February 22, 2024
Intragastric Balloon Market

The Growing Obesity Epidemic is Driving Demand for the Intragastric Balloon Market

The intragastric balloon market involves minimally-invasive procedures that place a silicone balloon into the stomach to help people lose weight. These gastric balloons fill up space in the stomach, creating a feeling of fullness that helps reduce appetite and food intake. The balloons can only be temporarily retained in the stomach for a period of 6 months, after which they are endoscopically removed. The global intragastric balloon market offers a safe and effective weight loss solution without undergoing risky bariatric surgeries. With obesity rates doubling worldwide since 1980, the demand for non-surgical weight management options is growing rapidly. Over 650 million adults and 120 million children are now considered obese globally according to the World Health Organization. The growing prevalence of obesity-related conditions like diabetes and cardiovascular disease is also fueling the need for intragastric balloons.

The global intragastric balloon market is estimated to be valued at US$ 429.24 Mn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The intragastric balloon market is witnessing rising adoption of newer balloon technologies that promise enhanced weight loss results. Some of the advanced balloons now available are dual balloons that allow placement of two balloons simultaneously in the stomach. These dual balloons have been found to induce 30-40% excess weight loss on average. Manufacturers are also developing balloon types that are MRI compatible, making it safe to undergo MRI scans while the balloon is placed. This will help diagnose other health issues without requiring balloon removal. There is also active R&D in designing adjustable balloons, whose volume can be controlled remotely via a port and pump. This will enable tailoring calorie intake over the treatment period for optimal weight management. Such innovative product advances are helping expand the potential patient pool for intragastric balloons.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the intragastric balloon market is low as it requires large investments in R&D and it also takes long time to develop an intragastric balloon.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are many players operating in the market providing a variety of intragastric balloons. However, switching costs for buyers are low.

Bargaining power of suppliers: The bargaining power of suppliers is moderate given that raw materials used for manufacturing intragastric balloons are commoditized.

Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes for intragastric balloons used for weight loss.

Competitive rivalry: The competitive rivalry in the market is high owing to the presence of many international and domestic players offering intragastric balloons.

Key Takeaways
The Global Intragastric Balloon Market Demand is expected to witness high growth over the forecast period of 2024 to 2031.

Regional analysis: North America is expected to dominate the global intragastric balloon market owing to growing obese population and rising awareness about obesity management procedures in the region. The Asia Pacific region is anticipated to grow at the fastest pace during the forecast period.

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.

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