VANCOUVER, British Columbia--(BUSINESS WIRE)--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.
iData Research is an international consulting and market research firm dedicated to empowering confident strategic decisions within the medical device, dental, and pharmaceutical industries.