Market Analysis: Endoscopy market to eclipse $12 billion

Endoscopy market to eclipse $12 billion

Endoscopes and accessories are becoming more and more common in healthcare. These devices are useful tools for a growing variety of health concerns. The United States is a leader in the endoscopy market and it is a market that experts predict will grow over the next several years.

“The U.S. market for endoscopes will not only continue to dominate the global endoscopy market, but is set to increase its share of the market over the next few years, from 43 percent in 2013 to over 55 percent by 2020,” says Andrew S. Thompson, Ph.D., GlobalData’s Senior Analyst covering medical devices. “The global endoscopy market, estimated to be worth over $6 billion in 2013, consists of a wide range of endoscopes that are used to visualize specific areas throughout the body and to aid in surgical procedures, as well as endoscopic reprocessing units, endoscopy fluid management systems, and endoscopy visualization systems. It is expected to increase to $12.6 billion by 2020.”

Colonoscopes are an import area of the U.S. market and will continue to drive growth.

“The increasing U.S. share of the global endoscopy market is being driven mostly by a continuing high demand for colonoscopies,” Thompson says.

In 2013, colonoscopes accounted for 16 percent of the U.S. endoscopy market revenue, which is forecast to increase to 43 percent by 2020, according to Thompson’s report. In contrast, over the same time period, European sales of colonoscopes are expected to increase by just 3 percent from 10 percent to 13 percent. Other regional markets will follow the same trend as Europe.

Screening practices in the United States and reimbursement levels for colonoscopies will aid in the growth of the market.

The entire article can be found in the January 2015 Market Analysis of Medical Dealer Magazine