EndoGastric Solutions is currently the only company offering an anti-reflux device, however, two new companies are currently in the process of gaining FDA approval.
Vancouver, BC (PRWEB) January 10, 2012
According to a new report by iData Research (http://www.idataresearch.net), the leading global authority in medical device market research, the U.S.. gastrointestinal endoscopic device market was valued at almost $1.9 billion in 2011. Gastrointestinal (GI) endoscopy is one of the most widely performed medical procedures in the U.S. and growth in this market will be fueled by an increase in colon cancer screening and anti-reflux procedures. In addition, the adoption of newer technologies such as double-balloon and ultrasound endoscopes, will drive sales. By 2018, the market is expected to reach annual sales of over $2.7 billion.
“Over the last decade, great strides have been made in raising awareness about colon cancer, resulting in steady growth in the number of colonoscopies performed each year in the U.S.,” says Dr. Kamran Zamanian, CEO of iData. “In addition, adoption of GI ultrasound endoscopy for detecting incremental cancer growth is gaining popularity, especially within private practices. As more physicians are familiarized with the technology, market leaders Pentax and Olympus will see strong sales growth.”
The report states that gastrointestinal hemostasis devices, which are used to repair gastrointestinal hemorrhaging, are also expected to see rapid growth. This will be fueled by the adoption of ligation clips, which are less expensive and can be more effective than alternative therapies. The ligation clip segment is expected to more than double in value by 2018, with Boston Scientific and Olympus leading the market, followed by Cook Medical. In addition, combination therapies that combine multiple hemostasis devices in a single procedure to increase the likelihood of success are also expected to drive unit sales for other manufacturers such as ERBE, Conmed and U.S. Endoscopy.
Additionally, the report states that the number of anti-reflux procedures, used for the treatment of gastroesophageal reflux disease (GERD), will increase almost 7 fold by 2018 in the United States, driving anti-reflux device sales. This increase in procedural volume will be fueled by the obesity epidemic in the U.S., improved awareness among patients and physicians as well as recent studies that indicated serious side effects from long-term use of anti-reflux medication, the primary alternative to surgery.
“EndoGastric Solutions is currently the only company offering an anti-reflux device, however, two new companies are currently in the process of gaining FDA approval,” says Dr. Zamanian. “Medigus and Torax Medical are currentlty seeking approval for their SRSTM endoscope and LINXTM products respectively. If approved, this could dramatically change the competitive landscape in this rapidly growing market.”
For more information, register free on iData’s website at: http://www.idataresearch.net/idata/registration.php
iData’s 3-report series on the: “Markets for Gastrointestinal Endoscopic Devices 2012” provides a comprehensive analyses of the following segments: GI endoscopes, capsule endoscopy, virtual colonoscopy, stenting and dilation devices, ERCP devices, biopsy forceps, polypectomy snares, FNA devices, specimen and foreign body removal devices, hemostasis devices, anti-reflux devices, and enteral feeding devices.
About iData Research
iData Research (http://www.idataresearch.net/idata/discoveridata.php) is an international market research and consulting group focused on providing market intelligence for medical device, dental and pharmaceutical companies. iData covers research in: endoscopy, laparoscopy, ENT, neurological devices and more.