players operating in the market are acquiring major players to enhance resources and expand their product offerings. For example, EnteroMedics acquired ReShape Medical in October 2017 to expand its product offering. Furthermore, companies are acquiring better production machinery and equipment to improve their product’s sustainability against damages. It would enable them to improve their product quality and reduce manual labor to control virus spread. It also reduces time consumption and the costs incurred by manufacturers. This strategy can helpthemto achievetheir set goals.
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List of Key Players Profiled in the Intragastric Balloon Market Report
- Allurion Technologies Inc.
- Apollo Endosurgery, Inc.
- Districlass Médical SA
- ENDALIS
- Helioscopie Medical Implants
- LEXEL S.R.L.
- EnteroMedics Inc.
- ReShape Lifesciences, Inc.
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