By Dr. Kamran Zamanian, CEO, iData Research Inc.
Endoscopy nurses and technicians have to know the latest clinical information in order to best serve their patients. However, it's also advisable to know about the industry itself. This way, industry members have a better idea of the market trends that are currently wielding influence, and the trends that are on the way. These issues can affect salary, staffing opportunities, and patient volume.
The U.S. market for gastrointestinal endoscopic devices is valued at almost $2 billion and rising. Unlike many others, this market did not experience a decline in value as a result of the recession. However, the market growth rate experienced a sharp decrease and is not expected to resume to previous levels until 2018.
Prior to the recession, growth in unit sales was driven by procedural growth as well as improved diagnostic capabilities. The gastrointestinal market, particularly the endoscope and patient monitoring capsule market, will continue to expand as the economic uncertainty dissipates and procedural growth accelerates.
A handful of manufactures are capitalizing on this trend. Olympus holds a large portion of the market for endoscopes, the largest segment in the U.S. market for gastrointestinal endoscopic devices. Endoscopes are considered one of the most profitable GI equipment segments and Olympus’s established brand name and large existing installed base will assure their continued leadership.
The market for gastrointestinal endoscopic devices includes gastrointestinal endoscopes, capsule endoscopy, virtual colonoscopy, stenting and dilation devices, ERCP devices, biopsy forceps, polypectomy snares, FNA devices, specimen and foreign body retrieval devices, hemostasis devices, anti-reflux devices, enteral feeding devices and an emerging market of patient monitoring capsules.