- Adjustable Gastric Bands
- Non-Adjustable Gastric Bands
Gastric Bands Market size was estimated at USD x million in 2022 and is poised to grow at a CAGR of 4.3% from 2023 to 2029. The global market provides a detailed overview and that can be segmented by product type and by end user. By product type, the global gastric bands market has been segmented into Adjustable Gastric Bands and Non-Adjustable Gastric Bands. The Adjustable Gastric Bands segment is likely to be the largest and fastest-growing segment in terms of type in 2021 and is expected to maintain the trend in the upcoming forecasted years according to precision business insights. Based on end user, the global gastric bands market is segmented into Hospital, Clinics, Ambulatory Surgical Centers, and Others. Gastric band devices are majorly used by surgeons to treat obesity and it reduces the consumption of food. Obesity rates is continuously increasing for all population groups across the world over the last several decades due to unhealthy eating habits, increasing consumption of alcohol and cigarette, and poor lifestyle. For instance, in 2015-16, in Unites States, 39.8% of adults aged 20 and over were obese (including 7.7% with severe obesity) and that another 31.8% were overweight. Globally, about 13% of the world’s population were obese in 2016. The increasing adoption of minimally invasive technologies and change in lifestyle and dietary habits that increases obesity are the major factors that are driving the growth of the market. Moreover, increasing per capita expenditure on healthcare in emerging countries and initiatives by the government bodies in healthcare infrastructure development are expected to boost the growth of the market.
Gastric Bands Market Key Developments:
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Obesity is a major health issue, resulting in numerous diseases, specifically increased risk of certain types of cancer, coronary artery disease, type 2 diabetes, stroke etc. as well as significant increase in early mortality and economic costs. Obesity rates have increased for all population groups in the United States over the last several decades. For instance, in 2015-16, in Unites States, 39.8% of adults aged 20 and over were obese (including 7.7% with severe obesity) and that another 31.8% were overweight. Globally, about 13% of the world’s population were obese in 2016. The worldwide prevalence of obesity nearly tripled between 1975 and 2016.
The fastest-growing segment of the global gastric bands market is Adjustable Gastric Bands due to its high demand in the global market.
Least invasive surgeries are the key trends in the global market. Hence, it will increase the globa; gastric bands market growth.
Better healthcare infrastructure and medical tourism will provide lucrative opportunity in the global market.
High cost of gastric band devices and poor reimbursement policies may hamper the global market growth in the upcoming years.