Rising Demand for Obesity Surgeries among Cash-Paying Patients
Obesity is increasingly becoming prevalent among adults as well as children all over the world. Growing inclination towards junk food consumption and an inactive lifestyle are some of the key factors that boost obesity and gradually it has become a serious health issue.
At the same time, the awareness related to the ill effects of obesity such as stroke, cardiovascular diseases and diabetes has resulted in the growing demand for obesity surgery procedures. Eventually, the global market of bariatric procedures such as sleeve gastrectomy, gastric bypass, or gastric balloon surgeries is rising. With increasing surgical treatments' availability to reduce excess weight, cash-paying patients are looking for solutions globally.
Prospects of Global Obesity Surgery Market
The demand for the bariatric surgery market can be estimated by the rising growth of obesity surgery devices, which includes adjustable gastric bands, gastric balloons, gastric emptying systems, surgical stapler and more. For the last six years, there has been an impressive growth of 9.6%, states a report. In 2014, the $1.43 billion revenue has been registered by the global market for obesity surgery devices. By the end of 2020, the market is expected to increase by up to $2.48 billion.
Market Segment Analysis
The global obesity surgery market is segmented based on procedures such as Sleeve Gastrectomy, Roux-en-Y gastric bypass, adjustable gastric banding and biliopancreatic diversion along with the duodenal switch. In terms of devices, the market is segmented into gastric bands, gastric electrical stimulation, intragastric balloons and staples.
Because of non-invasive nature, the market is dominated by gastric bypass surgery. That is why the market of roux-en-Y gastric bypass is estimated to reach $1.22 billion by 2020-end from $691.4 million in 2014.
Also, sleeve gastrectomy is expected to witness the fastest growth due to its incision-free nature. Along with that, the growth is also expected to be high for other obesity surgery devices such as staples and gastric electrical stimulation.
Key Dynamics of Obesity Surgery Market
A key factor that refrain the growth of the market is the selective nature of obesity surgeries, which are often complicated. Also, the market growth is further restricted by the expensive cost of these procedures. On top of that, insurance coverage for obesity-related surgeries is not sufficient, which means the majority of the market is driven by cash-paying patients.
What do Consumers want?
Obesity can be the reason for various critical health hazards such as diabetes, blood pressure, sleep apnea and other complications. Bariatric surgery can help them to get relief from these complications, but the first thing they need to know is if they are eligible. That is why they want to know what their BMI is, is it suitable enough for the surgery, what comorbidities they have, etc.
Patients want an honest answer so that they can understand if getting an obesity surgery for them is suitable or not.If they are eligible, then the next thing they want clarity would be the price of the treatment. Apart from that, they will also like to know about the credentials and experience of the surgeon and post-surgery guidelines. This implies consumers want a clear picture about the possibility, cost, result and risks associated with the process. When they get all the answers and they are satisfied with it, then only they will book the treatment.
What Providers should do?
Offering what consumers want is the real challenge for the providers and they must overcome it to sustain competition. Adopting effective marketing strategies and technological innovations can help to address the challenges.
Provide Hybrid Experience to Patients
A patient's journey involves searching for information about the treatment, consulting experts about the treatment, getting the treatment and follow-up after the treatment. To tap the potential of the global obesity surgery market, the providers must understand this cycle very well and deliver a hybrid solution. Such hybrid experience will
Inform patients about the obesity surgery procedures
Help patients understand the eligibility, scope, risks and other factors of the obesity surgery via direct communication with the expert (in-person or online)
Providing the treatment according to the best of standards
Aftercare or follow-up post-surgery locally or online
Establishing a brand is a big challenge for the providers as the competition is high. Just having a website is not enough, as they have to incorporate smart marketing strategies. Establishing online visibility in various platforms like social media or the obesity surgery global marketplace can be effective. They should also create good medical center profiles, promote doctor credentials and other advantages of their clinic such as affordable packages, promotions, etc. to entice the consumers.
It is also effective to incorporate behavioral marketing based on the consumers’ behavior, geolocation, interests, intentions and other metrics using search history, cookies, web analytics and other insights.
Communication is the key to establish trust and transparency. Providers must focus on various mediums that can help them to directly communicate with the patients. Adopting AI-based omnichannel communication can be effective to connect with consumers through emails, phone calls, texting, messaging and apps.
What patients want now from healthcare providers is a retail-like experience. They look for high-quality solutions with a wide range of convenient choices at competitive prices. Retailing healthcare helps them to compare solutions by different providers and make an informed decision before they agree to book a treatment.
At PlacidWay, we offer all these vital attributes to help providers boost their brand and build a presence in the competitive global obesity market. We have a wide range of innovative digital solutions that focuses on direct patient-provider communication in a retail-like environment that result in improved customer experience, which leads to success for the providers.
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