America's Interest in Obesity Surgery Soars Following its Success in Europe and ROW, Finds Frost & Sullivan
MOUNTAIN VIEW, Calif., Jan. 22, 2013 /PRNewswire/ -- Obesity surgery's success in Europe and Rest of World (ROW) has piqued the interest of consumers in the United States. The U.S. market is hoping to mirror the EU and ROW's market growth in product portfolios and number of surgeries, as obesity and obesity-related diseases cause an immense financial burden on the U.S. healthcare system.
New analysis from Frost & Sullivan's (http://medtech.frost.com ) Analysis of the U.S. Obesity Surgery Devices Market research finds the market earned revenues of $156.2 million in 2011 and estimates this to reach $301.7 million in 2016.
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"Obesity surgeries' success stories from other regions have resonated well with the American public," said Frost & Sullivan Senior Industry Analyst Aarti Shetty . "Apart from consumer demand, the medical community's eagerness for safe and effective weight loss solutions encourages manufacturers to launch similar products in U.S. markets."
However, the Food and Drug Administration's (FDA's) regulations are more stringent than ROW's, which slows down the inflow of new technologies. Further, many insurance companies do not cover the entire price of gastric bypass surgeries. Individuals need to include obesity surgery as an option when they buy high-premium insurance. This significantly reduces consumer uptake of this surgical procedure and thereby, its devices.
Insurance companies are reluctant to cover obesity surgeries