As colonoscope sales account for the majority of the overall market for GI endoscopy, continued sales growth will drive the overall market substantially.
Vancouver, BC (PRWEB) September 23, 2013
A recent report series published by iData Research entitled Canadian Market for Endoscopic and Surgical Devices estimates the market value at $476.4 million. The report series analyzes the various markets in depth with full segmentation for gastrointestinal endoscopy, urology, gynecology, bronchoscopy, ENT, laparoscopy, video and high-tech, energy and endoscope reprocessor markets.
Changing demographics are driving this market and increasing the number of unit sales. Elderly individuals require more diagnostic and interventional procedures in general. In addition, an aging population requires more colonoscopy procedures, as it is recommended that people over the age of 50 receive regular colorectal exams.
Colon cancer is the second leading cause of cancer death in Canada, claiming the lives of 8,900 people in 2012, the report states. The stigma attached to colonoscopy is drastically reduced as more Canadians realize that having this procedure done every 5 to 10 years can greatly reduce their chances of developing cancer unnoticed. As colonoscope sales account for the majority of the overall market for GI endoscopy, continued sales growth will drive the overall market substantially.
High-tech and advanced-feature endoscopes are more expensive than conventional devices. “Manufacturers can take advantage of rising prices to increase their sales revenue,” says Dr. Kamran Zamanian, CEO of iData Research, “High-definition technology will be responsible for the trending price increases in the next three to four years.”
Fastest Growing Segments
According to the report, the fastest growing segment in the Canadian market for endoscopic and surgical devices is the electrosurgical device market. This market includes reusable ultrasonic, advanced bipolar, disposable ultrasonic, electrosurgical generators, and reprocessed electrosurgical devices. The advanced bipolar market in particular has grown substantially over the past few years due to the benefits of using an advanced bipolar device in place of hand instruments. The increasing popularity of advanced bipolar devices has overtaken the market for standard bipolar devices.
The unit growth of advanced bipolar devices has driven the market for electrosurgical generators as companies upgraded their existing generators to accommodate these new instruments. The ultrasonic market is dominated by Ethicon’s HARMONIC® product, which has shown strong growth in both units and revenue. The preference of hospitals to purchase reusable products due to capital budget restrictions imposes pressure on the disposable segment to lower the ASP. In electrosurgery, competition between leading advanced bipolar devices and disposable ultrasonic devices, as well as the introduction of bipolar ultrasonic hybrid devices, such as Olympus’s THUNDERBEAT®, will further restrict prices for disposable ultrasonic devices. Other leading companies include Stryker and Karl Storz; both are consistently the two major competitors in the Canadian insufflator device market.
iData’s global report series on Markets for Endoscopic and Surgical Devices includes the latest data, market-analyses and competitor profiles for Canada, Japan, China, India, U.S., and 15 European countries. The report includes the following markets:
- Hemostasis Device Market
- Enteral Feeding Device Market
- Urological Device Market
- Gynecological Device Market
- Bronchoscopy Device Market
- ENT Device Market
- Laparoscopic Device Market
- Video & High Tech Equipment Market
- Automated Endoscope Reprocessor Market
- Electrosurgical Device Market
- Surgical Endoscopy Tower Market
- Gastrointestinal Endoscope Market
- Capsule Endoscopy Market
- Stenting Device Market
About iData Research
iData Research is an international market research and consulting group focused on providing market intelligence for medical device and pharmaceutical companies. iData covers global research in: Gastrointestinal devices, laparoscopy, PACS, Video, Hi-Tech and IGS plus more.