VANCOUVER, B.C., Oct. 9, 2014 (GLOBE NEWSWIRE) -- via PRWEB - According to a new report by iData Research (http://www.idataresearch.com), the leading global authority in medical device market research, the U.S. and European gastrointestinal endoscopic market is expected to grow to over $4.4 Billion by 2020. This market is segmented into gastrointestinal (GI) endoscopes, capsule endoscopes, stenting devices, dilation devices, endoscopic retrograde cholangiopancreatography (ERCP) devices, biopsy forceps, polypectomy snares, hemostasis devices and enteral feeding devices. Market growth will primarily be driven by an increase in demand for gastrointestinal endoscopic procedures.
Gastrointestinal endoscopy is one of the most widely performed medical procedures in the world. It is projected that there will be over 75 million gastrointestinal endoscopic procedures performed in the U.S. and Europe combined by 2020. The majority of these procedures are colon cancer screenings, the removal of gastrointestinal tract abnormalities, as well as the placement and replacement of enteral feeding.
"Colonoscopy is the most common procedure used to screen for colorectal cancer. It efficiently facilitates the diagnosis and treatment of colon cancer at the same time," says Dr. Kamran Zamanian, CEO of iData. Recent positive publicity for virtual colonoscopy will act as a market driver, likely at the expense of conventional colonoscopy revenues. This rising demand for colorectal cancer screening is expected to drive the market for gastrointestinal endoscopes and instrumentation.
Other factors that will shape the U.S. and European gastrointestinal endoscopic market:
Imaging reimbursement is expected to continue to decline in the U.S., limiting growth in procedure numbers. Additional reimbursement cuts to physicians in ambulatory centers and hospitals are expected to reduce low-paying procedures such as colonoscopies. In Europe, although great strides have been made to reimburse and promote colorectal screening, some markets remain suppressed by limited reimbursement policies, like Italy and Portugal.
Technological Innovation in the GI Endoscope Market
Technological advancements will continue to drive the U.S. and European gastrointestinal endoscope market. New generations of endoscopes will continue to progressively improve on visualization and detection technologies. This market is projected to exceed $1.7 billion by 2020.
The markets for stenting and dilation devices, biopsy forceps, polypectomy snares and fine aspiration needles are expected to experience an increase in commoditization and a lack of technological advancement. Products in these segments have few distinguishable features to set them apart from those of other companies. Competition will be focused on price.
Leading the U.S and European gastrointestinal endoscopic market is Olympus, who has been taking market share from another key competitor Boston Scientific, in the last few years. Other leading competitors driving this market include Pentax, Fujinon, Cook Medical, Kimberley-Clark/Vygon, Fresenius Kabi and Covidien.
For Further Information
The global series on the "Markets for Gastrointestinal Endoscopic Devices" covers 21 countries, including the U.S., Canada, Japan, India, China and 15 Countries in Europe. Full reports provide a comprehensive analysis, including procedure numbers, units sold, market value, forecasts, as well as detailed competitive market shares and analyses of major players' success strategies in each market and segment.
Receive a free synopsis of the U.S. and or European gastrointestinal endoscopic market report
About iData Research
iData Research (http://www.idataresearch.com) is an international market research and consulting group focused on providing market intelligence for medical device and pharmaceutical companies. iData covers research in: Diabetes Drugs, Diabetes Devices, Pharmaceuticals, Anesthesiology, Wound Management, Orthopedics, Cardiovascular, Ophthalmic, Endoscopy, Gynecology, Urology and more.
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iData Research Caroline Lau +1 604-266-6933 Ext: 215