VANCOUVER, British Columbia–(BUSINESS WIRE)–lt;a href="https://twitter.com/hashtag/endoscopy?src=hash" target="_blank"gt;#endoscopylt;/agt;–According to the latest suite of reports by iData
Research, the United States gastrointestinal (GI) endoscopic device
market was valued at over $2.9 billion in 2018, and is expected to
exceed $3.7 billion by 2025. The total market value includes, GI
endoscopes, capsule endoscopy, virtual colonoscopy software, stenting
and dilation devices, endoscopic retrograde cholangiopancreatography
(ERCP) devices, endoscopic ultrasound (EUS) devices, hemostasis devices,
enteral feeding devices, anti-reflux device and retrieval devices.
The U.S. gastrointestinal device market is being driven by aging
demographics and the growing prevalence of GI-related conditions,
combined with the increased adoption of colorectal cancer screening
programs. Particular areas of innovation include ERCP and EUS
procedures, which both use specialized devices and are forecasted to
continue exhibiting growth over the forecast period.
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The largest segment in this market is the GI endoscope market, which
accounted for over 25% of the total market value in 2018. Although there
is a general downward trend in prices across most GI endoscopes, it will
be offset with an increased market value of colonoscopes, where users
are transitioning to new premium-priced products.
The fastest-growing device segment is the anti-reflux device market,
which is the only market exhibiting double-digit growth rates
year-over-year. This market is being driven by increased awareness
surrounding the efficacy of anti-reflux devices and improved
reimbursement across the hospital and outpatient settings. In January
2018, CMS reimbursement was improved by 93% for transoral incisionless
fundoplication (TIF) procedures performed in outpatient settings. In
addition, as more literature pertaining to these procedures becomes
available, the number of insurers providing coverage will increase, thus
driving unit sales further.
“The main driver behind the advancement in endoscopic technologies is a
natural preference for less and, ideally, non-invasive methods of
treatment. This market steadily increases its reach into therapeutic
fields addressing conditions that previously were only treatable through
more invasive methods and now are treated ‘through-the-scope,’” explains
Jeffrey Wong, Analyst Director at iData Research.
Boston Scientific is the leading competitor in the U.S. gastrointestinal
device market, and its AXIOS™ lumen-apposing stent is expected to
continue to experience strong growth. Olympus is the second-leading
competitor, largely driven by its dominant position in the endoscope
market segment.
For Further Market Information
More insights like this can be found in a new series of reports
published by iData Research entitled the US
Market Report Suite for Gastrointestinal Endoscopic Devices – MedSuite.
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About iData
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Research is an international consulting and market research firm
dedicated to empowering confident strategic decisions within the medical
device, dental, and pharmaceutical industries.
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