The gastroenterology endoscopic device market continues to be one of consistent upward movement, MDDI reports.
Here's what you need to know.
1. Minimally invasive treatments coupled with an aging patient base undergoing a record number of GI procedures fuel the market.
2. The GI endoscopic device market is mature, but niches like capsule endoscopy are creating single-digit growth opportunities.
3. Underserved markets are expected to see rapid growth in the next five years.
4. Gastro-esophageal reflux disorder, digestive cancer, gastroenteritis, dyspepsia and gallstones are the most commonly performed procedures.
5. The introduction of colorectal cancer screening in 2005 as a means to treat colon cancer has resulted in massive growth opportunities for device manufacturers.
6. Despite this growth, pricing has been weakening over the past five years.
Group purchasing coupled with consolidating ASCs are both largely responsible for eroding prices in the market.
7. The market has also experienced significant cuts in its reimbursement.
8. Each marketshare has a specific manufacturer at the helm. Medtronic has more than 90 percent of the capsule endoscopy market with its Pillcam. Boston Scientific leads the biopsy device market.
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