Prices will continue to increase due to changing healthcare regulations
Los Angeles, CA (PRWEB) September 27, 2014
Endoscopes and accessories have a buyer power score of 3.3 out of 5. According to IBISWorld procurement analyst Keiko Cadby, “this score reflects a mixed level of buyer bargaining power due to changing regulations and robust demand.” High market share concentration, no substitutes and medium level of product specialization reduce options for buyers. During the next three years, however, patent expirations and the entry of more standardized endoscopes and accessories will increase options, foster price competition and ease the rising average price of endoscopes and accessories.
Prices for these products have been increasing during the past three years primarily due to the flood of patent activity surrounding new and improved endoscope and accessory technologies. Rising research and development (R&D) spending and wages contributed to the increasing prices of products while innovators struggled to improve image quality for flexible endoscopes. Despite the increased availability of standardized endoscopes and accessories, which are far less expensive than their cutting-edge counterparts, and fierce competition among suppliers, average prices will accelerate in the three years to 2017. “This is primarily due to the improving technology and resulting patents as well as rising demand,” says Cadby.
Demand for endoscopes and accessories is robust due to the rising number of adults aged 65 and older. The elderly demographic prompts the most demand for endoscopic procedures than any other age group primarily because of a growing culture of proactive and educated patients seeking preventative and diagnostic care. The Affordable Care Act (ACA) allows previously uninsured patients to seek medical treatment, and existing insured patients with better coverage can be more liberal with healthcare needs; these factors help boost demand for new endoscopes and accessories. The wide acceptance and use of these products benefits buyers because most suppliers focus on existing contracts rather than reaching out to new markets, which further increases buyer power as suppliers seek to retain their existing contracts.
For more information, visit IBISWorld’s Endoscopes and Accessories procurement category market research report page.
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IBISWorld Procurement Report Key Topics
This report is intended to assist buyers of endoscopes and accessories. Endoscopes are devices that consist of a long, thin, flexible or rigid tube with a light and a video camera; these devices are used to look inside a body cavity or organ, such as the colon, bladder or stomach. The endoscope can also be used for enabling biopsies and retrieving foreign objects. Accessories for endoscopes include items such as imaging processors, higher-resolution camera equipment and specialized washers. Suppliers of endoscopes include manufacturers, wholesalers and refurbishing centers.
Recent Price Trend
Product Life Cycle
Total Cost of Ownership
Supply Chain & Vendors
Supply Chain Dynamics
Supply Chain Risk
Market Share Concentration
Buying Lead Time
Key RFP Elements
Buyer Power Factors
About IBISWorld Inc.
IBISWorld is one of the world's leading publishers of business intelligence, specializing in Industry research and Procurement research. Since 1971, IBISWorld has provided thoroughly researched, accurate and current business information. With an extensive online portfolio, valued for its depth and scope, IBISWorld’s procurement research reports equip clients with the insight necessary to make better purchasing decisions, faster. Headquartered in Los Angeles, IBISWorld Procurement serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.