The combined U.S. and European market for gastrointestinal endoscopy is expected to reach a value of more than $4.4 billion by 2020, according to an iData Research report.
Here are five things to know from the report.
1. The GI/endoscopy market includes:
• GI endoscopes
• Capsule endoscopes
• Stenting devices
• Dilation devices
• ERCP devices
• Biopsy forceps
• Polypectomy snares
• Hemostasis devices
• Enteral feeding devices
2. By 2020, approximately 75 million GI endoscopic procedures will be performed in the United States and Europe combined. Colorectal cancer screening is the most common GI/endoscopy procedure, followed by procedures such as removal of GI tract abnormalities and placement of enteral feeding tubes.
3. Technological advancements play a key role in the growth of the GI endoscope market. The market for GI endoscope technology is expected to reach a value of $1.7 billion by 2020.
4. Reimbursement cuts and commoditization are two additional forces driving the GI/endoscopy market. Reimbursement cuts limit the growth of GI procedure numbers, especially low-paying procedures such as colonoscopy, according to the report. Items such as polypectomy snares and biopsy forceps are predicted to have a lack of technological advancement. Competition for the sale of these items will be focused on price.
5. Leading companies in the U.S. and European market include:
• Olympus
• Boston Scientific
• Pentax
• FUJIFILM Medical Systems
• Cook Medical
• Kimberly-Clark/Vygon
• Fresenius Kabi
• Covidien
More articles on gastroenterology:
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How to boost efficiency without sacrificing quality in GI
Colorectal cancer screening in 2015: Achievements to date & hurdles ahead
Here are five things to know from the report.
1. The GI/endoscopy market includes:
• GI endoscopes
• Capsule endoscopes
• Stenting devices
• Dilation devices
• ERCP devices
• Biopsy forceps
• Polypectomy snares
• Hemostasis devices
• Enteral feeding devices
2. By 2020, approximately 75 million GI endoscopic procedures will be performed in the United States and Europe combined. Colorectal cancer screening is the most common GI/endoscopy procedure, followed by procedures such as removal of GI tract abnormalities and placement of enteral feeding tubes.
3. Technological advancements play a key role in the growth of the GI endoscope market. The market for GI endoscope technology is expected to reach a value of $1.7 billion by 2020.
4. Reimbursement cuts and commoditization are two additional forces driving the GI/endoscopy market. Reimbursement cuts limit the growth of GI procedure numbers, especially low-paying procedures such as colonoscopy, according to the report. Items such as polypectomy snares and biopsy forceps are predicted to have a lack of technological advancement. Competition for the sale of these items will be focused on price.
5. Leading companies in the U.S. and European market include:
• Olympus
• Boston Scientific
• Pentax
• FUJIFILM Medical Systems
• Cook Medical
• Kimberly-Clark/Vygon
• Fresenius Kabi
• Covidien
More articles on gastroenterology:
UPMC GI scope infection research could alter national guidelines
How to boost efficiency without sacrificing quality in GI
Colorectal cancer screening in 2015: Achievements to date & hurdles ahead